Even if that him “summer exchange” seems to be spreading in the parallel market, this Monday the Central Bank decreased the pace of daily purchases in the wholesale segment and international reserves decreased.
The organization chaired by Santiago Bausili bought 67 million dollars, in a context of slow opening to importers. In any case, this month it accumulates purchases for 2,185 million dollars and on the market there is anticipation for the moment in which Central will be able to put its net reserves in a positive sign, after having accumulated net purchases for 10,677 million dollars. in the last three months.
Gross reserves, which closed at $28,203 million on Friday, fell for the second time in a row. According to market sources, $25 million went to international organizations, although they did not specify which ones.
“The strong recovery in reserves continues to benefit from a liquidation of exports which does not slow down their pace. At the same time, staggered import payments (30,60,90 and 120 days) for most imports and long terms for imports of some products explain the few import payments, which in December and January had at least more than 20 years,” they explained in Delphos.
“The recession also plays its role in depressing demand for foreign products,” they added. There are discrepancies in the market regarding the current level of net reserves and the Central Bank’s ability to reverse this negative number in the short term.
Consulting firm LGC estimates it to be around $2.5 billion. Meanwhile, Paula Gándara, of the Adcap group, warned: “There is a lot missing in this reserve recovery process.”
The opening to import of basic basket products could start to put pressure on this market, even with a Central Bank that has not yet normalized access to the official dollar for the importing sector. “The consistency of this accumulation will be relevant when it comes to starting to eliminate export barriers for different sectors,” they noted at Aurum.
Meanwhile, in the parallel market, prices remained calm. The blue dollar closed unchanged at $1,025; The MEP dollar lost 0.4% from Friday’s close and cash with settlement, the method companies use to codicil, rebounded 1.2% to $1,080.90.
“Even if the deterioration of competitiveness continues to worsen, and this raises questions about the future dynamics of exchange rates, operators remain satisfied with the continuity of the process of accumulation of reserves awaiting the imminent arrival of the harvest”, stated the economist Gustavo Ber.
“This is how the climate of currency calm spreads among financial dollars, as the oversupply of foreign currency – even amidst the multiple restrictions in place – continues to allow us to overcome this important phase in the deceleration process l “Ongoing inflation, which appears to be a short-term priority, positively fuels expectations regarding future readjustment,” he added.
Meanwhile, Argentine stocks recorded strong increases on Wall Street, with jumps exceeding 12%, as in the case of Central Puerto. That was a boost to the Merval index, which rose nearly 4% when measured in settled cash dollars. The main indicator of the Buenos Aires stock exchange returned to $1,040, a ceiling it had not exceeded since 2019.
Almost in step with stocks, Argentine debt recorded another positive day, with increases of up to almost 4%. Country risk, which measures the bank JP Morgan, fell to 1,581 points.
Source: Clarin
