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06-2022

Dollar supply collapses and forces the Central Bank to continue to release reserves: it sold US$50 million today

The official exchange market today traded its lowest in more than five months. This is a worrying fact for the Central Bank (BCRA), which is once again scratching the bottom of the pot to participate in a stockpile of dollar buy orders that have passed myriad official filters: Sold another $50 million. thus, It has only settled close to US$1,000 million so far this month for market interference.

The euphemism for the Single Free Exchange Market (MULC) is called Only US$163.5 million traded today, the lowest amount since last February 11 (Then it was only US$154.3 million, but they were considered normal for that date), a figure that was 26% lower than the previous round and 39% lower than what was recorded on the same day the previous week.

Flooding
Flooding

“There are no vendors with Soy in the Throat or limited by time limit, but the minimum required to meet that obligation”, he described Country An experienced operator who claims to have seen the movie “many times”.

This shows that the deepening of A new bullfight has begun, prompting many exporters to postpone forex liquidations for as long as possible, given that the dynamics of this crisis may soon intensify some foreign exchange decisions.

you have to remember that Official dollar adjusted up 3.5% so far this month, With which it not only lags again in relation to re-inflation, but also widens its gap with the free dollar, which increases from 31% to 41% depending on the price of the legal ones. Is (Dollar MEP or CCL) or the one who is traded in black.

“The difference between the blue dollar and the official dollar is more than 145%carry gap At the highest level since October 23, 2020, when it hit a record low of 149.7% amid currency crisis. loss spreads Exchange rates at historic highs put pressure on ruling party to take measures In order to calm the foreign exchange market (MULC), in a context in which BCRA has serious difficulties in increasing its reserves and the prospects for a prudent bounce of the official dollar are increasing”, Portfolio Personal Inversions (PPI) in its Described daily report.

“It is imperative to prevent the crisis of confidence in a timely manner through strong political and economic signals that allow rapid convergence in imbalances to be enforced, because The setbacks and the passage of time only add to inflation and financial stress which complicates the panorama even more”. Financial analyst Gustavo Ber judges.

Everything happened in one day in which the government has already told that Terms of access to foreign exchange market for payment of imports to be made more flexible of input to strategic areas to “guarantee the continuity of various production processes”.

The measure, which was requested by almost all the trading circles, is that Payment of “input in transit” will be allowed, That is, those originally shipped by June 27, 2022 (the date of the last Capio turnstile) and arriving in the country “with SIMI by that date”.

Of course, it is not known how it will meet a reinforced demand when its net holdings of reserves exceed US$3,000 million, a figure that does not even cover half a month of imports.

“The dynamics of foreign trade is worrying in a context that shows the BCRA is selling foreign exchange at a significant rate, leading to a sharp decline in net reserves, which are already below US$3 billion, which is in line with the agreement. IMF”, noted consulting firm Facimex Valores.

For now, that day, the monetary unit enabled another adjustment of just 20 cents in the wholesale dollar to close at $129.38/129.58 per unit for buy and sell, respectively. As such, and “with only one round to go to end this week, it accumulates an increase of $1.33 and will certainly have a higher final correction than the $1.45 we recorded last week,” PR Change’s operator Gustavo Quintana said. ,

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