The Limited Times

Now you can see non-English news...

The Central Bank continues to lose reserves: it already sold US$ 241 million in February

2023-02-07T23:38:15.160Z


The parallel dollar overheated and regained lost ground on Monday, to close at $377 With ups and downs, the dynamics of the foreign exchange market do not seem to change that much from day to day. This Tuesday, the Central Bank continued to lose reserves in a critical month and had to sell US$49 million to meet market demands. In the informal segment, the blue dollar rose ; while stock prices, thanks to persistent official intervention, ended with mixed results: the MEP barely g


With ups and downs, the dynamics of the foreign exchange market do not seem to change that much from day to day.

This Tuesday,

the Central Bank continued to lose reserves in a critical month and had to sell US$49 million

to meet market demands.

In the informal segment,

the blue dollar rose

;

while stock prices, thanks to persistent official intervention, ended with mixed results:

the MEP barely gave in and ended at $353.20 and the cash with liquidity ended almost tied with the previous close.

With the sales of this Tuesday, in the first five rounds of February, the Central Bank has already spent US$ 241 million, in a month with high debt maturities.

If compared to the same period a year ago, the bleeding is striking: in February 2022, the Central had sold US$ 26 million in 20 wheels.

If the magnifying glass is magnified, it can be seen that the trickle of reserves is even larger.

According to estimates in Aurum Valores, from January 17, one day before the announcement of the repurchase of debt in dollars led by Sergio Massa and until this Tuesday, the Central Bank sold US$ 694 million, which would be added to another US$ 639 million who left for the purchase of dollarized bonds.

Lucas Yatche, from Liebre Capital, said: "Today the official devaluation runs at an annualized effective rate of more than 95%, and without a supply of foreign currency, the central continues to sell dollars in the MULC. Meanwhile, after the recent understanding in the market of ROFEX futures, we observe the implicit devaluation curve for TEAs around 105/110%"

"It would not be surprising that as we get closer to the second semester and the demand for coverage grows, these rates are positioned at higher levels," he added.

Dollarization pressure continues, despite the many attempts by the government to calm the market.

On the street, after criticism from the opposition to the "economic legacy" that this government will leave, the blue rose again.

It jumped $4 and ended at $377.

So far in February, the free price has fallen $4, after closing last month at $381.

On the stock front, and in a market increasingly intervened, the dollars ended almost unchanged.

"Not surprisingly, the financial dollars continue to oscillate and remain," they said at the close of the PPI conference.

Operators indicate that the pressure is noticeable above all at mid-round, when prices rise, but that later, official intervention appears to keep prices at bay at the close.

“We continue to observe a certain delay in cash with settlement, which has been running at a rate below the growth of inflation and the broad monetary base.

At the same time, since significant movements in the exchange rate gap are not expected, financial dollars should at least keep pace with the official exchange rate,” added Yatche.


look also

The Government evaluates issuing a $10,000 bill and Silvina Batakis proposes that it bear the face of Lionel Messi

Fair Prices: doubts and confusion with the agreement, the lists and the price gap

Source: clarin

All business articles on 2023-02-07

You may like

News/Politics 2024-02-23T10:41:50.416Z

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.