“The goal is todollarize, we will do it when conditions are optimal“said Luis Caputo this Wednesday and the market took note of it. The Minister of Economy insisted that a their plans do not include a new devaluation, and investors responded: This Thursday the financial dollar records a new decline and the gap hits two-month lows again.
The CCL falls by 1.7%, breaks the threshold of 1,100 dollars and stabilizes $1,095. This price, the way companies use to become dollars, has deflated more than 12% since the start of the month. Meanwhile, the MEP dollar also recorded another decline: it lost 1.6% and reached the level $1,055 and becomes the cheapest on the market.
Meanwhile on the street the blue dollar gives away 25 pesos, $1,085. The strangulation of families’ pockets and company margins changes the logic of the market and it exists greater supply than demand, something unusual in February, where demand for pesos seasonally usually hits lows.
These prices bring the gap with the official price to 31%, the minimum value in two months.
Caputo’s televised message this Wednesday served to ratify the Central Bank’s objective of maintaining a fixed monthly devaluation rate. Until now, the organization chaired by Santiago Bausuli maintains the guideline of a 2% monthly increase for the official dollar.
Futures contracts were declining, but recorded their second consecutive increase this Thursday. Investors see the official dollar near $1,072 for next June. “Thus, the implied depreciation is 1% through February, 11% through April, and 36% through July,” they indicated in Cohen.
So far in February, the Central Bank has added purchases for 1,777 million dollars. On the other hand, the stock of international reserves increased by 64 million dollars to reach 27,156 million dollars.
Source: Clarin
