:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/D6TQVCAVRJ7763BQYP4CA3663Q.jpg "The BCRA has sold dollars on the market in the last 15 rounds for a total of 800 million dollars 1")
He BCRA ended the day with sales of 35 million USD to meet the demand of the wholesale market, during a session with business for 232.8 million USD on the spot segment.
The BCRA sold $48 million and accumulates a negative balance of nearly $500 million over the month
The entity maintains net sales in the MULC of some $481 million in February, and $764 million since January 25.
During the last 15 rounds of operations, since last January 25 -inclusive-, the selling balance of the BCRA has accumulated 799 million dollars in the MULC.
After concluding the month of January with net sales of 192 million dollars, according to consolidated data, the monetary entity maintained a negative result in February which tripled this figure, some 516 million dollars due to its intervention of changes to ten operational rounds.
A report by Portfolio Personal Inversiones pointed out that “the flight of reserves into the foreign exchange market has not stopped since mid-January, but has accelerated over the past few wheels. We assume that behind this are the effects of lower agricultural supply, to a lesser extent, and some easing of restrictions on private demand, to a greater extent”.
Financial Week: Dollar Bonds Fall 5% Despite Treasury Debt Buyback Announcements
Argentinian bonds suffered from falls on Wall Street and market risk aversion. The free dollar fell to $377 and the exchange rate differential was less than 100%. The BCRA sold 286 million USD on the market and the reserves fell
Economist and Business Advisor Salvador DiStefano He recalled that “there were two soybean dollars, one at $200 and the other at $230. If we had a soybean dollar in March, it would have to be at least $260 to be attractive. If it comes out in April it should be $280 and if it comes out in May it should be $300 With this expected progression, no one will sell soybeans waiting for the new window of opportunity that the government offer to the producer.
BCRA fails to buy dollars in the market without the incentive of the soybean dollar to increase agricultural sales
“No one sells soybeans in this scenario, not even in the short term, let alone in the future, since everyone is waiting for the soybean dollar, which will drive up the prices in pesos. The market (Matba Rofex) seems to be unaware that it could come in May, the position in soybeans in May fell to 384 USD and July to 411 USD per tonne, this is a very significant price jump”, warned Di Stefano .
Financial day: Argentinian stocks listed on Wall Street climbed 9%
The free dollar rose two pesos and closed at 379 pesos. The BCRA sold $48 million on the market. The Buenos Aires Stock Exchange gains 3.1%, to 257,625 points and the country risk remains at 1,966 points
The ace Reservations Gross international sales fell $2 million on Monday and ended at 40,006 million of dollars.
The Economist Gustave Ber expressed that “in the face of a growing consensus that the currency flight cannot be prolonged much longer, the expectation for further action on demand is increasing – possibly with more inventory – and on supply – perhaps be with a “3 dollar soybean” and international loans-, since the negative dynamics would gradually deplete net reserves”.
Experts from Research for Traders said that “some movement is expected in the BCRA’s benchmark interest rates, taking for granted a new edition of the soybean dollar to accelerate the influx of new dollars expected by the end of March or the second trimester of the anus”.
“The visit of IMF officials who were in Argentina to carry out a technical review of the national government’s accounts has ended, but discussions will continue in a virtual format,” they stressed.
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