Despite the package of measures announced last week by Sergio Massa, the exchange and financial front moves with delicate fragility.
This Monday, the Central Bank sold dollars again to sustain market dynamics:
it got rid of another US$95 million and raised its red for the month to US$1,550 million
.
In the parallel market, the blue rose $ 1 and the financial dollars bounce.
The persistence and speed of the trickle of reserves is the shared concern between the market and the Government.
In the last fifteen rounds, the agency ended with an average sales balance of US$ 101 million per day. The bleeding began in the second half of January and far from improving, it only seems to get worse
this month.
In total, since the beginning of 2023
, the Central has already sold more than US$ 2,600 million in the "Unique and Free" exchange market, almost everything collected by the last edition of the "'dolar soya" last December
.
While in the Government they define if they advance with new differential dollars for different export sectors, agricultural liquidations fell more than 70% this month with respect to what had been registered a year ago.
"During the first 75 days of the year, US$ 5.2 billion of international reserves have already been lost due to a lower income in dollars added to a constant flow demanded from the BCRA to pay for imports and private debt, mainly," the consultancy indicated. GCL.
The sales of this Monday had a particularity.
As indicated by the operator Gustavo Quintana, of PR Corredores de Cambio, at half a wheel, the agency had already sold more than 50% of what was finally liquidated to attend the demand of the banks.
"Demand for physical dollars from financial entities triggers assistance from the BCRA,
with sales of dollar bills for US$ 52.80 million to supply cash needs
," he said.
Sources from the economic team clarified that these movements are common at the beginning of the week.
"Financial entities cannot import banknotes and the BCRA is the usual provider, with movements that are repeated every month," added Quintana.
Until last Monday, the latest official data available,
the stock of private sector dollars in banks averaged US$16 billion.
"Resistance to accelerating the ¨crawling-peg¨ is spreading, even in the midst of a currency drain that does not stop, which accentuates concerns about the scarce net reserves, before which imminent new measures are discounted on the supply
and demand for foreign currency
," said economist Gustavo Ber.
Ber added: "the debt swap not only does not control them, but would seek to regulate the exchange gap through financial dollars, even when the operators anticipate that said effect could be transitory, as happens when it is based only on regulations and not on changes in the fundamentals of the imbalances".
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