Although the Government made official this Monday in a decree the creation of the "Soybean Dollar 3" and the "Agro Dollar", the measures
did not have an immediate effect on the exchange market
and the Central Bank continued its negative streak that has more than 25 consecutive rounds .
The agency parted with another
US$ 99 million,
raising
its red to US$ 517 million since the beginning of April.
The drain on reserves is already
over US$3,500 so far this year
.
According to market sources, sales on Monday were "to supply market demand", where half of what was sold went to energy import payments.
The market operator Gustavo Quintana, from PR Corredores de Cambios, explained: "On the first day of validity of the renewed stimulus plan for the export sector, there were no operations registered with the new regime."
In the market they expect that from this Tuesday the agricultural liquidations will begin, which must
be made in special accounts that are tied to the evolution of the official dollar.
It is estimated that through this program some
US$5.5 billion will be liquidated until the end of May.
In this scenario, for the economist Fernando Marull, the Central Bank would once again buy reserves, at the rate of US$ 175 million per day.
In the market they alerted that, like its predecessors, the soybean dollar 3 does not imply an increase in exports, but rather an advance of the liquidations.
"It is likely that it will help the BCRA to disguise the effects of the drought in the second semester and get closer to the increase in reserves required by the IMF for the second quarter of around US$7,000 million (from a stock of US$2,100 million at 31 /03) and, in this way, guarantee the disbursement of September", said PPI analysts.
At the same time, they added: "we must be prepared for a third quarter in which the MULC offer will be conspicuous by its absence and which will force the BCRA to sell everything purchased in these months and more."
The effect of a more expensive dollar for exporters has already been felt in the parallel market, where the blue dollar fell $1 and closed at $391.
The MEP dollar.
or the stock market, also followed this trend and operates at $391, while
cash with settlement, the way companies use to become dollars, falls to $403.
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