The blue dollar rose 45 pesos over the week and closed the climb at $ 338

In the most frenzied exchange week so far during the presidency of Alberto Fernández, the blue dollar it climbed 45 pesos and closed on Friday at $ 338. In the last round the correction was attenuated: in the morning it started with a leap that led the informal to touch 350 dollars but for lack of operations it fell back and rose by only one peso compared to the final price on Thursday, when it had finished at $ 337.

At this wheel, the rise for financial dollars stopped: the MEP dollar, which is listed on the Buenos Aires stock exchange, lost 1.9%, to $ 315.3while liquidity with liqui, that used by companies, fell by 1%, a $ 326.4.

The stampede of financial dollars was halted because on Thursday the Central Bank ruled that companies accessing the official exchange rate must now declare that they have a maximum 100,000 USD in CEDEAR, certificates that allow you to buy shares of large global companies such as Amazon or Apple from Argentina and which are used to dollarize.

In addition, the Central has further tightened the securities and established that the companies that purchase CEDEAR will not be able to operate on the Single Exchange Market (MULC) neither in the 90 days before nor in the 90 days following the operation.

In this way, blue is consolidated as the most expensive on the market and stretch the gap to 160%.

On the closure of the market, the president held a meeting at Casa Rosada with the Minister of Economy Silvina Batakis and the president of the Central Bank, Miguel Angel Pesce, where they would analyze new measures not yet announced.

In addition to the limits for the CEDEAR, the other measure announced so far is that foreign tourists will be able to access a preferential exchange rate when they change their greenbacks to a value similar to that of financial dollars, in an attempt to prevent them from tipping over. blue dollar.

Amid expectations for future announcements, the president again accused those who keep “20,000 million dollars in the fields and they don’t liquidate them hoping for a better return “.

The end of the week gave the Central Bank a break, which it managed to buy 45 million dollars. This partially offsets the 340 million dollars which had to sell in the first four days of the week basically to meet the growing demand of energy importers.

“Without the presence of demand for the payment of energy and with the systems of financial institutions adapting to the new provisions, the supply of foreign currency predominated and allowed for a recovery of reserves for the BCRA,” said the operator Gustavo Quintana.

“In the month interventions in the MULC show a negative balance of nearly $ 1,000 million, configuring the worst month of July in at least 20 years. This weakness in foreign currency buying reinforces the argument that the $ 130 exchange rate is not enough and that it should be updated, “said stock exchange firm GMA Capital.” An overflowing spread is synonymous with higher devaluation expectations. “

“There doesn’t seem to be a clear Plan B. It could be that it’s a shift towards rationality: devaluation, retentions, rate hikes and declines in activity and temporarily higher inflation. But it can also be a scenario of deepening current imbalances. in a more interventionist scheme“, specified Guido Lorenzo, of the LCG consultancy company.

AQ