09/20/2021 4:32 PM
Updated 09/20/2021 4:32 PM
The blue dollar barely moved this Monday, at the beginning of a week marked by the earthquake caused in global markets by the crisis of the Chinese giant Evergrande.
While the Merval loses more than 5%, Argentine shares abroad fall more than 10% and the country risk climbs to 3.5% at
1,565 basis points
, the informal one remains in the same range in which it moved the week last, and is selling at
fifty cents below Friday's close.
In this context and despite the fact that the blue does not reflect it, the pressure on the exchange market continues.
To such an extent that at the start of the week the Central Bank had to go out and sell
US $ 90 million
In this way, the trend of last week extends, where on Friday the monetary authority had shed
US $ 150 million.
The wholesale dollar rose 10 cents and closed at
After the strong operations last Friday, which reached US $ 710 million, this Monday the volume fell to
US $ 382 million,
In addition to the global financial situation, political tension at the local level and economic uncertainty have an impact on the foreign exchange market, heightened at the weekend by the news that the Government found the return to use the Special Drawing Rights (SDR) twice sent by the IMF and thus pay the two maturities that the country faces this year, around
US $ 1.88 billion
each, and at the same time pour an additional 1% of GDP into Argentine pockets in the face of the elections .
"The alarms go off as the Treasury gains space to increase spending with greater monetary financing. More pesos in the economy, in the framework of very weak demand, and given the deterioration of the BCRA balance,
imply the continuity of the pressures in exchange and inflationary terms
", indicated from Portfolio Personal Inversiones (PPI).
"In this framework, the demand for coverage is expected to remain in force, probably with greater flows towards the dollar linked curve and financial dollars on the rise," they said.
The end of the euphoria
In this context, Centra has already lost
US $ 1 billion in reserves
so far this month.
And it is estimated that about
$ 20 million a day is spent
in controlling financial dollars and preventing them from escaping while pushing the blue dollar higher.
This Monday, the cash with liqui started with a rise of 1.5% and thanks to the intervention of the Central it closes with an advance of only 0.3% at
While the MEP dollar ends at
"The euphoria over the electoral result did not last long.
The exchange rate tension continues
, the BCRA loses international reserves, the fiscal outlook is more worrying and the agreement with the IMF becomes more difficult," they said from the Cohen Group.
"Although, after the result of the PASO, the balance of power was celebrated by the market, the radicalization that the Government is showing -especially in fiscal matters, with more monetary issuance-
lowered the foam,
increased uncertainty and the assets returned part of what they had earned on Monday post STEP. "
What is Evergrande: the Chinese real estate giant that threatens the world with a great crisis
Until August, the Government authorized to spend only 34.5% of the proceeds of the wealth tax