CCL made more progress on 11 wheels and topped $1,300.
Financial dollars have ended their bearish rally and are back above $1,300. on Wednesday, July 17. This was due to the market’s lack of confidence in the government’s new measures, which imply a loss of reserves and could make it more difficult to exit stocks in the future.
After falling more than $140 between Monday and Tuesday, the dollar “counts as liquid” (CCL) jumped 1.8% ($22.84) and was in the zone $1,308.83 USD, For what gap the official exchange rate rose to 41.7%. For its part, the dollar MEP rose by 1.7% ($21.06) to $1,300.
Stock exchange rates were chain-linked until the official announcements over the weekend four consecutive weekly increaseswhich raised the wholesaler’s spread to a peak of 56%.
Faced with this surge, which was beginning to threaten the slowdown in inflation, government officials said that Monetary authorities are going to start using currencies what he bought on the official market for interfere with the stock market.
For most of this round, prices fluctuated between $1,305 and $1,310, although there was more decline at the market close.
“We saw more volume in AL30 than yesterday. We conclude that BCRA was in effect today but did not attack the exchange rate (except for the immediate closing of the cash register). This makes sense because If the idea is to absorb the peso, it is better to try to do so at a higher and more uniform exchange rate than to continually depreciate it.“We’ll see how things go in the next rounds,” explained Nicholas Capella of the equity investment banking (IEB).
The government has begun a new stage of monetary and foreign exchange policy
By deciding to intervene in the financial sector, the government Essentially, it has two objectives: on the one hand, for the BCRA to absorb the same amount of pesos that it issued to buy dollars on the official market, and, on the other hand, to reduce the currency gap.
For example, if the Central Bank buys $100 today, it issues $92,450 today. What they want to do now is remove those pesos from the market by selling CCL, which at current prices would mean a loss of $71 of those $100, while the surplus would go toward accumulating reserves.
As the Ministry of Economy specified earlier this week, the equivalent of $2.5 billion, which the monetary authority issues every time foreign currency is exported or for other reasons, will be sold in CCL. This would imply The outflow of reserves amounted to approximately US$1,920 million.
Markets Worried BCRA Will Stop Accumulating Reserves
The new strategy puts reserve accumulation on the back burner, worrying markets given that fewer dollars typically enter the country in the third quarter due to seasonal problems. In addition, the use of reserves to intervene in financial institutions is highly questionable by the International Monetary Fund (IMF), which could cause tensions ahead of the new deal.
“Obviously, the government’s statement on monetary issues over the weekend was very hasty, whereas the main player should be the BCRA,” said an economic analyst at a foreign private bank.
“What is worrying, and the markets are showing this, is that reserve accumulation is slowing, which is making bondholders nervous. and that is why they have fallen, while country risk is naturally increasing,” he added.
What is the official dollar rate trading at today, Wednesday, July 17?
On the official stock market wholesale dollar rose 50 cents to $924 per unit.
The price of the future dollar is traded today, Wednesday, July 17.
In future dollar contracts The price recorded an overall increase. By the end of the month, it was up 0.05% to $940, and by the end, it was up 0.2% to $977.50. Bye, By the end of December, it had risen in price by 0.3% to $1,169.
How much is the blue dollar selling for today, Wednesday, July 17
He blue dollar was 50 dollars To Selling for $1455, according to the survey Volume in the caves of the City.
The cost of the card in dollars today, Wednesday, July 17
He dollar card or tourist cardAnd dollar savings (or in solidarity) increased to US$1,506.40.
Cryptodollar quote today, Wednesday, July 17
He cryptodollar or Bitcoin Dollar works in $1,319.85 USDin accordance with Bitso.