The Central Bank was undefeated in May. In every round that took place this month, it was able to close with a positive balance of purchases. This Monday taken $ 110 million of the Single and Free Exchange Market and monopolized US $ 630 million a month.

In this beautiful streak, the entity led by Miguel Pesce has bounced back after a memorable first quarter where it just got $ 110 million. Despite the fact that between January and April agro-exporters poured $ 11 billion in the market, it is impossible for Central to add reserves.

Earlier in the year, Central had to deal with market instability, amid uncertainty over whether or not there will be an agreement with the Monetary Fund. This led to dollar alternatives making a marked jump, making the blue hit $ 223 at the end of January and cash with liqui, the operation to withdraw foreign currency from the country, exceeding $ 230.

Once the signs that the deal is on the way are in evidence, the pax exchange phase has begun, in the recession of the dollar despite the increasingly marked advance of inflation.

But in that silence, the Central also did not get dollars, because the foreign exchange that came in was used to pay off debts, due to increasing demand from importers and with a growing output of to cater to Argentina’s tourism abroad and hard currency purchases.

With the arrival of May, the situation changed and now, the market is calm again after the development at the end of April, which caused the blue dollar to pass within a few days of $ 195 to $ 212, Central continued the path of purchaseswhile suppressing the rate of devaluation of the official dollar and adding additional controls on imports.

This week the parallel dollars opened almost stable. The blue dollar almost rose 0.50 cents and sold on $ 201.5. While the MEP dollar, which traded on the Buenos Aires Stock Exchange, ended in $ 206.5, a 0.8% retracement on the tire. For its part, the account with liqui closed without change, at $ 208.3.

until this year, blue fell four pesos, MEP grew 4.4% and cash with liqui rose 3%. This exchange rate stability occurs despite the fact that inflation in the four -month period was close to 22%, according to forecasts of private economists. Consumer Price Index Indec data will be available this Thursday. It is expected to be at 5.7%, a slight decline after the 6.7% it reached in March, the highest record so far in the Alberto Fernández administration.

In May purchases, Central accumulated $ 740 million until this year. These revenues are key to meeting the reserve target established in the agreement with the Monetary Fund, which establishes that by the end of the year it must have a net foreign exchange for $ 5.8 billion.

The time to add reserves is definitely in the second quarter, when the liquidation of exporters has increased. In the first week of May, the soybean complex contributed US $ 1,100 millionand all indicate that the extermination proceeded rapidly this Monday.

Economists expect Central to add between US $ 1,500 and US $ 2,000 million in May and June to get closer to the forecast established by the IMF for the whole year.

AQ