Today the free dollars fell to $15 and Argentine stocks traded in positive territory, after last night the Government announced the implementation of a soybean dollar at $200 for the agro-export sector, with the aim of strengthening the reserves of the Central Bank (BCRA).
In addition, these days the market’s gaze will be on the trip of the Minister of Economy, Sergio Massa, to the United Stateswhere throughout the week he will review the goals agreed with the International Monetary Fund (IMF) and will try to attract new investments.
This Monday, in the streets of the city Buenos Aires, the blue dollar was sold at $270, that is, $15 less compared to Thursday’s close (-5.5%). To find a similar figure you have to go back to July 11when the bill that is marketed informally was sold at $268. At that time, the parallel was going through days of great tensions due to the political-economic crisis, which led it to touch $338 eleven days later, a historical nominal record.
“The dollars fall as a result of the soybean dollar. You have to understand that one of the things that worried the market, and pushed up the exchange rate, was that the Central Bank lost dollars every day. Here there is a commitment for US$5 billion to arrive in September, only from the soybean dollar. That’s why the look changed and, in the same way that when there is a bull run everyone goes out to buy, the same thing happens towards the downside. This gives peace of mind, at least in the short term,” said financial analyst Christian Buteler.
This same trend was reflected in financial exchange rates. The MEP dollar, that allows Argentines to become legally dollarized through the purchase and sale of bonds, it appeared on screens at $274.89. They were $6 less than Thursday (-2.2%), since on Friday the local square did not operate due to the attack on Vice President Cristina Fernández de Kirchner.
Cash with settlement (CCL), A tool used by companies to transfer dollars outside the country and which has gained popularity in recent months due to the trap of importers, it was marketed to $282.91. It meant a fall of $6 (-2%).
“While the idea is consolidated that August inflation would have closed closer to 7% and that September would give up very little, the week starts with the expectations of the acceleration of currencies of the soybean complex; According to the minister, it would be US$1 billion in the first three days. This could bring relaxation to the foreign exchange market and its impact on international reserves. At the same time, the technical meetings with the IMF begin, so that a week later Massa meets with Kristalina Georgieva, to endorse the agreement that has been reached”, they added from Cohen Investment.
On the other hand of the foreign exchange market is the official wholesale dollar, which this Monday was sold at $140.28. When contrasting with the blue dollar, the difference gap between both quotes was 91%.
“The device of the ‘soy dollar’ to anticipate exports is only short-term. They are admitting that the officer is a fantasy and is probably the first step in a covert devaluation. Until the exchange rate is devalued and unified, everyone is going to demand special treatment,” Argentina Exchange Bondholders, one of the largest groups of Argentine debt holders, said today.
On the screens of Banco Naciónthe official retail exchange rate was offered at $146, a daily rise of one peso (+0.7%). If a 30% PAIS tax and 35% Profits are added to that quote, the result is a dollar “savings” at $240.90; on the other hand, with 30% of PAIS and 45% of Profits it is the “tourist” dollar, at $255.50.
On the other hand, the S&P Merval rose 1.4% to 138,268 units. The panel of the Buenos Aires Stock Exchange was led by the shares of Cresud (+7.8%), Transportadora de Gas del Sur (+6.3%), BBVA (+6.1%) and YPF (+4.5%). ). Argentine shares in New York (ADR) do not operate today, Due to the Labor Day holiday in the United States.
Country risk remained stable at 2,429 basis points (+0.2%). Meanwhile, the bonds of the last debt swap presented positive variations: abroad they advanced up to 4.6% (Global 2030), while at the local level they climbed 1.7% (Global 2030).