The trickle devaluation continues: the Central validates rise of nine cents in the wholesale price of the dollar. What happens to the rest of the prices?
The central bank again validated on Tuesday a rise of nine cents in the wholesale dollar price American, taking it to 68.27 pesos at the selling end.
The entity that leads Miguel Pesce once again raised its position to sell dollars by an amount of 50 million dollars, indicated market sources after noting that the strategy has been sustained for two months by the monetary authority.
On the blackboards of the National Bank, the retail price of the dollar stood at 65.25 pesos for purchase and 70.25 pesos for sale, which positioned the so-called “solidarity dollar“which includes the 30% tax of 91.32 pesos.
How will the foreign exchange market behave after the new CNV measures?
On the other hand, the Central Bank announced to the market that this Tuesday it will offer Liquidity Letters (Leliqs) at 28 days for an indicative amount of placement of 319,000 million pesos, while the maturity reaches 319,074 million pesos.
The tender will open at 2:15 pm and the minimum rate will be 38%.
The Dolar blue for its part, it is trading at $ 126 for sale and $ 116 for the top buyer. Last week, the parallel note accumulated a fall of $ 12, after the validity of a battery of measures arranged by the Central Bank.
The expectation is set this Tuesday in what happens with the stock market operations, after the new controls of the CNV. This is the mechanism known as parking, by which you add 5 days to the purchase and sale of government securities by which the dollar is obtained Mep or cash with settlement.
In that framework, the counted with liqui begins operations around 113.17 pesos.
For its part, the bse stands at around 110.13 pesos.
As noted above, the Dolar blue It is listed at $ 126 in caves in the downtown area of Buenos Aires.
In the official retail market, the US currency starts the last round of the week, on average, around $ 70.61 in agencies and banks in the city of Buenos Aires, so the bque is calculated with the surcharge of 30% of the COUNTRY tax, quoted at $ 91.79.
According to the usual survey that the central bank Among the main financial entities that operate in the City, the sale prices were as follows:
– Galicia: $ 70.50
– Nation: $ 70.25
– ICBC: $ 70.70
– Supervielle: $ 70.80
-BBVA: $ 71.30
– Santander: $ 70.50
– HSBC: $ 70.75
– Macro: $ 70.25
The Dolar blue, which is stable at $ 126, does not have an official price, but its value comes out of the average price at unofficial exchange places.
The exchange clamp, a measure implemented to control the price of the currency and take care of the Central Bank’s reserves, reactivated parallel market operations, where users seek to avoid the cap of $ 200 a month for savings.
In the futures market Rofex contracts that are negotiated expiring at the end of September close at $ 59,000 per lot.
Meanwhile, the risk country It is located around 2,602 basis points.
The Government blocks the stock market dollar and scares away investors
At the last minute of the May 25 holiday, the National Securities Commission (CNV) surprised with a new General Resolution in which reinforces the control to the financial dollar. Its about mechanism known as parking, by which it adds 5 days of term between the purchase and the sale of the public titles by means of which the dollar Mep or the cash with liquidation is obtained.
Specifically, the agency established a minimum holding period of 5 business days as a requirement to carry out operations with settlement in foreign currency and to make their transfers to depositary entities abroad.
So, rIt strives both the purchases of the Mep dollar -which has local settlement- and cash with liqui -through which the currencies are transferred to foreign accounts-. Both companies as individuals looking for dollars in the market will be affected.
The intention of the regulation ands discouraging the purchase of dollars on the Stock Market, since adds a period of 5 business days, which end up being 7 days. With this, the operation becomes riskier because the price of the bond that is bought in pesos to sell against dollars may fall.
The National Securities Commission tightened the stocks to the dollar
As reported by the body led by Adrián Cosentino, the measure is based on the need “to especially favor the mechanisms that promote national savings and its channeling towards productive development and strive for integrity and capital markets transparency and financial inclusion. “
In the recitals of the Resolution, the CNV board mentions the effects of the coronavirus pandemic “and its impact on the prevailing economic context”, which deepen “the need to make extraordinary decisions aimed at ensure the normal functioning of the economy, sustain the level of activity and employment and protect consumers. “
The rule will take effect tomorrow, when it is published in the Official Gazette.
As established by the CNV regulations, there will be two cases in which parking will not be necessary:
-In case of purchase and sale of foreign currency assets in the same jurisdiction.
-In the purchase of securities in foreign jurisdiction and sale in foreign currency against local jurisdiction, except that the buyer is a human person.
We will have to wait 5 business days between the purchase and sale of government securities
As has been happening since the end of 2019, when the exchange stock was established, individuals will continue to have parking also in the sale of dollars. On the contrary, companies do not suffer from this restriction.
The market has long demanded that this obstacle be removed to generate a greater supply of dollars in the bag. Despite the fact that in March the CNV and the BCRA analyzed the issue and they let it be known that they would eliminate the minimum term of tenure in the case of currency sales, finally backtracked and ratified its validity with the norm approved today.
In recent weeks, the Central Bank, the FIU and the CNV they had announced that they would monitor about the cash transactions with settlement and dollar Mep.
In the statement released today by the CNV, it is also argued that from “sand they have verified operations implemented through the sale of Negotiable Securities that are intended to avoid restrictions on access to the exchange market for the purchase of foreign currency. “
A few weeks ago, the entity chaired by Miguel Pesce had already reinforced the stocks when he established the obligation to do not trade dollar in the 30 days before and after to the acquisition of solidarity dollar. It is that the Central does not stop losing reserves for dollar purchases by individuals and companies. However, the Mep dollar and the liquidated cash do not have an impact on the agency’s coffers unless buyers of dollars on the Exchange choose to withdraw them from their bank accounts.
In addition, access to this operation had been forbidden to those companies receiving government aid to pay wages, through the Work and Production Assistance program or subsidized lines of credit.
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