In the final stretch of the soybean 3 dollar program, the agro-export sector has increased its settlement rate and allowed the Central Bank to devalue a new wheel with a favorable balance, through the purchase of US$ 50 million. Agricultural income exceeded $169.5 milliona sign they have not seen since April 21 before the exchange rate turbulence halted these liquidations.
This way, the Central Bank accumulates purchases of US$275 million this month and managed to erase the red it had registered in early May due to its interventions in the Single and Free Foreign Exchange Market (MULC). This is underlined by market sources It was the ninth consecutive round that the organization finished with a positive balance.
This happened in a climate of greater tranquility in the city, with the entry into force of the measures announced on Sunday by Sergio Massa. On the road, The blue dollar fell $1 and closed at $487.
On the contrary, on the stock exchange, despite the strong official intervention, financial dollars are again trading bullish. Cash with liquidity, the way companies use to become dollarized, operates a $481.77 and from the beginning of the month it accumulates an increase of 6.3%. The sales of bonds on the market serve to keep the euro deputy at bay, which however this Wednesday rises by 1.2% and is realized at $447.39.
Economist Gustavo Ber said: “The gradual – albeit ongoing – readjustment of the financial and free dollar continues after the hard data on inflation and a battery of measures that does not convincesince the dollarisation process continues in a climate of uncertainty and distrust both for the electoral scenario and for the serious economic imbalances that have accumulated”.
Delphos analysts said: “It is possible that the BCRA is allocating more than 80 million US dollars a day to keep the market supplied with financial dollars, which prevents reserves from increasing despite obtaining surpluses in the official market.” At the same time, they added: “The monthly devaluation rate appears to stabilize at around 6% per monthwell below last month’s inflation and expectations for May.”
“This way the Government buys time until the conclusion of the negotiations with the IMF at the cost of a greater deterioration of reserves and an increase in short-term exchange rate appreciation. This does not seem to differ much from other election years, even if the limits on the continuation of interventions are much stricter than in the past”, they said in Delphos.
AQ
Source: Clarin
