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Home / argentina / A surprising action has changed the rules of the game: payments for the private sector have fallen and the dollar has risen

A surprising action has changed the rules of the game: payments for the private sector have fallen and the dollar has risen



This time, the central bank did not only have to sell dollars, but kept the initial trigger of the currency almost $ 1 when the wholesale dollar reached $ 38.60.

As a starting point, the response was a measure by the central bank that limited the functioning of banks in order to avoid the swallowing of capital that provoked a strong whistle blow to the dollar, reaching $ 38.60. Then they realized that they had too much reaction that there was too much tension in the air, causing excessive coverage.

However, it also serves to take account of the fact: around the dollar is very sensitive. Every noise is frightening and what happened at the beginning of the wheel is evidence of this fear. Peso players who play in stages now feel that they are walking on land, although with a more mild mood, the dollar is closed at 11 cents over Friday at $ 37.97.

In banks and exchange offices, the public paid $ 17 cents for $ 39.07. "Blue" was most desirable, as investors already want to cover themselves from central measures. It rose by 50 cents to 37.75 USD.
Reservations lost $ 109 million. They remained at $ 66,783 million. Due to the strong dollar in the world and the fall of gold, USD 188 million was lost and 2 million were paid to international organizations and 3 million for Brazil.

A measure was available to the banks Guido SandlerisThe President of the Central Bank has fallen as a bucket of cold water because they have to return to the monetary entity, in exchange for pesos, a surplus of liquidity letters, that is, everything that goes beyond their equity or fixed shares.

From April to April, banks will have to return about 300 billion dollars to Leliq, while Central will give them pesos. These are accounts for which they paid higher interest rates than will be paid by the central bank when required. But the balance gives them the advantage, since from here to April they earn a lot of money.

On the other hand, however The purpose of the central bank is to convert money returned to banks into low-lending loans for the private sector. A game that benefits the economic activity but leaves those who took loans at rates higher than 50% per annum.

However, there are also risks: Will those who create the pesos return to a fixed term or dolarize their portfolio?

The world does not help. Caution continued to prevail in the United States and the impact of the waterfall on Argentina. US Treasuries continued to increase, which increased the risk for the Argentine country by 0.59% to 679 points.

Wall Street is "no" today. They do not move a good balance. March 1 is the date hanging over the door of investors, such as guillotine. If there is no agreement on tariffs between the United States and China on this day, the markets will suffer poorly and global economic activity will be reduced. There is no need to explain how such a scenario can affect Argentina and its bonds.

The exchange started the day with euphoria. He believed that he could reverse the latest falls with the help of banks and the energy sector. Thus, S & P Merval of leading shares rose at almost 2% at 11.30, but from there began to fall. which turned into -0.21%. After the crash, caution was made and a slow recovery started, with some falling saw blades, which enabled him to finish the bike with an increase of 0.98%, but with data that did not give priority: the last minute was a sharp drop .

At 4:43, the stock market was 1.47% higher. In any case, the volume of operations was modest: 486 million pesos.

Banks, which were almost all of the climbing wheels, turned to the action taken by Central and ended up in a negative territory or with a slight rise. Banco Macro closed with an increase of 0.44%, but Frances, which was almost 2% higher, was 0.39% behind. The best performance was Galicia (+ 1.75%).

The most important achievements were Pampa Energía (+ 6.22%), followed by Transportadora Gas del Sur (+ 5.07%) and Central Puerto (+ 3.71%).

The Argentine ADR – share certificates quoted on Wall Street – had a positive day. Despegar increased by 5.04% and Transportadora Gas del Sur by 2.70%.

In the next round it will be known whether it follows the trend of rising dollar. The central bank is unlikely to have to buy foreign currencies and that equity markets will remain cautious.


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