In the parallel market, the currency is trading at $ 124. Look at what the price of the blue dollar is today and how they quote the dollar Stock market and the cash with liquidation
The Dolar blue Today, Friday, May 29, 2020, it is trading at $ 124 for the sale and $ 114 for the buying end, so the gap with the retail official is 54.76%.
In relation to the last business day, the blue dollar is down, since the currency it was negotiated at 117.00 for the purchase and $ 127.00 for the sale. In this way, the official US currency is around 0.08% while the parallel fell 2.39%.
Meanwhile, the stock trading They remain stable after the latest CNV measures. This is the mechanism known as parking, whereby you add 5 days to the purchase and sale of government securities by which the Mep dollar or the cash settlement is obtained.
In that framework, the counted with liqui begins operations around 112.69 pesos.
For his part, the Dollar Bag or MEP It is located around 109.41 pesos.
In turn, in the wholesale segmentThe US currency is trading at $ 68.45, always under the watchful eye of the Central Bank (BCRA).
As noted above, the Dolar blue It is listed at $ 124 in caves in the downtown area of Buenos Aires.
In the official retail market, the North American currency starts rolling on average, around $ 70.69 in agencies and banks in the city of Buenos Aires, so the tourist dollar is calculated with the surcharge of 30% of the COUNTRY tax, traded at $ 91.86.
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: $ 70.75
– Nation: $ 70.25
– ICBC: $ 70.70
-BBVA: $ 71.50
– Supervielle: $ 70.80
– Santander: $ 70.50
– HSBC: $ 70.75
– Macro: $ 70.75
The Dolar blue, which is located at $ 124, 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 $ 56,725 per lot.
Meanwhile, the risk country It is located around 2,751 basis points.
This is how the Central Bank reinforced the stocks against the dollar
The BCRA’s board ordered that the Business that have liquid assets originated in the formation of external assets must first have these resources for the payment of obligations abroad.
In addition, it extends to 90 days before and 90 days after the restriction to perform operations of sale of Titles public in local currency with settlement in foreign currencies for companies that require access to the official exchange market.
Additionally, the Central Bank’s board of directors ordered other measures for companies’ access to the Single and Free Exchange Market (MULC) “with the purpose of ordering the payment of obligations for the importation of goods.”
Among the measures, it was established that companies should request authorization prior to the BCRA to access the exchange market for the payment of commercial obligations abroad if they reduced the amount in force as of January 1, 2020.
“The Government is making significant efforts to assist companies affected by the crisis generated by COVID 19, through various instruments such as the Work and Production Assistance Program (ATP), the MiPyMEs line of credit with subsidized rate of 24% and the line of credits at a 0% rate for monotributistas and self-employed, “they indicated from the BCRA.
As they explain, the purpose of the BCRA is “to guarantee that these measures stimulate local work and production and avoid their abuse in the cancellation of obligations abroad.”
To certify the obligations provided, the presentation of a Sworn Statement will be required, which will be verified by crossing the bases of SEPAIMPO (System for Tracking Payment of Goods) and RIOC (Informative Regime of Exchange Operations), in case of falsehood, it will block access to the exchange market and the corresponding criminal exchange actions will be initiated.
Why are more restrictions on the dollar?
The relative calm of the exchange market It gets more and more expensive and demands more interventionist effort. So much so that, with the validity of the strict stocks that allow you to buy only $ 200 per person per month, and despite new obstacles to hinder the operations of those who want to acquire foreign currency, the demand for dollars at the official price does not stop.
On the contrary, it continues to increase exponentially. Proof of this is the large number of dollars in Bookings that the Central Bank has had to sell in recent months to contain the official price. By doing this, he has managed to get the ticket to $ 70.60.
But it has not come free: only on the two business days of this week – Monday was a holiday – you already had to release 160 million dollars from its coffers, which have already dropped to the level of US $ 42,510 million, that is, 1,065 million dollars less than when the month began. And they are located like this at its lowest level since January 2017.
The loss of reserves is basically explained by the decision of the Central Bank not to allow the depreciation of the peso. Thus, to sustain the official dollar around $ 70 (to which 30% must be added if you want to buy the 200 dollars a month), the monetary authority has been the main seller of foreign exchange: some days it sells 50 million, others 70 millions and others even 100 million dollars.
And this occurs despite the fact that, in theory, this is the time of the year with the greatest exchange rate relief, because that is when the largest seasonal supply of dollars from agricultural exports.
All dollars sold come out of the reservesThat is why the volume has been falling in recent months. And the concern of this bleeding begins to be the subject of conversation in the City: the choice for the Central is to validate a higher rate of devaluation or to think about new restrictions. That is why it is even questioned whether the “mooring” amount of $ 200 per month enabled by the stocks has the assured continuity.
After all, because of that little legal window 248 million dollars escaped in April, adding the demand for tickets plus the purchase of dollarized goods and services. It is a figure that in other circumstances would have seemed insignificant, but which in the current context of restrictions is striking. Not only is it growing, but it also coincides with the “trickle” of bank deposits in dollars.
Many believe that from the government side they begin to see this legal margin for the purchase of foreign currency as a danger factor and consider that, given the background of the “total stocks” that governed during the administration of Cristina Kirchner, the application of a drastic measure in this sense should not be ruled out.
The background noise, once again, is the conviction of the market that sooner or later the devaluation rate will have to accelerate.
“There are many who have a perception that the official dollar is behind. Not only with respect to inflation but with respect to the rest of the region currencies that they devalued more against the dollar than the Argentine peso, “says Sebastián Centurión, analyst at ABC Exchange Market. And he adds: “Perhaps because of this, everyone is waiting for the government at some point to release the official dollar and a new devaluation Of weight”.
The restrictions on “cash with liqui” lowered the volume of the leak but the market remains skeptical.
However, that does not seem to be the Central Bank’s strategy, at least for now. A rumor is circulating in the market that perhaps it would allow the official dollar to rise a little after the government reached an agreement with the bondholders for the debt swap, which is expected to occur before June 30. But for now they are only versions that circulate around the City of Buenos Aires.
Much was said regarding what will be the strategy of the organization that leads Miguel Pesce on the “backwardness” of the official dollar with respect to free dollars (MEP, counted with liqui and blue). There was talk of what would apply micro devaluations to the peso, and also that it would be released more abruptly: even, a WhatsApp audio was circulated in the City in which it was said that from June the official dollar would go up to $ 5 a month until reaching $ 95 or $ 100 at the end of the year.
But so far the Central is concerned with affirming its authority and transmitting a feeling of exchange stability. Throughout the month he was selling dollars from reserves to keep the official exchange rate stable. “The market does not find any suppliers and the Central Bank continues to squander reserves to control the rise in the dollar that is in line with its vision,” says Centurión.
It happens that, for now, the Central has carried out a completely inverse strategy to narrow the “gap” that exists between the official dollar (which only applies to exports and imports) and free dollars. It has implemented a series of restrictions to curb the demand for dollars through the purchase of bonds.
The last obstacle was implemented on May 25 at night the National Value Comission (CNV): obliges those who want to buy dollars through the acquisition of bonds to keep these securities for five business days. I mean, he put “parking” to operations to get MEP dollars and cash.
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