While negotiations are underway with the International Monetary Fund for a new disbursement of dollars they seem stuckthe relative calm of the exchange rates of the last few days was broken this Thursday.
TO contrary to what happens on the streetwhere is he Dolar blue operates low for the second consecutive round, the accumulated tension in recent days in the financial market is manifested by the beginning of the wheel and stock prices they rise strongly.
The MEP’s dollar rises by almost 7% into a single wheel after noon and you get to $474.08. Meanwhile, the calculated with the liquidationhow companies use to get dollarized, hits screens at $485 and stays very close to the blue dollar price.
Several operators have indicated that, unlike the previous wheels, There is no official intervention this Thursday in the bond market and this would be reflected in the prices.
In the previous they indicated it there was a record volume of AL30 bonds, which is the one used to convert the MEP dollar. Several city estimates calculate this approximately US$700 million of reserves have already been spent of the Central to contain these exchange rates. Despite this, both prices have been on an upward trend since the beginning of the month and are climbing close to the level accumulated in the rest of the prices in the economy.
“So far in May, the BCRA has recorded $4 million in currency purchases and sold US$2,972 million in 2023. Despite the better results on the foreign exchange market, international reserves continue to decline, above all due to the interventions that the BCRA carries out in the bond marketwhere have you been buying an average of $98 million a day“, indicated the beginning of the wheel in Cohen.
Market speculation at this time is that, with no net positive reserves and at the request of the IMF, the money table of the Centrale decided to change its strategy and stop its intervention in the bond market. Specifically, it is rumored that the Government would seek the approval of the agency to use the transfers it makes to intervene on the foreign exchange market.
“The dollars are starting to run out, having to be replenished at some point from some source. Would it be the IMF? Under what conditions? Doubts persist,” they told Delphos.
Source: Clarin
