Mattress savings: Argentines continue selling dollars to cope with the crisis
In the first 4 months of the year, there were more currency sellers than buyers in the official exchange market. The adjustment and inflation forced wage earners in particular to dismantle dollar positions
After many years in which the reverse trend was recorded, in the first 4 months of 2024 Argentines sold more dollars than they bought in the official exchange market, according to the data from the Exchange Balance published by the Central Bank on the operations of natural persons.
Agriculture obtains financing at negative rates: it returns fewer dollars than those received
The rise of almost 4% in financial dollars generated an unusual situation whereby the field is financed in foreign currencies, combining futures and other instruments at rates of -7% to -8% annually.
The bad news came from abroad and changed the euphoria for pessimism. Negotiations for the swap with China are not progressing as expected. The conversations are stuck. They want to renew USD 5,000 million, but if the proposal does not prosper, they will have to be paid in two tranches in June and July, which would be a blow to the net reserves and to the objective agreed with the IMF of accumulating them.
The free dollar was at 1,235 pesos
He free dollar It rose to $1,235 for sale in the City of Buenos Aires. Financial dollars rose even more and the cash with settlement It was on the verge of $1,300 per unit.
The Central Bank bought USD 59 million. Stocks and bonds fell and the country risk was once again above 1,400 basis points. Soybean clearance in May was 37% lower than the same month a year ago. In the first four months of the year, there were more sellers than buyers of dollars in the official exchange market.
Dollar today live: the free quote rises to $1,235
The free price rises a modest five pesos this Monday, but the financial parities show much more important advances
The free dollar advances five pesos, while stock prices advance more than 2% on Monday afternoon, which also shows a fall in Argentine bonds on Wall Street.
