In the last part of the year, the blue dollar seems to have woken up: the currency is up $9 pesos on the informal market since Monday and closed Thursday at $330, its highest face value since late July, at the height of the Batakis era at the Economy Ministry. Several factors motivate this renewed interest by savers in the account and this leap causes the gap with the official dollar to exceed 87%.
Despite this acceleration, The blue dollar is close to closing the year totally lagging behind inflation. While most council advisers expect it to be around 100% in 2022, the price of informal advances just over 58% so far this year and is the price, of all available under one title of bag. and more intricate less increased in the last twelve months.
The rise of these days is linked, operators say, to seasonal factors: dependent employees who receive their bonuses go into the bill, there is more demand for these currencies due to the proximity of the summer holidays. Is that the creation of Qatari dollar at the end of October, which has a Tax charge of 100% on the official dollar valueit has prompted many tourists to cancel their purchases with physical dollars.
The Qatari dollar closed this Thursday at $361, and that $31 difference in favor of blue has many people who have traveled abroad before or are close to doing so to look into dollars instead of trying to pay their own. spending with a card.
With this week’s increase, the price of blue recovers ground: it rises by 5.1% above the rest of the prices.
In the financial market, both the MEP dollar, or stock market, and settled cash finished slightly higher at $324 and $333, respectively.
The consensus among traders is that the price of blue always tries to be somewhere between these two financial prices. But also that the soy dollar issue and the excess pesos on the street indicate that financial dollars should soon overheat. In the last two wheels, they highlighted that in the end there was some intervention that brought down both the CCL and the MEP on closure.
Meanwhile, in the official segment, agriculture settlement for the soybean dollar continued, totaling US$126 million, of which the Central Bank was able to hold back US$57 for its reserves.
With the differential exchange rate incentive for agriculture, The organization headed by Miguel Pesce has already purchased $845 million this month. “The BCRA managed to retain 53% of the amount established per dollar of soybeans in 17 working days, in the first version it managed to retain 65%,” said analysts at Aurum Valores.
Banks will be doing a reduced holiday wheel this Friday ahead of the holiday season. Therefore, the special program for agriculture has four full wheels and two limited days. In the City, they calculate that through the end of the year, agriculture would need to clear at least $130 million a day for the government to meet the $3,000 million goal calculated in the “soy dollar” boost.
“Thanks to the differential exchange rate policy, the BCRA managed to reverse the sell-off and therefore has net reserves of $3.7 billion in its coffers, which is low enough to continue with this foreign exchange management measure and including rationing the amount of dollars supplied to the private sector,” they explained to the LCG consultancy firm.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.