Gap effect: the sale of dollar savings in banks soared at the beginning of August

As expected, thousands of Argentines take advantage of the “offer” they buy at $235 and sell the $200 quota for at least $50 more expensive.

By Claudius Zlotnik

08/03/2022 – 08:46 a.m.

Gap effect: the sale of dollar savings in banks soared at the beginning of August

It was predictable: purchases of dollars savings Through home banking they skyrocketed in the first two days of the month: thousands of people took advantage of the widening of the exchange rate gap to buy bills at $235 to sell them around $50 more expensive in the parallel market. For that simple operation (the so-called “mash”), savers were able to earn up to $10,000 in a single day. A kind of subsidies in the midst of the exchange rate run.

For the rise of Dolar blueboth in July and now in the beginning of August there was a strong growth in the sale of savings dollars in banks.

The latest official data comes up to June, when the gap was just beginning to widen. That month, $157 million was sold to 885,000 people.. 21% more than in May, when the savings dollar and the blue had practically equaled.

According to the information available to some leading banks, consulted by iProfesional, that amount would have increased by at least 50% both in July and at the beginning of this first week of August.

Gap effect: the sale of dollar savings in banks soared at the beginning of August

The sale of dollar savings in banks skyrocketed at the beginning of August

Tension for the dollars

The largest amount of dollars that people spend is not through the purchase of bills in banks but through the Credit cards. Either when Argentines travel abroad or when they hire services from foreign companies, which bill them in hard currency.

For these two concepts,Argentines spent US$375 millions in June, 17% above May. Those are the latest data published by the Central Bank. If the purchases of tickets abroad are added to that amount, the expenses increase to US$469 million.

Until now, the Government has not put additional obstacles to the purchase of savings dollars. Regarding expenses with cards in dollars, former minister Silvina Batakis added an additional 10% to the cost of paying with plastics (advance payments on Personal Assets and Earnings are already at 75%).

It will be necessary to see if the new minister Sergio Massa applies any additional restrictive measure to prevent more dollars from leaving the weakened reserves.

The largest amount of dollars that people spend is not through the purchase of bills in banks but through credit cards

The largest amount of dollars that people spend is not for the purchase of bills in banks but through credit cards

The obsession with dollars

In addition to the fiscal signal, which Massa believes is necessary to improve expectations, there will be measures to try to bring currencies closer to Central Bank reserves.

iProfessional already published that there would be incentives for different export sectors, with the aim of accelerating the settlement of greenbacks. Not only for the field but also for other areas, such as mining and industry.

To be successful, a negotiation would be opened with the agro-export sector. A possibility that Guzmán also managed at the time.

The possibility of a discretionary jump in the official exchange rate would have been left out, at least for now. goes against the proposal of take inflationary pressure off the economy.

The new team thinks they can sustain that idea. As long as he Central Bankl can change the dynamics of reservations. The BCRA sold some US$1 billion during July. And August started, with sales of about 300 million dollars in the first two days of the week.

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