The Central Bank continues to advance its purchasing spree. This Monday he packed his bags 303 million dollars and it’s already accumulating 8,863 million dollars since the devaluation in December last year.
This Monday is the largest daily purchase since January 12th and the third highest since the presidency Javier Milei.
“In the first two rounds of March the BCRA accumulated purchases for 371 million dollars and from 13 December 2023 it amounts to 8,863 million dollars“said operator Gustavo Quintana.
Since the beginning of the current administration, the Central Bank has been virtually undefeated in its purchasing spree. Last week, on the last day of February, the entity had to sell 142 million dollars.
In this wheel, the volume operated in the cash segment was 489,198 million dollarswithout operations on MAE futures and Rofex, the 1,449 million dollars.
On the Rofex there was an increase in volume this Monday, with Dollar futures contracts down as much as 6% after rising 5% last Friday. That day the market had been shocked by the version according to which, in his opening speech before Congress, Javier Milei could have announced the launch of a basket of coins this would bring Argentina closer todollarization. Within this framework, they operated 699 million dollars, less than half of this Monday’s volume. Since that announcement did not materialize, futures sank into this wheel.
Central purchases help replenish reserves, which they reach 27,639 million dollars.
The purchases made by the Central were possible thanks to the increase in liquidations by exporters. From CIARA they reported that in February agricultural exporters have liquidated 1,499 million dollars; a 133% increase compared to the same month in 2023 and a 92% improvement in this year’s cumulative value compared to 2023.
But Centrale can also buy why Demand from importers continues to be flat. Firstly because imports have become more expensive with the devaluation and application of the PAIS tax, which has caused sales to collapse in the midst of the recession and secondly because the government continues to give them dollars in installments to pay their commitments to ‘abroad.
Even the launch of BOPREAL, the bonus that the Government offers to importers to pay off the debt accumulated last year, when the previous administration blocked access to foreign currency, it helps to decompress the compas in the Single Free Foreign Exchange Market (MULC).
Source: Clarin
