After the setback on the last day of January, the Central Bank resumed its purchasing position from the beginning of the month and in the first three rounds accumulated net purchases of 262 million dollars. Despite the increased demand for imports on the foreign exchange market, the Central Bank manages to maintain its positive balance, albeit at a slower pace than in the first months of the year.
The organization closed yesterday with $99 million in signings. “For now the pace of acquisitions remains very high, but in the coming weeks the pace of payments for imports will normalize and the volume of purchases may decrease. It will be essential to understand what the timing will be between the payment increase imports and the beginning of the liquidation of thick crop. For now it is clearly in the green,” they indicated in the fund manager MegaQM.
International reserves, which had increased last week due to the IMF disbursement, fell to $26.9 billion.
Santiago Bausuli’s management has allowed a recovery of net reserves, which amounted to 11.5 billion dollars when Javier Milei arrived at Casa Roasda, to the -5 billion dollars estimated today by the market. The organization has set a net reserve accumulation target of $10,000 with the IMF for this year.
“It does not seem like an easy task, even when the drought will no longer play against us, and will force us to maintain an ever-competitive exchange rate to limit payments for imports (the recession itself will also be an important factor in reducing exports of products )”, they indicated in LCG.
“Maintaining the exchange rate at a competitive level will be key (in addition to the actual evolution of fiscal promises) to unify the foreign exchange market over the course of the year, also mentioned in the information report as part of the roadmap,” they added . This Monday, the BCRA let the wholesale dollar run at a rate of 0.2%.
In the parallel market, the positive impact of the approval of the Omnibus Law in the Chamber of Deputies, added to the wait for the second series of Bopreal, put downward pressure on the blue dollar, which fell again and closed at $1,160. .its lowest value in a month. The gap between the wholesale dollar and the note in the informal market has reached 40%.
The MEP dollar, which had made a significant leap in the last few rounds, also gave way: it fell by 2.3% and settled near $1,209.5. The CCL, the method used by companies to materialize, appreciated by 0.5% and ended up on the verge of $1,295.
Source: Clarin
