The CNV’s initiative put all local investors on alert and shifted the pressure to the blue, which remained the only free currency on the market.
By Marcos Phillip
02/05/2023 – 15,48hs
The blue dollar trades this Tuesday with an increase of five pesos to $474 in the caves of downtown Buenos Aires, after the implementation of new CNV restrictions to buy financial dollars.
Market sources pointed out iProfessional what The government initiative seeks to avoid the use of guarantees to finance the purchase of securities that are later settled in foreign currencyas observed in the currency runs in April, and pointed out that although less pressure is expected on the CCL, “there will be new more expensive dollars and it will boost the price of the blue“.
In the stock market, the Dollar Counted Settlement (CCL) trades at $459,56; while the MEP offers to $437,05.
In the foreign exchange market, the retail dollar is sold at $231.68 average, with an increase of $2.05 compared to Friday. In the wholesale market, the US currency is around $224,65with an increase of $1.97 compared to the previous close.
The blue dollar reached an intraday record of $497 in April
What does the market expect, after the new “stocks”
Regarding the new measures of the CNV to buy financial dollars, specialists are divided. Although some analysts believe that the measure will bring a greater level of tranquility in the operation of the CCL and the MEP, others estimate that it will have a direct impact on the price of the blue dollar, boosting its price.
The vice president of Nápoli Inversiones, José Nápoli, pointed out that “the last three weeks were very difficult” and that “Faced with excessive volatility in the markets, the commitment of Minister (of Economy, Sergio) Massa is to go all-in with measures that perhaps they do not like it so much to appease volatility and leave the only genuine thing on the market”. In this way, he added, it is sought that “those who have a specific need operate”.
For his part, the director of Research for Traders, Gustavo Neffa, considered that the measure “is another of those taken to stop trading with the dollar, in this case on the stock market, in an attempt to prevent further dollarization of the economic agents.
In turn, the economist Salvador di Stefano explained that, as a result of the new regulations, “the blue dollar will have the highest price among all existing versions“.
How much is the blue dollar trading today?
The blue dollar is located in $474 for sale now $469 for purchase.
How financial dollars operate
In the stock market, the Dollar Counted Settlement (CCL) trades at $459,56; while the MEP offers to $437,05.
What is the official dollar price
The retail dollar is sold at $231.68 average, with an increase of $2.05 compared to Friday.
In the wholesale market, the US currency is around $224,65with an increase of $1.97 compared to the previous close.
In addition, the dollar with the 30% surcharge – contemplated in the Country tax – averages $298.52 per unit; and with the advance payment of 35% Income Tax on the purchase of foreign currency, the value was $378.89.
The dollar allocated to tourism abroad -and which has a rate of 45%- stands at $401.85, while for purchases over 300 dollars -which has an additional tax of 25%-, it is positioned at $463.36.
The currency gap
Lastly, the exchange gap between the average retail dollar published by the BCRA and the different exchange rates is as follows:
- Blue: 104%
- CCL: 99%
- MEP: 90%
