In a new day when the market of dollar continued with its downward trend and in which the Central bank accelerated the sale of reserves, a price of that foreign currency it reached 400 pesos for the first time and create a precedent.
Regard tourist dollar OR Qatari dollarwhich has applied since October 13 of last year for all those consumptions in that currency made with a card abroad that exceed 300 dollars a month.
In these cases, its value has increased by 100% compared to the public price in the banks: 30% for the Tax for an Inclusive and Solidarity Argentina (PAIS), 45% as an advance on profits and 25% for movable assets.
In this way, the tourist dollar passed the barrier of 400 pesos in some banks. For example him French bank it had the official dollar at $200.61, bringing the Qatari dollar to $401.22. Inside Supervielle It is in the Galicia reached 401, while in the Santander It is in the Macros it reached $400.
However, the the official dollar fell to $198.50 at the close of the market and, in this way, the tourist dollar returned to positioning itself behind the 400 dollars.
Meanwhile, the blue dollar closed at $377 in the sell-off, the line it was at after the slight dip earlier in the day, which represents a weight lower than on Wednesday. For the purchase, meanwhile, it was quoted at $373.
Country risk rose to 2,056 points
Like all emerging market debt, Argentine bonds saw another round of declines on Thursday. Dollar stocks lost more than 3% which led to skim the accumulated monthly contributions reds above 14%. Thus, the country at riskwhich measures the bank JP Morgan, jumped 3% and housed in the 2,056 pointsa sign he hadn’t seen since the second week of January.
The discontent of investors manifests itself in a context in which the Central Bank continues to lose reserves. For the seventeenth consecutive round, the agency closed with a negative balance due to its interventions in the foreign exchange market: this time it had to part ways with $46 million, with which it has already sold more than $850 million so far in February .
Almost a month ago, on January 18, Sergio Massa’s economics team came out to announce a buyback of dollar debt securities “a maintain parity” AND accelerate the fall in country risk. The high level of this index not only keeps Argentina as a nation away from credit markets, but also provinces and companies.
In that period there had been an interesting drop in the indicator, which had started the year above 2,100 points and in just under two weeks had supported by 300 units.
“We have seen a drop of a thousand points or more in the country risk in Argentina and it is a window. That is why we have made the decision to carry out a buy-back process of Argentina’s external debt of more than a billion dollars which starts today” , the Minister had said the day of the announcement.
But, beyond the initial euphoriaand the dollars that the Central Bank sold in order to take possession of the bonds, as the market had foreseen at the time, the provision had no significant effects. Argentina’s debt continued to move in tandem with that of other countries in the region, most notably Ecuador.
Thus, after having closed the first year with positive returns, since the beginning of February the bonds have collapsed. The global market is attentive to the signals that the US Federal Reserve could give regarding its interest rate policy. This Thursday, wholesale inflation data from that country suggested as much headline inflation persistswhich suggests that the Fed could once again tighten its monetary policy.
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.