The dollar fell 1 peso in the informal market.
News in development
Although blue fell on the last day and bonds increased, the gap with the US currency remains high and there is expectation in the markets for the dollar price in the informal market.
Relax stocks for mining companies – they will access up to 25% of their exports
Barrick Gold Sailboat in San Juan. Photo: Reuters.
Before Sergio Massa and his economic team travel to the United States, the government will formalize a relief to stocks in the mining sector this week. It is a decree that will allow them to access up to 25% of the foreign currency from the exports they generate, based on investment criteria, local purchase and other requirements that are being examined by the Ministry of Mines, led by Fernanda Avila.
The measure is in tune with money laundering in construction, the special exchange rate regime for hydrocarbons and the longer liquidation period granted to cereal companies. The goal is to capture foreign exchange and rebuild Central Bank reserves, bearing in mind that mining is the second surplus asset after the knowledge economy, a sector that will also ease its grip next week. Read the full note here.
Without devaluation, the government must show how it will get dollars
The Minister of Economy, Sergio Massa, together with Gabriel Rubinstein, Secretary for Economic Planning.
The dissemination of the “Reserved Stabilization Plan” that Gabriel Rubinstein prepared at the end of July, when he did not plan to take office as Deputy Minister of Economy, continues to generate controversy and expectations about possible imminent measures.
The content is important, and the form of disclosure (Horacio Verbitsky in The Rocket to the Moon) has raised suspicions as to which high-ranking man or woman in the ruling party has allowed a proposal to leak suggesting the need for a 50% devaluation. % as the core of a plan to contain an inflation rate of 90% per annum. Read more here.
The dollar has fallen and bonds have risen, but the gap remains high and reserves are falling
The Minister of Economy Sergio Massa. Photo Guillermo Rodriguez Adami.
Sergio Massa is satisfied with his first month of management aboard the Ministry of Economy. Since the announcement of his appointment on July 27, dollar bonds have risen by as much as 22%, Merval shares have improved by 33%, and parallel exchange rates have fallen by as much as 14%. The feeling behind closed doors is that the panic has stopped and the blue dollar has deflated from its high of $ 350 to $ 290, which is still high.
The diagnosis, according to reports circulating in official offices, is that the economy is beginning to go down a path of “stabilization” thanks to the change of government and measures, which included the containment of the monetary issue, the rate shock and the cut by spending 128 billion dollars. That deviation, according to them, “excited” investors. Read more here.
Source: Clarin
