Home Business The government formalized the farm dollar, but the BCRA lost another $99 million

The government formalized the farm dollar, but the BCRA lost another $99 million

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The government formalized the farm dollar, but the BCRA lost another $99 million

Although the government formalized the creation of the “3 soy dollar” and the “sour dollar” on Monday with a decree, the measures it did not have an immediate effect on the foreign exchange market and the Central Bank continued its streak of more than 25 consecutive rounds. The organism detached itself from the others 99 million dollars, with what has raised the red to $517 million since early April.

The bleeding already in the reserves surpasses $3,500 so far this year. According to market sources, Monday’s sales were “to meet market demand,” where half of what was sold went to energy import payments.

Market operator Gustavo Quintana, of PR Corredores de Cambios, explained: “On the first day of validity of the renewed stimulus plan for the export sector, there were no operations registered under the new regime.” At the market, they expect agricultural liquidations to begin this Tuesday, which they must be made in special accounts linked to the evolution of the official dollar.

It is estimated that through this program, until the end of May, some $5.5 billion. In this scenario, according to the economist Fernando Marull, the Central Bank would buy reserves again, at the rate of 175 million dollars a day. They warned on the market that, like its predecessors, the 3 soybean dollar does not imply an increase in exports, but rather an advance of liquidations.

“It is likely to help the BCRA mask the effects of the drought in the second half and move closer to the IMF-requested second-quarter reserve increase of approximately $7,000 million (from a stock of $2,100 million as of 31/03 ) and thereby secure the September delivery,” PPI analysts say.

At the same time, they added: “we must be prepared for a third quarter in which the MULC offer will be conspicuous by its absence and which will force the BCRA to sell everything that has been purchased in these months and beyond.”

The effect of a more expensive dollar for exporters has already been felt in the parallel market, where the blue dollar fell $1 and closed at $391. The MEP dollar. o stock market, it too has followed this trend and is trading at $391, while settled cash, the way companies use to be dollarized, drops to $403.

Source: Clarin

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