While negotiations with the International Monetary Fund for a new disbursement of dollars seem to be slowed, the relative exchange rate calm of recent days was interrupted on Thursday.
Contrary to what happens on the street, where the blue dollar operates in decline for the second wheel in a row, the tension accumulated in recent days in the financial market is manifested from the beginning of the wheel and stock prices rise strongly.
The MEP dollar jumps almost 7% in a single wheel after noon and gets to $ 474.08. Meanwhile, the cash with settlement, the way companies use to dollarize, rises on the screens to $ 485, and is very close to the price of the blue dollar.
Different operators indicated that, unlike previous rounds, this Thursday there is no official intervention in the bond market and this would be reflected in prices.
In the previous one they indicated that there was a record in the volume of the AL30 bond, which is the one used to make the conversion of the MEP dollar. Different estimates of the City calculate that about US $ 700 million of the Central reserves have already been spent to contain these exchange rates. Despite this, both quotes dragged an upward trend since the beginning of the month and rise close to the accumulated level in the rest of the prices of the economy.
"So far in May, the BCRA has registered foreign exchange purchases for US $ 4 million and has sold US $ 2,972 million over the course of 2023. Despite the better results in the foreign exchange market, international reserves continue to fall, mainly due to the interventions that the BCRA carries out in the bond market, where it has been buying an average of US $ 98 million per day, "they pointed out at the beginning of the conference in Cohen.
The speculation of the market at this time is that, without positive net reserves and at the request of the Monetary Fund, the Central Bank's money desk has decided to change its strategy and curb its intervention in the bond market. Specifically, the rumor is that the Government would seek to have the approval of the agency to use the drafts it makes to intervene in the exchange market.
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Dollars begin to run out, having to be replenished at some point from some source. Would that be the IMF? Under what conditions? Doubts persist," they said in Delphos.
NE
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