Dollar on the rise: the government confirmed that it will announce measures to contain the crisis on the markets

After the sharp rise in the dollar on Tuesday, in which the blue jumped eight pesos on the day and set a new record, the national government He announced that he will take measures to contain the market crisis.

This was announced Wednesday by the chief of staff, Juan Manzur, during a press conference, after a meeting in which the Minister of Economy, Martín Guzmán, gave details on the unstable situation.

“The minister is working on the president’s recommendation on some actions that will be taken, which he will certainly formalize in front of the press in the coming days,” said the official.

However, He avoided giving details of what the measurements will be which will be taken from the Treasury, to contain the situation. Although some measures have already emerged.

The Central Bank of the Argentine Republic, chaired by Miguel Pesce, is expected to raise the reference rate of the economy in an attempt to clarify the exchange outlook.

«The minister with his team of collaborators and the Central Bank meet daily with the President a evaluate the situations of instability that are being experienced globally, which has an impact on all markets, not just Argentina. What they do know is that some pesos bonds have been dismantled, this sector has been transferred into foreign currency and all precautions have been taken there, ”Manzur explained.

The reference is the exodus of investors from bonds in pesos, forcing the Central to pay out more than 170,000 million dollars in four days to buy bonds and bills of exchange issued by the Treasury and linked to inflation and put a limit on the downside.

“We will prioritize growth, work, inclusion and development, within the framework of a federal country, this is where we must go. In this first quarter we have seen record exports, inputs to power that production and those are the virtuous circuits which we are seeing we can maintain in a complex context, “condemned Manzur.

On Tuesday evening Guzmán and Pesce met at the Palacio de Hacienda, where they analyzed the situation of reserves, after a worrying day due to the sharp rise in the US currency.

In the next few hours, the BCRA will formalize a regulation with which the terminals will lend dollars to suppliers to import auto parts, without depending on the Central.

Meanwhile, this Wednesday, the blue dollar is trading at $ 221.00 for the purchase and $ 224.00 for the sale. Therefore, it marks an 83% gap against the official dollar. The value of the blue dollar has a substantial difference with the official dollar, which is acquired in banks and has a set price.

The worrying price occurred on the same day that INDEC released a new inflation figure of 5.1% for the month of May, just below the latest data.

“The inflation data yesterday and the data for March, with that of April, were lower and also that of May today. We see a decreasing trendbut this must be seen in a complex and difficult context in which we can sustain this trend over time “, concluded Manzur.