The BCRA sold 130 million dollars in the foreign exchange market, half of the volume operated

After five sessions without making sales, the Central Bank had to cover more than half of the offer offer in the wholesale market, where 251 million dollars were negotiated.

“The Energy demand exceeded USD 200 million this Monday and forced a BCRA assistance to the market in the order of USD 130 million”, confirmed a market source to Infobae.

The BCRA had accumulated a positive balance of more than USD 90 million in the last five rounds, despite a record demand for energy imports, which exceeded USD 600 million, according to market sources.

So far in July, the monetary authority maintains a negative net balance due to its intervention in the foreign exchange market of the order of 771 million dollars. So far in 2022, accumulated net purchases in the wholesale market for about USD 1,071 millionan amount that represents 14.5% of the net balance in favor obtained in the same period last year, which accumulated some USD 7,366 million as of July 18, 2021.

“Operators are still waiting for a rise in rates, after the defined corridor, in search of continuing to recover a greater appetite for titles in pesos and thus slow down the appetite for dollarization, crucial before a stage where supply is slowing down. currency. In the midst of a climate of caution due to possible new restrictions, financial dollars remain sustained since the search for coverage does not loosen, fueled not only by the scenario of “more pesos, less dollars” but also by the acceleration in inflation that generates greater pressure on the nominality of the economy”, analyzed Gustavo Berowner of the Ber Studio.

The Economist louis dry said by Millennium FM that “the bullfights are multidimensional, in general there are several at the same time. In general, you have a run against the debt in pesos; in dollars, we have a run against the reserves of the Central Bank because everyone knows that they are few and there are excess pesos on all sides”.

A study published by the Dallas Federal Reserve, which is part of the US Fed system, warned that Argentina and Turkey are the emerging economies with the least “adequate” reserves, or the most fragile, to withstand rate hikes. interest rate initiated by the US Central Bank.

“In this context, the US dollar strengthened globally, generating a devaluation of emerging currencies. This further impairs the performance of the raw Materials and makes it difficult to repay the debt in dollars that these countries have,” he defined. Miguel BoggianoDirector of Financial Charter.

About, roman danteof the Center for Agribusiness and Food of the Austral University indicated that “although the Government authorized more exports of Argentine corn thanks to the good yields of the late season, the Producers are reluctant to sell due to low prices”.

KEEP READING:

Dollar today: the free price yields to 289 pesos and the “counted with liquid” continues at 301 pesos
Markets: Argentine stocks and bonds rebound, in a favorable round due to the rise in Wall Street
Counted with liquidity in the sights: three negative scenarios for the Argentine economy if restrictions are further increased
According to a study published by the Fed, Argentina is the emerging economy with the most fragile reserves in the face of the new rate hike cycle in the US
Dollar without brake: political weakness, shortage of reserves and electoral anxiety, the combo that ended the “Spring Plan” and threatens the “Hold Plan”

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