Soybean 3 dollar broke all predictions on the last day of this short week and has stabilized 333 million dollars. This is the second largest contribution for a wheel since this system began on April 10. This flood of dollars allowed the Central Bank to buy $111 millionin the midst of market uncertainty after the new exchange rate adjustment that adds restrictions on financial dollars.
On Tuesday, the economics team announced that those who buy MEP dollars or cash using AL30 and GD 30 bonds They will not be able to dispose of those titles for 15 days.
By General Resolution 962 of the National Securities Commission, the Government requested cut the curl which has allowed investors to buy cheap securities on which the government intervenes daily to prevent alternative dollars from leaking and then sell them at market price to make up the difference.
This change in deal paralyzed the market on Wednesday as brokerage firms adjusted their systems to the new parameters. Thus, with almost no volume, the deputy dollar lost 1.4% a $459.5while liquidity fell 0.6%, a $492.3.
Despite expectations that the blue dollar would fuel amid the uncertainty, the casual barely climbed a peso and closed at $493.
The wholesale dollar is gone $235.75. “In the week just ended, limited by the holidays, the wholesale rate was up $3, below the $3.55 increase recorded in the previous week,” said operator Gustavo Quintana.
For Javier Rava, director of Rava Bursátil, “the measures could be aimed at canceling operations with an informal leg, but por above all to try to keep the exchange rate at bay”.
With today’s contribution, the soybean dollar reaches $3,524 million from the beginning of the program. With only three rounds left until this edition, which ends on May 31, and the government’s chances of reaching the $5 billion it had set out to obtain are difficult.
In turn, the Central Bank, with the purchase of US$ 111 million, accumulates so far in May a positive balance of 307 million dollars.
“Good settlement in farm dollars ahead of local holidays (Thursday and Friday) and in the US (Monday). Dollar selling at the ‘regular’ window was among the highest since the program launched,” says Aurum Values . And warns that the Central Bank “It keeps 24% of what is liquidated well below what happened with soybean 1 dollar (65%) and 2 dollar (73%).”
In this round, Argentine stocks and bonds moved at half speed. From Portfolio Personal Inversiones they indicated that “Fixed Income finishes the last round of the week with losses and the weighted average price of Globals closed at $25.61. The dollar Merval has accumulated a 1% weekly decline. Abroad, Argentine companies fared a little better: of the 19 ADRs, 11 gained ground”.
For Rava”the measures end up adding greater uncertainty to a context conditioned by the lack of certainties with the IMFconcerns with reserves or difficulties with incorporating currencies that expose bonds to very low pars with required yields above 50% at the short end of the curve.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.