Dollar: Cash with liqui surpassed $ 296 and BCRA again sold $ 80 million

On another day of severe financial stress, the central bank had to resell $ 80 million on the foreign exchange market. Therefore, in the first five rounds of July, it has already divested US $ 680 million of its reserves to meet the strong demand for dollarization by individuals and companies.

Yesterday the Minister of Economy, Silvina Batakis, conditioned the supply of dollars for tourism. “The right to travel collides with the generation of employment”.

Sales of the Central occurred in the midst of a new jump in parallel dollars. On the way, the blue dollar added $ 2 and closed at $ 257. Meanwhile, publicly traded exchange rates have set new records.

The account in liquidation, the way companies that cannot access the official market use to dollarize, jumped 6.5% and surpassed $ 296.

The dollar or MEP exchange rose 3.5% and closed on the brink of $ 280, exactly at $ 279.24 Financial prices were calm in the first half of the year but have overheated since the middle of last month . And Guzmán’s resignation and his exchange with Batakis did nothing but push them up: in July the CCL rose by 16.4%:; while the MEP does so by 14.1%.

With an official dollar closing at $ 126.56, the gap with the dollar that companies refer to is close to a record 150%.

The market is worried about the loss of reserves. According to operators, Central’s sales today matched energy demand that reached $ 170 million. The Treasury has to pay $ 700 million to bondholders who discovered the Guzmán-led exchange in 2020 next Saturday, so the bleeding will intensify.

Conversely, on the stock exchange, Argentine assets had a lull, thanks to a better mood in the international equity markets. Dollar stocks that entered the swap led by former Economy Minister Martín Guzmán bounced up to 3.8%. This brought country risk down, after setting a new record on Wednesday, to 2,628 points.

Despite the slight improvement these stocks experienced over the course of the day, analysts agree that it is unclear whether the bleeding of government stocks may have found a limit.

“Guzmán’s resignation revealed once again the inner self within the ruling party and his replacement by Silvina Batakis was not constructive for the market. So, the big question is whether this is the entry point or whether the recent weakness may extend for a while yet, “PPI analysts explained.

Meanwhile, in Cohen they have warned that it is difficult to hazard a plan for these falls. “Neither the low parities – which are discounting a more than aggressive restructuring – nor the high yields seem to attract the attention of investors, making the horizon of the trend change uncertain,” they said before the market opened.

At the same time, with the Central Bank firm in its strategy of supporting pesos bond prices, they rebounded up to 4.8%. The monetary authority has already spent more than $ 1 billion to buy these bonds in the local market, which have been reaping profits since Friday, despite investor uncertainty remaining high.