Annabella quiroga
08/17/2021 11:46
Clarín.com
Economy
Updated 08/17/2021 1:23 PM
This Tuesday, on the first business day after the long weekend, the blue dollar rose one peso, to
$ 183.
Last Friday, when the new restrictions were known, it had jumped 4 pesos.
The expectation of the operators is that the informal continues to rise this week
.
The gap in relation to the official dollar reaches 88%.
The wholesale dollar started at
$ 9
7.23,
twelve cents above the last price of last week.
The retailer averages
$ 102.5
and the savings dollar reaches
$ 169.
The market is aware of the impact of the recent regulations issued by the Central Bank and that add obstacles to operations with financial dollars.
Specifically, the Central established that transactions with cash with liquid or cable dollars, which allow foreign currency to be withdrawn from the country,
will only be available to those who have an account in their name abroad.
This is a blow to the ALyCs, which operate on behalf of their clients and use their own accounts to buy Argentine bonds in pesos - especially the AL30 - and sell them in dollars.
With the new regulations this is no longer possible and each client must have an individual account in their name.
The Central made these changes last week under the argument of avoiding fraudulent maneuvers and money laundering.
But in the market they point out that the underlying motive is to further restrict these operations so that the monetary authority
does not lose so many dollars in this lane.
Every day the Central intervenes in this market buying and selling bonds to control the price of financial dollars and prevent them from putting more pressure on the blue.
With this channel now closed, demand turns blue and prices rise.
But there is also an additional reason that could push the informal dollar: an increase in uncertainty that makes operators expect that
the Government will make more changes and give a new return to the exchange market.
Suspended operations
Operations with financial dollars
are still stuck
.
While the ALyCS, the financial agents through which these transactions are carried out, are still waiting for instructions from the National Securities Commission (CNV), from the official body they indicate that they will not issue regulations on this matter.
With this there are few who dare to operate.
Among those that do, the CCL falls to
$ 164
and the MEP, with less impact from the restrictions,
rises to $ 171.
At the same time, transactions that do not involve AL30 bonds are prospering.
Both the cash with liquid and the MEP dollar are working with other instruments such as YPF or Galicia shares.
In this segment,
MEP dollar operations exceed $ 180.
This uncertainty also hits Argentine bonds, which are trading down and pushing country risk back to the 1600 basis point area.
The JP Morgan indicator that measures the excess rate that Argentina should pay to borrow,
rises 1.9% and reaches 1594 basis points.
Argentine stocks also feel the blow.
At the opening, the Merval
lost 1.2%
and in New York ADRs are mostly down,
with losses of up to 3%.
AQ
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