Similarly, the MEP dollar -which arises from the purchase and sale of bonds on the Buenos Aires stock exchange- climbed 7.2% to $ 101.09, because it left a spread of 54.6% with the price that was traded in the MULC (at $ 65.38).
Christian Buteler, financial analyst, related the soaring of the stock dollars with the “excess pesos” and the “disarming of positions in local currency as a result of the sharp drop in rates.”
“Many prefer directly to dollarize and the stock segment is the only option“, highlighted in dialogue with Ambit.
Ramiro Castiñeira, from the Econometric consulting firm, explained to this media that “the government is financing the quarantine with issuance, or what is the same, is financing the quarantine with inflation. The issue begins to push prices and the first to react is the CCL. “
Juan Paolicchi, economist at Eco Go, pointed out “The collapse in interest rates reaching savers encourages dollarization.”
The bullish process in these prices had been gradually developing in recent weeks (the CCL has advanced more than 15% so far this month), since the strong monetary expansion, as a result of the significant issuance of pesos, had been “muffled “due to the greater transactional need for local currency by economic agents, in view of the mandatory quarantine, which seeks to limit the spread of the coronavirus pandemic.
But, evidently, with the passing of the first days of April, times have accelerated, as well as the uncertainty generated by the renegotiation of sovereign debt, with the increasing possibility of default.
In addition, a complex situation at the international level should not be overlooked due to the effects of the pandemic on all the economies of the countries, including the devaluation of emerging currencies against the dollar, which also ends up putting pressure on the Argentine peso.
Meanwhile, the blue dollar continues with almost no benchmark business due to the lack of operators in the market given the quarantine ordered by the Government. Traders said sporadic values of $ 89.25 per dollar were heard for sale, up 5% from last closing values.
After the long weekend, the tourist dollar – it has a surcharge of 30% for the COUNTRY Tax-, rose 47 cents to $ 87.66, according to the average of Scope in banks and exchange houses of the Buenos Aires city. It was because the average retail ticket rose 36 cents to $ 67.43.
Meanwhile, at Banco Nación it closed at $ 66.75 on the electronic channel.
It was in tune with the Single and Free Exchange Market (MULC), where the currency advanced 22 cents to $ 65.38 in a low-turnover round (fell 22% to $ 195 million) and with a higher private offering, which allowed the monetary authority to buy more than US $ 30 million, according to market sources.
The maximums were recorded at $ 65.38 with the first formalized transactions, the same price that the monetary authority set for today. The private offer accompanied the official strategy, with sales positions that replaced the role of the Central Bank in the function of supplying authorized demand. Very punctual operations registered at $ 65,379 marked the minimum of the day, a level that was displaced by the purchases of the BCRA that took the prices on the closing to the highest level of the session.
“Although today’s adjustment is more intense than that of the last days of last week, we must not lose sight of the fewer number of working days (due to the Easter holiday) that surely influenced the determination of the magnitude of the correction ordered by the Central Bank “, mentioned from PR Corredores de Cambio.
The call showed a new decrease operating at 8.5%. Exchange swaps totaled $ 56 million to take and / or place funds in pesos using the buying and selling of dollars for Tuesday.
At Rofex, $ 456 million were operated. The terms showed slight increases, around 0.2%. The months of April and May concentrated less than 30% of the operated volume with rates of 38.09% and 43.27% respectively. 40% of the operated volume were roll over from June / July to August / September.
Central Bank reserves
Finally, the BCRA International Reserves rose this Monday by $ 57 million to $ 43,861 million. In this way, they accumulate a growth of US $ 276 million in the last seven days.