The MEP dollar and CCL have both fallen more than $100 in one day, a 40% gap.
Financial dollars fell sharply on the first day of official intervention to close the gap and remove the peso from the economy. Prices again broke the $1,400 mark and reached the July low in nominal terms.
Dollar “counts as liquid” (CCL) loses 7.8% (-$111.18) to get into $1,316.72 USD. Thus, gap with the official exchange rate it returns to 42.7%the lowest in nearly a month. For its part, the dollar Member of the European Parliament falls by 7.9% (-$111.14) to US$1,305.08.
Types stock Exchange they come from a chain four consecutive weekly increaseswhich raised the spread with the Central Bank Regulated Wholesaler (BCRA) from 40% to a peak of 56%.
In this context, the government announced over the weekend that Monetary authorities are going to start using currencies who buys on the official market for interfere with the stock market.
What is the economic team looking for in the new measure?
One of the goals of the measure is eliminate the peso issuance “pipeline” that occurs every time BCRA acquires dollarseither due to the elimination of exports or for other reasons.
As an example, If the Central Bank buys 100 US dollars today, it will issue 93,000 US dollars.What you are going to do from now on is sell the equivalent of these pesos for a dollar CCLwhich at current prices would result in sales of US$70. The surplus of US$30 would belong to the organization headed by Santiago Bausili.
With this action the government also intends increase the supply of financial dollars to lower their price, close the gap and improve the exit conditions for stocks in future.
What are the risks of the intervention?
On the other side, This threatens the accumulation of reserves and is contrary to the recommendations of the International Monetary Fund (IMF).
The Economy Ministry announced that the peso “sterilization” per sale in the CCL would amount to approximately $2.5 billion, which at the current gap would mean The outflow of reserves amounted to approximately US$1.9 billion.
In parallel, if we take as a benchmark the average daily purchases of US$30 million that Central recorded in July, they would be slightly more than 20 million US dollars per day those that will be used to intervene in financial matters in accordance with the objectives of the economic group headed by Luis Caputo.
Former Vice Minister of Economy, Emmanuel Alvarez Agis, He argued that the decision posed a threat to exporters.“If the CCL falls, the export exchange rate will fall, so exporters will be better off selling foreign exchange. If the threat is ineffective, there is a risk that the BCRA will start selling foreign exchange and the gap will become wider and wider.” he said.
At the same time, the director of the consulting company PxQ added that this bad news for bondholdersThat is why the government had to improvise by announcing that it would use the pesos from the budget surplus accumulated during those first seven months to buy dollars from the BCRA to pay the interest on the external debt in January 2025.
What is the official dollar rate today, Monday, July 15?
On the official stock market wholesale dollar increased by $1 to US$922.50.
The price of the future dollar is being traded today, Monday, July 15.
In future dollar contracts The price at the end of July falls by 0.3% to $937. By August, it falls by 0.7% to $968, and in November, it shows a decline of 0.7% to $1,100. Meanwhile, by the end of the year, it will fall to $1,155.
How much is the blue dollar selling for today, Monday, July 15
He Dollar blue works at a price of 1470 US dollars for saleaccording to Ambitto’s research in urban caves.
The cost of the card in dollars today, Monday, July 15
He dollar card or tourist cardAnd dollar savings (or in solidarity) mark 1504.8 US dollars0.
Cryptodollar quote today, Monday, July 15
He cryptodollar or Bitcoin Dollar works in $1,434.52 USDin accordance with Bitso.