In one month, bank deposits in dollars were reduced by 805 million dollars

The tension caused by the flight of the dollar at the height of the political crisis that has led, for now, to a rapid turnover of the ministers of the economy, has mobilized savers who have deposited dollars in the local financial system. In July, deposit withdrawals increased 805 million dollars. They began the month of July at 15,565 million and on 2 August – the latest official figures from the Central Bank – they had dropped to 14,760 million. That’s a 5.17% drop in just one month.

In banks ensure that savers they should not fear for the dollars accumulated in the banks. “The bills are there and whoever wants to come and get them will have no problem withdrawing them,” three of the most important financial entities told this newspaper on Friday.

Beyond these reassuring words, the prevailing climate is restlessnessespecially since the Minister of Economy, Sergio Massa, made it clear that the question of “reserves” is a priority concern.

Only since it was announced that Massa would be Minister of Economy, the Central sold $ 924 million and the official plans aim to achieve lines of credit to obtain at least $ 7,000 million.

The question facing the market is whether those 7,000 million will be available satisfy the demand of importers and, if so, at what price these dollars will be sold. It is assumed that they will be sold at the current price, around 130 pesos, because Massa has publicly stated that the sudden devaluation It is not an option.

The appointed production secretary, Ignacio de Mendiguren, assures that the strategy is that the peso gradually devalues ​​against the dollar along with inflation. In other words, if inflation is 6 or 7% in August, the weight it will be devalued at the same rate.

The intention (desire) of the government is to make the exchange rate gap close more due to a decline in alternative dollars which gives too rapid a rise in the official exchange rate.

But if there are no conclusive signs in the fiscal area, in the containment of spending and reserves, it will be difficult to achieve this goal before uncertainty continues to put pressure on parallel dollars.