The Central Bank (BCRA) opened the week by adding US$74 million to its net reserves, thanks to the liquidations that the version II of the soybean dollar attracts. It was after a day in which the contribution of money to the market through CAM 9 of the MAE was US$133.1 million (which brings the total sold so far to US$1,089 million), data that at the same time shows that the entity was only able to retain 55.5% of the amount contributed to $230.
“He bought US$133 million at $230 and sold approximately US$59 million in the MULC [Single and Free Exchange Market]. This results in a net purchase of US$74 million at an average price of $278.6 per dollar (prorated), which means assuming a loss of $3,596 million and having made the issuance of another $20,616 million for this type of operation alone. the day ”, translated the financial analyst specialized in agribusiness Salvador Vitelli.
Everything was recorded in a day in which he validated an increase of $1.07 for the wholesale exchange rate that closed the day at $169.16 for sale. The new version of the soybean dollar brought some calm to the market in the short term, but at the same time heightened doubts for the summer.
“If it confirms anything, it is that the Government’s commitment is to continue applying partial measures to contain the growing imbalances . Faced with the pressure generated by the surplus of pesos combined with the exchange rate delay and the high exchange rate gap, the answer is once again the soybean dollar. This is an effective measure to increase supply in the short term and gain time, but it does not allow expectations for the following months to improve ”, warn analysts from Cohen Aliados Financieros.
For the analysts of Portfolio Personal Inversiones (PPI) ” it is becoming more and more evident that for the Central Bank to have a positive balance in the MULC, a higher exchange rate is needed .” According to their projections, if the current rate of net purchases and settlements is maintained, the BCRA could aim to capture US$2.1 billion from the official exchange market. It would be an amount of “extreme importance in the face of 2023 in which the supply of foreign currency will be scarce,” they recall.
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