Argentine government announced last Tuesday, September 2, that the national treasury intervened in exchange market To keep heavy pressure on the exchange rate, which has reached $ 1,400 in recent days and threatened to break the ceiling of the dollars in $ 1467. The measure is a queue in the economic policy of President Javier Mille, who promised not to intervene in the price and maintain the introduced flotation scheme.
Secretary of Finance, Pablo KurnoHe explained in his account X account that the intervention seeks “to contribute to the liquidity and normal functioning of the market.” Despite the fact that the official amount was not detailed, private operators estimated that the treasure was allocated about $ 140 million on the first day, and another $ 50 million would be used on Wednesday. “Low scope of operations and everyone awaits Sunday’s results to re -assemble positions,” said the market sources of El Clarín, citing elections in Buenos -amrezThe most densely populated area in the country.
The decision happened in the middle of the delicate political and judicial situation. Justice investigates allegedly inflated prices in the purchase of medicines National Disability Agencythe reason that includes Karina MileyThe President’s Secretary General and the President’s sister. In parallel, selective uncertainty and tension with International Monetary Fund (IMF) They added pressure to the markets. After the announcement, the retail dollar amounted to $ 1375, and the wholesaler – $ 1361, and the financial contributions closed about $ 1,370.
Warning markets: influence of bond interference, country risk and inflation
The Argentine government movement caused ambiguous reactions. While the currency has been slightly supported, the country risk jumped to 898 major points, its highest level since April, when the course was built. This indicator prepared JP MorganIt measures the difference between the rate that Argentina pays for his debt, and the one that pays the US. The increase was explained by the fall of sovereign bonds on Wall -Rate, which retreated from 2.2% to 3.3% after the holiday in the US.
So far, since 2025, the risk has accumulated by 40%, above the dollar increase (31.9%) and inflation in Argentina, which by July reached 17.3%, data less than 87%recorded in the same period 2024. Analysts warn that using the Treasury to stop the exchange rate can compromise the payment of debt in the coming months. The highest expiry date will be in January 2026, when the country has to face payments for $ 4.3 billion in banners and global bonds, except for the IMF commitments.
Merawal also accused the uncertainty and decreased by 2.2%, and in New Yarn ADR Argentine companies has shifted with a loss of 3.7%. “The bands died. After October, I submit another scheme that would have to take a higher dollar,” the economist said Gabriel RubinsteinFormer Economy Minister Sergio Mass.
How has the dollar in Argentina under Javier Miley changed?
Since Javier Miles’ assumption in December 2023, the dollar had a changing route. On July 1, he quotes $ 1220 in the wholesale market, and in just two months he rose to $ 1361, increasing 10%. Commentary Minister of Economy, Luis kaputaIn June – “Buy, do not miss, champion” – as a result accelerates the demand for currency in the context of uncertainty.
The Central Bank tried to restrain rock climbing with measures such as rates, a greater requirement for banks, participation in the futures market and a decrease in agriculture resistance to stimulate export liquidation. However, the intervention of the treasures revealed the fragility of the exchange policy and the border of the flooding bands.
Meanwhile, the IMF was silent. While government officials insist that this measure has been agreed with the agency, analysts claim that this will not be pleasure from the fund, which in other cases calls into question the sale of reserves without permission. “The fund also does not want the dollar to reach the roof and forced the Central Bank to use the dollars of the agreement,” Rubinstein explained.
Currently, the Treasury is about $ 1.7 billion stored in the Central Bank, except US $ 300 million in Banco Nación. It is the power of the fire available to maintain the October elections. However, the operators warn that with the current sales rhythm, these resources can be exhausted up to 26 this month. The exchange voltage is supported as one of the main problems for Miles, with the increase in the risk of the country and the market that predicts adjustments after the elections.
(DOLAR BLUE (T) Argentina (T) Javier Milei (T) DOLAR ERGentina
