The Central Bank bought $200 million this Friday in the single and free foreign exchange market (MULC). This is the largest deal since the beginning of the year.
According to market sources, this operation was possible thanks to the entry of foreign currency through credits for the construction of Chinese dams. With that, this month’s Central purchases reach $281 million.
With an increase of eight pesos during the day, the blue dollar stretches to $369 and thus again sets a record. So far in January the blue has already risen by 22 pesos, an advance of 6%. As a result, the exchange rate difference to the wholesale exchange rate is again above 100%.
With this escalation, the blue shortens the distance with respect to the Qatari dollar, which with $375 It is the most expensive on the market. This dollar is what is charged for foreign currency expenses that exceed US$300 per month.
Until a fortnight ago, the difference between the blue and Qatar was 30 pesos, which encouraged those who go on holiday abroad to take the green banknotes rather than pay by card.
Now that this gap has narrowed, the going blue operation doesn’t seem so lucrative anymore, then casual may be close to your ceiling.
While the blue scales, informal dollars remain stable. The MEP, listed on the Buenos Aires stock exchange, is located at $341.6while cash with liquidity, how companies are dollarized reaches $ 347.2. They are up 4.3% and 0.8% so far in January.
Even the official dollar is lazy. The wholesaler trades at $181, a 2.3% advance so far this year, which is compatible with a creeping peg of 5% a month. January will thus close below the month’s inflation, estimated by private economists at around 6%.
This slowdown of the official dollar suggests that the government could keep the exchange rate from appreciating to avoid further escalation of inflation.
With the official dollar trampled and the blue stretched, the exchange rate gap reaches 103%, which reactivates the tension on the market.
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.