Saturday , June 19 2021

BCRA returns to add reserves until the dollar fails to come out

On the other wheel with a bearish trend, decided to strive for the Central Bank purchases of $ 75 million at the beginning of the operationwhile the US currency continues to move away from the zone without interference.

The presiding body Guido Sandleris I bought $ 25 million on the wholesale market at an average of $ 37,798, plus others $ 50 million around midday, at an average of $ 37.7986, with which purchases accrue 960 million so far this year.

On the square wholesaler the dollar is available $ 37.82, with a decrease of nine cents compared to Monday. The area without intervention is limited by a floor of $ 38,182 and a ceiling of $ 49,412, while on Wednesday it will rise to 38,209 peso.

The currency is sold to the public $ 38.60 in the branches of Banco Nación and on $ 38.93 in banks in downtown Buenos Aires.

The dollar is operating with sharp fluctuations in stock market prices in a week in which there is a mission of the dollar. Money Fund International (IMF) to monitor the progress of the agreement readywith various meetings with officials.

– В. T Ministry of Finance They said it was a follow-up meeting of the program that the country is implementing after the agreement with the financial agency. However, according to rumors, within the discussion how the zone will develop without intervention in which the central bank must leave the dollar to float freely, the government has placed its intention on the table narrowing of the gap between the minimum and the maximum that limit the exchange limit in order to maintain controls the dollar in the elections", he describes a report from Personal portfolio investment,

In the same sense, it turns out that the government will seek determines with the IMF "monetization of dollar purchases" The central bank is doing so and possibly sterilizing the burdens that arise from these interventions to put inflation on constraints.

In February, the Central Bank acquired $ 400 million, with a a cash issue for this concept of $ 14,986.2 million, which expanded its monetary base from March to 1,386,681 million pesos. This is because the agreement with the Fund It allows us to expand the monetary base by issuing weights to acquire currency from under the tape freely floating.

The central bank ended in January and February a Significant cuts in interest rates of 14 percentage points, until it managed to achieve its monetary objective at a time when the dollar's price remained stable.

However, the economist Gustavo Ber noted that "not only the global climate will offer greater volatility but also electoral uncertainty the internal market for which investors should prefer prudent positions, including a greater dollarisation of portfolios to avoid shocks. "

According to UADE, Argentina is one of the countries in Latin America where banks charge the highest commissions for the purchase and sale of dollars, deepening after the two severe devaluations in 2018. This is reflected in the price difference between the purchase and sale of foreign currency to savers.

In this sense, Argentina presents the highest commission in the region with 4.92%, Followed by Uruguay and Mexico, with commissions of 4.39% and 4.25%, respectively. Below are Chile with 3.03% and Colombia with 3.21%.

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