In the market they expect a new “soybean dollar” to reach the goal of reserves with the IMF
Net reserves should increase by some USD 1.2 billion by the end of the first quarter, an objective that would force the BCRA to make strong purchases in the market in the next six weeks
Speculations are spreading in the financial market about a forthcoming implementation of the soybean dollarat an official exchange rate higher than the present one, to encourage the liquidation of agricultural exports and, therefore, the entry of dollars into the economy.
International financing for development was a record in 2022 and exceeded USD 5,000 million
Credits from multilateral organizations reached USD 5,023 million, the highest figure in the historical series since 1990, 27.5% more than in 2021 and above the previous maximum of USD 4,669 million in 2003
According to data provided by the Ministry of Economy, international financing for development in Argentina reached USD 5,023 million last year, the highest figure in the historical series since 1990, with an increase of 27.5% in relation to 2021. thus exceeding the previous maximum of USD 4,669 million achieved in 2003.
67% of Argentine exports in 2022 were agribusiness products
The sector improved its numbers during the past year and increased its participation in foreign sales. Which were the sectors that made the difference?
In 2022 Argentina registered a record of agro-industrial exports, reaching a turnover of almost 60 billion dollars, 8.5% more than in 2021, according to a report from the Agricultural Foundation for the Development of Argentina (FADA) which analyzed 20 productive chains under the magnifying glass of 10 indicators.
Soybean dollar 3: although it is not official, prices already reflect the impact of a differential exchange rate
Operators are anticipating the measure that they anticipate will be applied in May and rush to close sales contracts to capture the benefit. How is the “curl” of the operators, another distortion of the market
It is a golden rule: the market always anticipates. This is what has been happening in recent days with the expectation of the implementation of a new edition of the soybean dollar, which without any official voice to endorse it has already become a certainty for operators, with a fixed date: May. This is what the contracts that began to be closed in a high volume indicate, according to which the Government would guarantee itself, at least in that month, a good inflow of foreign currency that would help it reach the edge of the second semester.
The free dollar remains at 379 pesos
The “blue” dollar is traded unchanged this Friday and is also paid at the same price as on Friday of last week. In February it gave up two pesos, although so far in 2023 it has risen 33 pesos or 9.5 percent.
With a wholesale dollar rising 34 cents to $190.55, the exchange rate gap sits at 98.9 percent.
The global financial markets were in the red and Argentina could not be left out
At the rate of falls on Wall Street, the Buenos Aires stock market fell 2.2% in dollars and debt bonds suffered from the fall of emerging markets
“It was hard to see anything green. In the world everything was in red ”. The operator’s phrase summed up how negative Argentina and the planet were, particularly Brazil, where a rumor circulated that inflation targets were going to be raised from 4.8% to 6% for this year.
The free dollar fell to $379 for sale
He free dollar ended ended lower on Thursday, despite trading as high as $383 for sale. The “blue” currency ended at $379, with a drop of two pesos compared to Wednesday.
In addition, the informal bill returned to a negative result in February, now two pesos below the $381 of January 31. The currency gap with the dollar wholesalerwhich gained 33 cents to $190.21, gave up 99.3 percent.
The dollar counted with liquidation rose three pesos to $368, the same as the MEP dollar which reached 357 pesos.
He central bank it sold another USD 59 million in the market and has had a negative balance for twelve days in a row (USD 366 million in February).
He S&P Merval it fell 0.5% and interrupted a series of three consecutive rises.
The BCRA sold another USD 59 million in the market and has had a negative balance for twelve days in a row
The monetary entity registered net sales of USD 366 million in the MULC in February. So far this year, the negative balance for their interventions reaches USD 558 million
The amount traded in the wholesale market improved by some USD 90 million more than on Wednesday, to USD 354.4 million in the spot segment, while a firm private demand forced the Central Bank will make sales for USD 59 million in the session, 16.6% of the volume traded.
Financial day: the free dollar fell to $379 and the BCRA extended the loss of reserves
The “blue” dollar cut two pesos and the exchange rate gap was 99%. The monetary entity sold USD 59 million in the MULC. The S&P Merval lost 0.8% and ADRs on Wall Street lost up to 6%
The Argentine financial market moved selectively this Thursday due to renewed profit-taking on the stock market and a pause in the improvement of sovereign bond portfolios, in the face of a complex panorama focused on high inflation and devaluation with a drain on Central Bank reserves.
