The second round since the launch of the 3 dollar soybean ended with positive results for the Central Bank, which after having bought 4 million dollars in the previous timid days, managed to get hold 322 million dollarsin what is the highest purchase balance the entity has in the foreign exchange market since the beginning of the year.
Agricultural exporters cleared $573 million this Thursday, which were paid out at $300, as set by the Export Incentive Program. This figure is the highest recorded in daily counts since the end of the first soybean dollar in September of last year.
With this purchase, the Central Bank managed to reduce the bleed to US$181 million sold in the month and it also lowered its red from the start of 2023 to $3.159 million. The expectation of the market is that, once the “agro dollar” machine is put into operation, the organization chaired by Miguel Pesce will recover positions, even if they warn that this program does not increase exports, but rather makes them advance.
Thus, as was the case with the soy dollar 1 and 2, launched in September and December 2022, the fear is that the “buy high” powerhouse that sooner or later “ends up selling cheap”.
The agency continues to accelerate its daily rate of devaluation and the wholesale dollar closed at $214.24, implying a jump of $3.46 from Friday’s close, the highest weekly correction of 2023. However , the monthly rate has not yet reached that of the March inflation forecast, data for which will be released this Friday.
“If the pace of the past five-day crawling peg is maintained through the end of the month, April will end up 6.5% m/m on average, 0.6% above REM expectations,” pointed to Cohen. .
“It is a dynamic that seems insufficient and that runs after the rise in the prices of the economy”, they indicated in Delphos and pointed out. “The government refuses to devalue the currency in real terms, while seeking foreign loans and temporary flows from the benefits of foreign exchange, albeit at the cost of high implied exchange rates.”
This Thursday. Sergio Massa announced that the IDB board of directors has approved a loan of 600 million dollars and that 200 million dollars will be disbursed in the first instance. In this way the government could support the gross reserves of the Central, which closed yesterday at 37.21 billion dollars.
Source: Clarin
