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The dollar rejected 3.4% after the BCRA withdrawn £ 106.3 million in circulation in three days




The Central returned to get out of market pesos (closed the week absorbing $ 105,000 million) without impact on the rate; For Sandleris, the word still "overlaws" to the shock Source: Archive

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dollar

It seems to be confirmed yesterday, with fewer pesos in the street, the chance of having a path is complicated.
The average price rejected a further 1.9% (from $ 38.46 to $ 37.72 for wholesale and
from $ 39.54 to $ 38.80 for the public) at the end of a business round shorter than the custom (by the G-20, the activity ended two hours in front of it) and after a while & # 39 ; r

Central Bank

(BCRA) is committed to strong contractual financial policy, not only in deed, but also statistically.

So, the ticket scored his third wheel in a rowing decline and averaged an average recovery of 3.4% at that time, after coming to work close to $ 40 on Monday and threatening to return to levels highest touched from the front Start the Sandleris period. That did not stop it, however, closing the week (today's markets do not operate for the national holidays) with a 0.2% increase and accumulate 5% in November.

The downturn began when the financial entity decided to regain its efforts to remove pesos out of the market, following a facilitation test in December the previous week (month of high seasonality in demand for money), allowing the effect of the fight

Lebac

(which leaves $ 120,000 million free) is an additional injection of $ 78,000 million for the partial renewal of the debt in Liquid letter (Leliq) that ended.

But after checking that this relaxation triggered an average jump of almost 7% in the money in just two days, he decided to file the trial for another opportunity.

"This week they earned $ 469,267 million in Leliq and he awarded new letters for $ 583,867 million, that is, absorbing more than $ 105,000 million at a higher rate cost, which dropped from an average of 61.40 to 60.75% per annum. Free: Leliq's stock came to $ 718,711 million and the bill to pay interest, which is $ 6300 million this week, exceeds $ 95 million million next week, "summarizes the financial analyst Christian Buteler .

"This week, unlike the previous one, was obviously a combination, with the BCRA absorb about half of what was expanded in the previous week, and the dollar resumed part of & # 39 : what had even developed with the slightly lower referral rate to show that to reduce the rate without affecting the dollar, the BCRA must be bored with treat how many pesos, "said economist Gabriel Caamaño, from the Ledesma Study.

The strong jump of the bill took place last Friday and Monday of the alarms in the Government, which had begun to enjoy the "market" fixed market (the end of the run blocked the Macri collapse) and was prepared to take advantage of it by persuading oil companies to reduce fuel prices, given the decline in the international price of crude oil, although the domestic rate rate increases in the next few days.

The resolution test aimed at a higher rate reduction after the BCRA had been released (next week) to remove the floor of 60% imposed inhibitory to show a commitment to notes. And thus produces the feeling that the worst of the crisis starts to be left behind.

But the dollar forced the BCRA to review plans. "Inflation continues high and our money is still overwhelmingly responding to internal and external shocks", it was recognized the day before yesterday

Guido Sandleris

, when disclosed in the Americas Council. "We are aware of the risks that our economy faces, so only if conditions allow, we will increase the financial base," he said. leave in suspicion that he makes use of his / her commitment to the agreement with him / her

IMF

to expand the financial base by 6% in December. "We will only do it if we find that the increase in demand for money is not what we have planned," he said.

The G-20 does not help repay debt bonds

The bonds are from

Argentine debt

they do not succeed in recovering despite the signs issued by the Federal Reserve of the United States in recent days, admitting that it could suspend its policy of a small but continuous increase in the benchmark rate for that economy. "The demand does not appear, so they dropped 25 cents in the middle section and 50 in the long part of the curve, so in the week they accumulate losses of 1.5 to 2%," Sebastián Cisa reported in a report . , from the SBS Group. Due to this weakness, the country's rate of risk remains more than 700 points (closed at 704), despite the fact that the floor of the indicator (set by the 10 year bond rate the United States) fell another 1% yesterday. , to be at 3.03%.


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