The amount traded on the spot segment of the wholesale market fell by almost USD 170 million (-43%) compared to Wednesday, to USD 225.9 million and the BCRA ended its intervention with sales of 47.5 million of dollars.

BCRA records March net sales of $248 million in MULC and comes from February sales of $890 million, an all-time high for the second month of the year, due to lower agricultural sales due to drought . During the year 2023, the negative balance of the Central in the MULC reaches 1,329 million dollars.

The ace Reservations Gross international markets fell $54 million on Wednesday and ended at 38.266 million of dollars.

“Negotiations between the government and the IMF are continuing on the scope of the change in reserve accumulation targets. At the Ministry of Economy, they hope to have concluded the agreement with the technical staff of the organization this week”, the analysts of Search for merchants.

“In addition to the new annual and quarterly foreign exchange collection targets at the BCRA, it is still under discussion whether an automatic readjustment mechanism based on the export rate would exist and how it would work. funds that they believe that external sales can, after the full impact of the drought in this first part of the year, rebound during the second quarter during the months of abundant harvest,” they added from Research for Traders.

Given the extension of the drought, which is affecting the agricultural campaign, the Cereals Exchange estimated a contraction in exports of around USD 18.3 billion (20.7% of the total exported in 2022) taking into account of the scenario of a 37% drop in the Gross Agricultural Product.

“It looks like we are already there. In this sense, the shock- it has become so large that the reduction -or disappearance’ of the 2022 trade surplus of 6,923 million dollars will not be enough. Consequently, it is planned All things equal otherwisea tightening of “stocks” that cuts at least some $11,000 million in imports,” he pointed out. Personal Portfolio Investments in a report.

The Economist Miguel Kigueldirector of Econviews, claimed that “the Reservations it is something very complicated. If the government runs out of reserves, it has nowhere to go for more money. This is the biggest threat And it is getting more difficult due to a drought which is the worst in 20 years, worse than that of 2018, when Mauricio Macri had to devalue”.

“The reservations are the same today as they were then Sergio Massa took office as minister, are an ongoing problem. What happens if we run out of reservations? My feeling is that we will still have a lot of exchange rates and there will be no devaluation; what we are going to have are several types of exchanges: a soy dollar 3 that it will be 67 pesos higher than the current one, maybe there will be another dollar for tourism, where 500 million dollars per month are lost, now we are talking about the Malbec dollar… But they are not going to devalue the official dollar; They will continue to create exchange rates and they will control tourism, imports and exports: it is a devaluation in fact, but they will not call it that to preserve the narrative,” Kiguel said.

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