He blue dollar rose to 1280 pesos, with an increase in the day of 35 pesos. This is the largest daily increase in three weeks and leaves the illegal price on the verge of its record price. In this way, it erased a good part of Thursday’s drop, after the Senate’s approval of the Bases Law. This Friday’s results showed that market uncertainty remains. For their part, stock market assets had a day of falls, mainly in Buenos Aires stocks.
In recent days, the Government achieved theIMF probation of the review of the agreement with Argentina, which implies a disbursement of 800 million dollars for reserves. But it is still unable to obtain other fresh funds that would allow it to substantially increase the currency stock of the monetary authority.
The latter is one of the main points that keep the economic team on the tightrope since in the next year and a half it will have to pay debt in foreign currency for a value close to 18 billion dollars. And at the same time it is one of the points that explain the exchange rate pressures. There are fewer and fewer in the market who think that the government will be able to make it until the end of the year, increase the official dollar to 2 percent per month and not devalue.
Meanwhile, market operator Gustavo Quintana pointed out, meanwhile, that the rise of the blue this Friday may also be influenced by the beginning of payments of bonuses and winter vacation advances.
Quintana also mentioned that the interest rate is still negative and we have to wait a few days for it to adjust, so there are no incentives to change portfolios towards pesos. “Some banks have begun to offer remunerations for term deposits in dollars, which, although a low rate, stimulates the holding of dollars,” he added.
The shares of the Buenos Aires stock market, meanwhile, closed on Friday with falls of 1.4 percent. They failed to maintain the streak of rebounds on Thursday, when the government celebrated the approval in the Senate of the Bases Law. In the market they speculate that there is still a return to the Deputies and new doubts are beginning to appear.
“The Bases Law and the fiscal package were the main drivers of the assets, and their approval was crucial to witness a reactivation of the local market. Although the rejection of Personal Profits and Assets complicates the fiscal outlook, which will have to be balanced in another way, we expected a very positive reaction in this segment since it is the signal that the market was waiting for,” said Porftolio Personal.
In addition, he added that “there are possibilities that Milei’s team will insist on the original text of the tax measures so collection could be reestablished. Along these lines, according to what was reported in the press, the Government resumed negotiations in Deputies and mentioned that it would seek to resume some issues, among which Profits and Personal Assets are the priority.
