The end of the year is approaching and the demand for dollars resumed on the official market with a very significant volume of business and active private demand, which put upward pressure on the wholesale dollar. He the official exchange rate rose 4.50 pesos, or 0.3%, to $1,457 this Monday for sale, highest price since November 3rd. In any case, wholesalers maintained a slight increase of 5.50 pesos or 0.4% in December.
Analysts are seeing a reversal in demand for the peso, which has kept the currency very stable They do not exclude sales from the hands of the Ministry of Finance to keep the price of the currency away from the upper bar of the Central Bank’s scheme, which from Friday, January 2, will begin to rise in line with inflation, which is currently above 2% monthly.
The improvement in volume was also attributed to the fact that liquidation of the oil sector and foreign currency from placement of contractual obligations abroad, which helped limit the growth of the dollar.
Financial analyst Christian Butler noted that “the wholesale dollar closes at $1457 (+0.31%), with a large volume of trades totaled US$902 million, with Treasuries selling strongly to prevent him from approaching the roof of the group. Today it ends at 4.3% from the upper bar.
“It’s not just that Treasuries had to sell, but it’s more than $900 million, so it’s not just a lack of supply, it’s a strong increase in demand. It’s a little surprising, although you always have a higher demand for vacations these days, you’d think most of that was carried over to the election. In the streak we had, many people postponed their purchases. It seems there was still unsatisfied demand for the pesos coming in these days,” he assessed Butler.
An exceptional economist, Gabriel Kaamana, warned that “heavy demand pressure in the free foreign exchange market (MLC) in the first part of today’s trading session. The seasonal peak in transactional demand for the peso is beginning to recede, and private demand for foreign exchange – which is very much its flip side – knows it.”
He dollar for the population term unchanged at Banco Nación at $1,475 on sale for the seventh day in a row. The retail note traded at $1,480 for most of the day, but corrected before the close.
During the period of high consumption due to the end-of-year holidays, many pesos in circulation – especially those circulating in informal retail trade – were directed towards the demand for blue dollarwho returned to work with up ten pesos or 0.7% this Monday to $1,540 for sale, at the highest level since October 22. In this segment, the dollar maintains gains of 105 pesos or 7.3% in December, now the most expensive of all, higher than the “calculated” stock market, which fell below 1,530 pesos.
BCRA’s balance of payments on a cash basis showed a current account deficit of US$1,163 million in November, driven by a trade surplus of US$535 million, a services deficit of US$559 million and net interest payments on debt of US$1,131 million.
“The trade balance has returned to positive, albeit at a lower level than in previous months, after the export was outpaced in September due to the temporary elimination of withholdings,” he clarified. Max Capital in the report.
The financial account recorded a surplus of US$1,656 million, driven by a surplus of US$329 million in the financial sector and US$2,385 million in the Others segment, partially offset by a US$217 million deficit in the non-financial private sector and an US$840 million deficit in the public sector.
“Net purchases of foreign currency for personal savings fell to their lowest level since the lifting of restrictions on individuals, totaling $871 million, after two months of records that exceeded $4,000 million in the pre-election period. BCRA’s reserves increased by $954 million,” Max Capital noted.
The Senate approved it on Friday Tax Innocence Act in the Senatein a context in which the government seeks to send signals of deregulation and greater predictability to the Argentine financial system. The regulation amends tax and criminal laws that limit state prosecution of foreign currency holdings.
In this context, the Minister of Economy Luis Caputa He defended the role of Banco Nación through a message on his account on the social network “X”.
“If your banks are asking you for additional things (read, violating the…), don’t waste your time. You can go to Banco Nación, where its president will give instructions to strictly comply with the law, that is, the person only has to show that he followed the simplified profit regime,” the official wrote to the detriment of other private and state banks in the country.
“They put their dollars in the bank and can use them instantly, consume as they like or save, earning interest like nowhere else in the world,” the minister summarized.
