The Central Bank sold $ 130 million, amid the rebound of bonds and stocks

With the alternative dollars pulling higher, the Central Bank had to go out and sell 130 million dollars this Wednesday. This cut the streak by four rounds followed by the purchases the monetary authority had had. In this way, just two business days before the end of the month, the Central brings with it a sales balance of 1,018 million US dollars.

With this result, the Central departs from the achievement of the objective agreed in the agreement with the Monetary Fund and which intends to accumulate net reserves of 5,800 million dollars in the year. With seven months elapsed and most of the soybean crop already settled, net reserves are about $ 3 trillion according to private estimates.

Once again, energy imports set the pace of the daily outflow of foreign exchange. “In a round with strong demand for the payment of energy, estimated at over $ 150 million, BCRA has again made sales to correct the supply shortage,” said operator Gustavo Quintana.

The blue dollar rose three pesos and closed at $ 326, still far from the high of $ 338 it hit last week. What was also recomposed was the one counted with liqui or CCL, the exchange rate used by companies, which at noon reached the record of 345 dollars, to end up in $ 339.5after a 3.5% rise on the day.

The exchange gap is 161% against the dollar calculated with liqui.

The rebalancing of alternative dollars came just hours after the government announced it was launching a scheme to encourage the liquidation of agro-dollars. Given the expectation that this “soybean dollar” will increase liquidation, the Central has accelerated the pace of the crawling-peg and raised the daily write-down rate to 75.45%. According to Portfolio Personal Inversiones (PPI), this is the fastest rate since November 3, 2020.

The other side of the persistent tension on the foreign exchange market was the good performance of Argentine bonds and equities. On a positive day for global markets, with Wall Street indices rising after confirmation that the Federal Reserve raised the benchmark rate by 0.75 points, Argentine assets added to the positive sentiment.

Dollar bonds increased between 4 and 8%and even so in the month they record losses of up to 14% and over 40% in the year.

After a month of oblivion in July, Argentine bonds are raising their heads. Analysts point out that the change in trend is a consequence of the fact that the previous collapse had been very deep, so any positive sign is a reason for a rebound. “There may also have been some requests from corporate investors who have left CEDEAR forced by changes to the regulations established by the Central Bank and who are now turning to these securities,” they indicated in the city.

“Global bonds strengthened Tuesday’s gains. In a rally not seen in weeks, they closed lower. increase between 5.99 / 8.48% along the curve and the weighted average price is back above 21 US dollars at 21.65 US dollars, returning to the levels of 8 July “, they indicated by PPI.

The Merval was also carried away by the positive trend e it grew by 5.3% in pesos and 1.8% in dollars. On Wall Street, the entire panel closed with positive results: the Argentine stock jumped to 9.2%, led by Central Puerto.

Part of the local climate played in favor of the rebound in Argentine assets, with the news that there could be changes in government, which could lead to a greater fiscal adjustment, in line with market and Monetary Fund demands.

This was reflected in a pronounced decline in country risk. The JP Morgan indicator fell 5.8% to 2,736 basis points, the lowest level in two weeks.

AQ