The breath received by the Central Bank of Argentina, with the initial contribution of $ 12 billion by the International Monetary Fund (from a total of US $ 20 billion) generated a favorable environment for the parallel currency market to converge to the official price. With the, when the rigid controls were removed (the famous “Scep”), the “Blue Dollar” has already dropped 16.4%to 1,150 pesos, compared to 1,114 officers.
The other parallel quotes used by companies and exporters – MEP and CCL – retreated respectively 17.1 and 16.4%, respectively, since last week.
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Economics Minister Luís “Toto” caputo took the moment to pinch economists and specialized journalists, who made projections on the devaluation of currency after the change of currency regime.
The current quotation may be a relief for domestic inflation, which had a peak in the latest disclosures during a market stress while negotiating the new agreement with the IMF and a strong devaluation was considered.
“The dollar is currently in 1,065, below the official dollar, before the suspension of currency controls. We should wait for a flood of colleagues and journalists apologizing to tell people that we devalue them, but that probably won’t happen. Once again, we did what we would do, and what we said would happen,” the minister wrote in his social network account.
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According to the Journal of Financiero, in addition to the recomposition of reserves, another factor that explains the wide offer of dollars is the “Carry Trade” in which foreign investors began to be incorporated, after access to the Free Exchange Market (MLC) was qualified for non -residents.
From the new currency band rules, the BC will only enter buying or selling currency if the quotation falls below 1,000 pesos per dollar or rises beyond 1,400.
