The free dollar start the “short” week with drop of two pesos, to $293 for sale. The currency sustains a drop of three pesos or 1% in the parallel market so far in August.
Meanwhile, the wholesale dollar shows a rise of 84 cents on the dayto $135.43, which shortens the exchange gap with the free dollar to 116.3 percent.
The monetary authority got net purchases in the last three sessions for a total of USD 19 millionalthough the weekly balance was net sales of USD 129 million, due to the negative balance on Monday and Tuesday.
At the beginning of August, the BCRA accumulates sales in the interbank market for some USD 829 million dollars. The monetary entity faces a negative 2022 in the exchange market with net sales of USD 208 millionwhen it had obtained a net balance in favor in the same period last year of about USD 7,295 million as of August 12, 2021.
The BCRA’s gross international reserves decreased by some USD 197 million last week and ended at USD 37,014 million, close to its lowest floor since October 14, 2016.
The BCRA still accumulates in August net sales in the foreign exchange market for more than USD 800 million
“Where today the tighter the shoe is in the exchange because we don’t have reserves and we don’t have many incentives for exporters to liquidate. Serge Massa made a diagnosis of the fiscal and monetary aspects, but the truth is that no progress was made there and it is difficult to do so because He said he didn’t want to devalue. If you’re not going to devalue, what? One imagines a split, but two weeks have already passed. We are thinking that perhaps a disorderly unfolding is coming: a type of exchange according to the customer’s face. It is a short-term solution that can help you, but it is not a stabilization plan, far from it,” he argued. Andrew BorensteinChief Economist at Econviews.
“Beyond the latest measures from the monetary policy, where the successive strong rises in the interest rate could extend the relative calm in the financial dollars by reviving bets towards the carry trade, this measure will have collateral effects over time on economic activity and the BCRA’s balance sheet. Thus, it is urgent to achieve strong progress from the fiscal front and the accumulation of reserves, since these epicenters are crucial within a stabilization plan that can soon aspire to achieve a climate of greater confidence among economic agents”, he summarized. Gustavo Bereconomist of the Ber Study.
According to the BCRA, the monthly average balance of loans to the private sector in dollars was USD 3,850 million during July, which implied an increase of USD 13 million compared to the previous month, with an increase of 0.3% in the month , explained both by the financing granted through single-signature documents and by credit cards.
The liquidity of financial entities in the segment in foreign currency stood at 82.5% of deposits July, remaining stable compared to June. This drop was explained by the decrease in checking accounts at the BCRA.