The blue dollar closed at $605 and jumped $9 in the week
peak voltage. The City of Buenos Aires reached the last round before the PASO with a new rise in the dollar blue and closed at $605 for sale in a meager supply square. The raids ordered by the Ministry of Economy during the week calmed down the operation and this Friday several caves in the microcenter decided not to open their doors and wait until Monday, with the result of the ballot boxes in hand. Financial advisors advised during the day not to operate with MEP since, due to the new restrictions, the sale in dollars would only take place on Monday and the next 48 hours are left to uncertainty.
In the last week of July, the illegal currency had reached its equilibrium price with accumulated inflation of $560. Until this Friday, it increased $45, 8%, which is attributed to the typical dollarization prior to the elections due to the fear generated by a change of political sign or the loss of competitiveness of the Unión por la Patria candidate, the Minister of Economy, Sergio Massawho days before came out to question the “black money” that made the price jump in the final stretch of the elections.
He Banco Central he did his part and maintained the rate of devaluation of the official dollar, at an average of 12% in the last five rounds. Almost twice as much as in July, when the advance had been 6.9% and faster than in the first week of the month, 10.5%. Even so, the exchange gap widened to 112% with the wholesaler, at $287, and to 102.5% with the retailer, at $297.
The monetary authority also applied all its artillery in the MEP currency, maintaining the parity of the AL30 and AL30D bonds with which the operation is carried out and containing the price advance that ended at $561 and accumulated a jump of 6.4% compared to at the beginning of August. Cash With Settlement ended this Friday at a low of $595. The electoral scenario is still open and in the market they discount a victory for Together for Change, which they consider the best scenario and even more so if Massa reaches a good percentage of votes, since it would strengthen his figure as a minister. Any other result would add currency pressure.
