In the informal market there is maximum tension because many caves agreed to operations with the dollar at $500 and cannot cover the difference
By iProfessional
27/04/2023 – 09,33hs
Although the price of the different types of dollars was down, the tension in the city of Buenos Aires was still total on Wednesday due to the consequences of the frenetic movements of the last days. Something that began to be seen on Tuesday with the operations of the CNV and the UIF in stockbrokers, and the threat of Sergio Massa to go with “all the tools” against the market operators.
But there was also strong damage to many cueveros who agreed to operations with the dollar at $500 and this Wednesday they were left barefoot due to the drop of around 35 pesos. As it turned out, in many caves they do not have the backs to face this difference and several stopped operating. The strongest case is that of a caveman who, in the face of the crisis of the last few hours, went to Uruguay.
Two nicknames circulated on social networks, “Capri” and “Husband”like those who would be targeted by those who investigate the bullfights.
Market sources explained that in addition to the drop in financials, the appearance of an unusual offer of 30 million dollarswhich the cueveros linked to a friendly hand of the government.
Maneuvers to lower the price of the dollar
The sources indicated that nobody wanted to operate them because it was evident that it was a maneuver to lower the price and also there are very few caves that can operate in those volumes. Most move 2 or 3 million per day.
A market source told LPO that what the government says is true that it is a very small market, with few players, which defines the price of blue. And that there was a clear attempt to build a run because the price on Tuesday was very inflated.
The owner of a cave was left barefoot by the drop in the dollar and fled to Uruguay
Massa intervened to contain the rise in financial dollars
in the middle of a new run on the blue dollar registered on Tuesday, the Minister of Economy, Sergio Massa, decided to intervene in the market and thus managed to contain the rise in financial dollars, something that was not allowed in the extended facilities agreement that Argentina has signed with the International Monetary Fund ( IMF).
Thanks to the measures adopted by Massa, Financial dollars plummeted and that dragged down the blue this Wednesday, the day on which interventions, more raids and other measures are expected to be carried out against this speculative attack.
Sources from the Palace of Finance indicated that the minister “every time he sees speculation, Massa is going to intervene”, at the same time that they clarified that for now it was not allowed to intervene in the market due to the agreement that was signed with the IMF. However, on Tuesday the official told the Fund that this was also under review because he has the obligation to maintain stability in the country. Soon after, the Monetary Fund He expressed his support for Massa and assured that they continued to work with him and his economic team in a constructive manner.”
“We are going to use all the tools of the State to order this situation,” Massa said.
Massa questioned the “versions”, as well as the “rumors” and “false reports” that impact financial instruments linked to the dollar, while announcing that the rediscussion of the program that Argentina maintains with the Monetary Fund will be changed International (IMF).
In this sense, he emphasized: “We are going to use all the tools of the State to order this situation and in this sense we notified the IMF of the restrictions that weighed on Argentina and we are going to change in the rediscussion of the Program“.
Along these lines, the minister assured that he is going to “use the criminal justice as a vehicle for investigation and clarification of some behaviors and to the UIF (Financial Information Unit) and the CNV (National Securities Commission) for the analysis of operations related to money laundering”.
“At the same time, we are going to continue with the multilateral agreements, exporters with the transformation of exports into yuan and the disbursement agreement with the IMF to strengthen the reserves that were affected by the impact of the drought,” concluded Massa.
