10/21/2020 11:36 AM
Clarín.com
Economy
Updated 10/21/2020 11:36 AM
After touching a record value, the dollars that are traded on the stock market started again on Wednesday on the rise.
The MEP dollar, which allows access to dollars in the country,
rises 4.4%
, to $ 167.95, the "cash with settlement" (to remove the country's foreign currency) increases 1.7%, to $ 174.75.
The blue dollar remains at $ 180, after having dropped one peso on Tuesday, when the new measures established by the Government to appease the exchange market debuted.
In the official segment,
the wholesale dollar rises to $ 77.72,
four cents above the previous close, while the retail one is at $ 83.75, which brings the savings dollar to $ 137.
For its part, the country risk, the JP Morgan indicator that measures the excess rate that Argentina should pay if it wanted or could borrow, rises 0.2%, to 1,436 basis points.
Minister Martín Guzmán's attempt to calm down the cash with liqui did not work for at least the first two days.
The announcements made by the economic portfolio aim to make these operations more flexible, which is accessed with the purchase of bonds in pesos in the local market that are then sold in dollars on Wall Street.
The reason for the fall is that
the dollar bonds
used to purchase foreign exchange
collapse
.
An example: on Tuesday the AL30 bond in pesos was $ 6,659, but the same bond, in dollars, fell 4%, to US $ 41.38.
From these two prices comes the price of the Stock Market dollar or MEP, which was
$ 161 at the close
.
In the case of cash with liquid, the AL30C (cable) is used, which dropped to US $ 38.75.
In this case, the implicit exchange rate is
$ 172.
The drop in dollar securities was the market's reaction to the announcement that as part of the new measures
, US $ 750 million will be issued -
presumably some of the bonds that were used for the exchange - and then, how the offer of a active, lowered its price.
Pure logic.
In addition, it is presumed that those who receive these bonds -after paying them with a security in pesos-
will go out to sell them,
because their intention is not to have a paper of the Argentine debt, but to exchange it for dollars as soon as they have an opportunity.
In addition, in the market they criticize that an emission announcement is made three weeks before.
The cost, if bonds continue to decline, will be more burdensome for the Treasury.
Among the new measures appeared changes that go backwards with some of the provisions of the super stocks.
On September 15, a 15-day parking lot had been established for cash with liqui between the moment the voucher is bought and sold.
In such a volatile market, that waiting period was an eternity.
Now
the parking was reduced to three days
in order to provide the operation with greater fluidity
In addition, the restriction that prevented "non-resident" investors from operating in this market was lifted.
This gives an exit door to those bondholders who want to leave their positions in Argentina.
It was also announced that in November
an auction for US $ 750 million will be held,
aimed at funds that had entered the country in recent years and were positioned in bonds in pesos, pressing to exit.
With this package,
the Government seeks to lower the pressure on the market
, which since the announcement of the tightening of the stocks took the gap from 77% to 132%.
Look also
Dollar blue: the seven reasons why you cannot find a ceiling
Martín Guzmán announced new exchange measures to lower pressure on the free dollar