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The blue dollar reached its historical mark of $400, although the Central Bank was able to buy US$322 million thanks to the soybean dollar

2023-04-13T23:54:12.703Z


The producers liquidated US$573 million, which were bought at $300. The agency reduced its monthly red to US$181 million.


Despite the efforts made by the government in recent weeks to prop up the reserves, uncertainty remains high in the exchange market.

This Thursday, the blue dollar

advanced another $2 and touched $400, a historic mark.

In the financial market, the prices also ended up;

the MEP rose 0.5% and closed at $388.14, while the cash with settlement jumped above the ticket price and ended at $402.14.

In the formal market, the Central Bank had a good wheel.

The organization headed by Miguel Pesce was able to get hold of US$322 million, the highest dollar acquisition it has achieved due to his intervention in the exchange market since the beginning of the year.

Agricultural exporters liquidated US$573 million this Thursday,

which were paid at $300, as established by the Export Incentive Program.

This figure is the highest that had been registered in daily settlements since the end of the first soybean dollar, in September of last year.

With this purchase, the Central Bank

managed to reduce its bleeding to US$ 181 million sold in the month

and also lowered its red since the beginning of 2023 to US$ 3,159 million.

At the end of the conference, the entity issued a press release in which it highlighted that in this first week of the third stage of the soybean dollar it has already bought US$688 million.

"The purchase of foreign currency is only one of the factors that affect the level of international reserves of the BCRA," the agency said.

This Thursday.

Sergio Massa announced that the IDB board of directors

approved a US$600 million loan

and that US$200 million will be disbursed in the first instance.

In this way, the Government could shore up the Central's gross reserves, which closed yesterday at US$37.21 billion.

The expectation of the market is that, once the machinery of the "agricultural dollar" is put into operation, the organization chaired by Miguel Pesce will

recover positions,

although they warn that this program does not increase exports, but rather advances them.

Thus, as happened in the soybean dollar 1 and 2, launched in September and December 2022, the fear is that

the Central "buys high" which sooner rather than later "ends up selling cheap."

The agency continues to accelerate its daily rate of devaluation and the wholesale dollar ended at $214.24, which implies a jump of $3.46 from Friday's close, the highest weekly correction of 2023. However, the monthly rate has not yet reaches that of projected inflation for March, whose data will be released this Friday.

"If the rhythm of the crawling peg of the last five days until the end of the month is maintained, April will close with an average rise of 6.5% m/m, 0.6% above what was expected in the REM," Cohen indicated. .

"It is about a dynamic that

seems insufficient and that runs behind the rise in prices of the economy

," they indicated in Delphos and pointed out.

"The government refuses to devalue the currency in real terms, while seeking foreign borrowing and temporary flows from foreign exchange benefits, albeit at the cost of high implicit exchange rates."

Meanwhile, the market will remain attentive to the evolution of prices in the economy.

Before knowing the inflation data for March, which the INDEC will communicate this Friday, the

blue dollar jumped $10 on three wheels,

partly in response to the most recent adjustments to the stocks by the CNV, which imposed new requirements to operate the dollar. counted with liquidation, and partly as a consequence of the inflationary acceleration. 

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Source: clarin

All business articles on 2023-04-13

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