The first week of November closed with a turnover of 350 million dollars from the Central Bank. Strictly speaking, of this amount $ 125 million it corresponds to the operations that the monetary authority concentrated on last Monday, the last day of October.
This Friday, the sales to meet the demand from the Single and Free Trade Market (MULC) were 49 million dollars. With these records, the Central remained 243 million dollars in the first four days of November.
The data suggest that this will be a complex month for Miguel Pesce’s team: in less than a week they have had to sell almost half $ 498 million which he had to deliver to MULC throughout October.
Central’s streak is fueled by lack of supply. Once the soy dollar vacuum cleaner was turned off, it tipped over 8 billion dollars to the market in September, the offer disappeared. This happened because, in order to take advantage of the window that allowed them to receive $ 200 per cleared dollar instead of $ 150, the exporters anticipated the liquidation of the following months. Those dollars that were plentiful in September are the ones that are missing now.
“BCRA continues to lose foreign currency. Decrease in agricultural dollar liquidation after soybean dollar bidding causes strong sales that build up nearly 800 million dollars in 21 working days “, says Aurum Values.
The situation of the reserves of the power station risks becoming more complicated in December, due to the effect of the drought on the wheat harvest. Market estimates indicate they could lose close 3,500 million dollars of exports.
From the economic team they try to mitigate the problem with the promise that the good trend in corn prices will compensate for what the corn stops contributing. But even if this prediction comes true, the challenge of facing the summer with little foreign exchange until the soybean harvest is reached will be enormous.
Source: Clarin
