The residual effect of the undeclared war between the economy ministry headed by Sergio Massa and the now former chief adviser to the president, Antonio Aracre continued to shake up the foreign exchange market on Wednesday. The financial dollars that companies use in the stock market and what moves in the informal market climbed as a reflection of escalation of prisoners which, by the way, go beyond those named.
The dollar counted with liqui, a reference for companies, has come to leap to 436 pesos but, due to official intervention in the bond market, fell to $430. The stock dollar or MEP remained at $410 and blue jumped to $423.
The trigger also occurred because traders saw it during the day The grain companies had been underrepresented, liquidating in the soybean dollar market.
This was, if you will, the critical point where politics and the market meet. Massa officials told this paper that grain companies halted sales when they found out an alleged plan prepared by Aracre which proposed a devaluation of the official exchange rate by 60% and a general unwinding of the exchange rate, i.e. all foreign trade goes through the new official exchange rate. Again according to the versions of Economy, the cereal companies they halted liquidations until the landscape was clarified.
That clarification, apparently, would come with the resignation of Aracre and the message from the grain companies that the liquidations would normalize in the next few hours. The companies also attributed the decline to a labor dispute at the Rosario ports.
This comment from Massa officials can certainly sound selfish. The reaction of the cereal companies would reflect the fact that they see in Massa a sort of “guarantee of stability”, if this were possible in an economy with significant daily devaluations and increasingly worrying monthly inflation rates.
But the Aracre episode has opened the door to something more derogatory comments. The Minister of the Interior, Peter’s Wadocompared to Albertism, he said, quoting his political boss (CFK) that “There are still officials who are not working”.
The Speaker of the Chamber of Deputies, Cecilia Moreau (massist), supported “Stop messing around with operations.”
The presidential spokesman Gabriela Cerrutti, He also accused the former presidential adviser, coming out to deny a version published on social media.
The Chief of Staff, Agostino Rossi, He argued for his part that the speeches of opposition leaders “they are promoting a devaluation“The prospect of devaluation takes effect from the speeches of the opposition. They stand still when they see inflation of 7.7%, which hurts us, but the proposal they have is to solve inflation with more inflation”. Rossi does not seem to register that the devaluation is taking place, without anyone particularly encouraging him.
She put the icing on the cake herself Malena Massawho joined the controversy by sharing a suggestive message that warns about the fate of the government if the head of the economic portfolio were to leave office.
“Massa stays until the end, because the end is when Massa leaves”, wrote economist and stock trader Alejandro Kowalczuk on Twitter. Malena Massa obviously adheres to the idea that the “guarantor” of this questionable stability is Minister Massa himself.
The concrete thing is that parallel exchange rates continue to rise and for the market, apart from the fact that they sometimes rise faster and sometimes slower than inflation, the problem is that the gap between the official dollar and cash with liquidity reopens, a true thermometer of financial humour. With the money shot with liquid the gap was 100% opened. In recent times, political noises have been triggered when that gap has crossed that barrier.
Now another concern is added. The gap between the soy dollar ($300) and cash with liquids ($430) opened at 43%. It was 35% when the $3 soybean started.
This Thursday we will also know whether or not the Central Bank raises the interest rate of the monetary policy and therefore the rate that the banks have to pay to the depositors who leave them pesos on term. Today that rate is at 78%. March inflation would indicate that the plant should put the nominal annual rate of at least 80%.
Source: Clarin
