“The crisis of confidence continues to be reflected in the sustained march of financial dollars, which act as ‘thermometers’ with gaps already close to 100%, while waiting to evaluate the effectiveness of the latest measures as well as new initiatives to not stop the bleeding of currencies “, highlighted the economist Gustavo Ber.
He Government managed to place a bond linked to the dollar for US $ 1,766 million, tripling the tender offer, informed the Ministry of Economy.
The placement is equivalent, according to the applicable initial exchange rate, to about $ 136,105 million, and the award rate was 0.10% per annum, within the maximum range of 0.25% established in the call for bids.
The Ministry of Finance, which had come out to place US $ 500 million, received offers for US $ 1,766 million, awarding the total amount offered.
“We see the instrument (‘dollar link’) as an interesting option to apply surplus pesos as a result of financial repression, since in turn it looks attractive in comparison with other instruments denominated in pesos,” said consulting firm Delphos Investment.
Last week the Central Bank announced that it will let the value of the peso move under a managed float to adjust the levels according to the needs of the situation and try to stop the loss of dollars.
“The measures announced last Thursday by the Argentine government to stop the decline in central bank reserves would not have enough momentum to change the current market mood,” said Carlos De Nevares, an analyst at Moody’s Argentina.
For his part, Roberto Geretto, an economist at Banco CMF, said that “the government’s willingness not to devalue is clear, the question is whether it has the capacity to avoid this outcome.”
The solidarity dollar -which includes 30% of the COUNTRY tax and 35% on account of Profits-, rose 13 cents this Tuesday to $ 136.49, as the retailer advanced to $ 82.72. In turn, at Banco Nación, the ticket is priced at $ 81.75.
In the wholesale segment, the currency rose seven cents to $ 77.08, in a round in which prices fluctuated more widely but always in a controlled environment limited by official incursions.
The highs were noted in the middle of the morning, when the buy orders pushed a rise that took them to touch $ 77.13 after a start at $ 77.06, which were today’s lows. The Central Bank was alternating its interventions with sales that limited the increases and with purchases that at the end allowed it to recover part of the initial sales, highlighted from PR Corredores de Cambio.
Market sources estimated that official losses totaled just over US $ 15 million, approximately.
Wholesale dollar prices maintain an upward bias but with a slowdown in the update rate. In the first two days of this week, the exchange rate registered an advance of thirteen cents, against the twenty-seven cent increase of the previous two weeks.
The monetary authority altered its intervention routine causing greater intraday price volatility but without modifying the upward trend of the price.
“Without a significant improvement in the flow of income, the market operates with a slight decrease in exchange rate tension that, however, is still not enough to reverse the poor results in terms of reserve losses, the factor that determined the latest modifications from last week “, highlighted analyst Gustavo Quintana.
In this context, Gross International Reserves fell again, some u $ s46 million, and ended in u $ s41,126 million. Since the greater restrictions for access to the official exchange market, announced on September 15, the Central’s coffers accumulate a loss of u $ s1,369 million.
Meanwhile, after the Government dismissed the activation of the swap with China for the time being, freely available reserves are estimated at between US $ 6,500 and US $ 7,000 million.
In a framework of few operations, The blue dollar remained stable this Tuesday at $ 150 for sale, a value that represents its historical maximum, for the second consecutive round, after the new economic and exchange measures by the Government and the Central Bank (BCRA) last week.
In this way, the gap with the wholesale official is 94.6%, after having touched a peak of 104% last May.
It should be remembered that the BCRA last Thursday presented an update of its monetary policy guidelines, announced on January 27, as the Minister of Economy, Martín Guzmán, had advanced in Ámbito Debate.
He Central Bank (BCRA) kept the rate of 38% unchanged on Tuesday in an auction of Liquidity Bills (‘Leliq’) to 28 days, operators said.
They indicated that the governing body tendered 162,761 million pesos (about 2,112 million dollars), with an expansion of 79,842 million pesos.
With the recent rise in the BCRA’s deposit rate, from 19% to 24%, “the banks have to disarm something like 260,000 million pesos in (letters) ‘Leliqs’ and they will probably go to passive repos (…) and not we see that it moves to the banks after this come out to offer (better) fixed terms, “said Federico Furiase, director of the Eco Go consultancy.
In the Rofex futures market, u $ s218 million were operated. The terms showed decreases on average of 0.15%. October ended with a rate of 36.94% and November 45.03%.
End of the year at $ 85.71 with a TNA of 47.52%. The open contract positions totaled the sum of $ 4.926 million.