The outflow of foreign currency from the Central Bank does not stop: this Monday the monetary authority went out to sell $ 150 million meet the market demand and keep the price within the lifelines set by the government.
With this, in the five working days of November, the Central lost 390 million dollars. With that, that’s just $ 110 million below the $ 498 million it sold in October.
The wholesale dollar closed at $ 159.37, $ 1.09 more than last Friday’s close. In the month it rose by 1.5% and in the year by 55%, twenty points below inflation.
“The amount of sales made today by the BCRA it hasn’t been repeated in that greatness since the first days of last August“, indicated the operator Gustavo Quintana.
The high level of central sales is due to the fact that there is practically no supply on the market. The reason is that the soybean dollar, which was in effect in September and allowed settlement of $ 8,000 million in that month, it also acted as a vacuum cleaner on operations originally scheduled for October and November.
You have to spend the summer
With this, the unknown is what leeway will be left for the power plant to overcome the summer in the midst of the devastating effect of the drought on the wheat harvest. Estimates indicate that 9 million tons of wheat have already been lost, 42% of the original forecast. This will take away from exports approx $ 2 billion. Without these currencies, Central will have a hard time making it through the summer until it joins the next soybean crop that starts arriving in March.
The strain to which Central Bank reserves are subjected coexists with the calm of alternative dollars. This Monday, the blue dollar went up by only one peso, $ 290while the MEP dollar and liquidity with liqui fell by 0.5%, a $ 289 Y $ 303.
The exchange rate summer takes place in the heat of the pesos rate hike, which encourages investors to jump into financial speculation on the interest rate. C.With this operation, given the stability shown by alternative dollars in the last two months, savers switch to pesos while they maintain purchasing power in hard currency.
AQ
Source: Clarin
