accelerated its growth and broke the $1,200 barrier, which is very close to its record.

He Dollar blue experienced a noticeable increase of $110 from Monday to Tuesday to reach $1,230. and will approach the record par value of $1,255 reached in late January.

With such a sharp increase The gap with the official dollar widened to 38.4%.the highest level since February 7 last year.

Blue dollar: reasons for growth and what awaits the market

The strong rebound of the blue dollar was influenced by sixth reduction of the Central Bank rate (BCRA), under the leadership of Santiago Bausili. Upon learning that inflation has returned to single digits (8.8%), Last Tuesday, the monetary authority decided to cut the monetary policy rate by 10 percentage points, bringing it to 40%.

Economists and financial analysts thus consulted agreed that This measure had a direct impact on the growth of the blue dollar. because saving pesos and investing them on fixed terms is becoming less and less attractive. In most banks, where profitability was already negative, The rate was adjusted to 30% per annum. which is equivalent to 2.7% per month, which is a far cry from the 5-6% inflation forecast for May.

A look into the future, from Romano Group they still believe in it “There are still factors that can keep the dollar calm at current levels” as a possible intensification of the liquidation of rough crops or even the constancy of stocks, although They warned that the end of the carry trade, combined with stagnation in the upper house of the main law, could lead to more volatility.

With the same look Delphos Investment recalled in Tuesday’s report that “the long sleep since the last nominal CCL high in January has enabled the very important rollover of various peso instruments with little volatility,” but based on the BCRA rate cut, “this will be necessary to monitor the breadth of this bullish realignment “

For his part, the economist Elena Alonso He also said that the recent the growth of blue is associated with lowering the interest rate, “given that given the yield on fixed terms, people feel safer hedging themselves in dollars.”It should be remembered that some term rates are already below 30%, and investors are switching to saving in dollars.

Alonso notes that, in addition, they started talking more about dollarization, which creates defensiveness, fear and uncertaintywhich causes people to seek refuge in the dollar, which “has always made us feel safe.”

Regarding possible delay in exchange, Alonso pointed out that inflation in dollar terms was very high due to peso inflation that occurred in the first months of the year and in December. “This may create a feeling of a cheap dollar compared to this situation, but I do not see the government being able to intensify the devaluation, especially against the backdrop of declining inflation,” he emphasized.

In this context, Alonso believes that the reallocation of costs and sales prices remains in the hands of companies so that they strive to be more competitive. He also said the government should step in by cutting taxes to help them, but he doesn’t believe that will happen by adjusting the exchange rate.

Regarding the exchange rate and level of the dollar, Leo Anzalone, director of the Center for Political and Economic Studies (CEPEC) noted that this is at least a by-product that is good for the government. The problem is not the official dollar, which he believes will continue to rise with a trailing peg of 2% per month, nor the color blue. “This is where you want to pay attention to financiers because they are the least confident.”

“So, every time the rate falls, there are changes that CCL needs to watch. Why is this a beneficial by-product? Because every time there is a decrease, the CCL goes up a little bit, and that’s what the village is looking at, because there’s 20% liquidated, if the village is liquidated, then the government gets dollars.” noted the economist.