Financial instability does not give rest. The first hours of the day yesterday were chaotic. The dollar reached 47.50 pesos, the country's risk of breaking its glass ceiling more than 1000 points, and the stock fell more than 12 percent for the second consecutive day. The tension was falling with passing hours and a certain increase in financial assets was registered. The greed to buy bonds and stock at auction price for now more than the fear of default or to continue to fall in the prices of companies. The growth of the dollar is moderate in the afternoon with the increase in the rates of the Central Bank. The monetary authority brought Lelik's performance from 68 to 71 percent. The dollar also ended up with a new record of 46.13 pesos, with a growth of 2.7 percent.
On April 25, 2018 – just a year ago – started the exchange rate. The abandonment was JP Morgan's exit from Lebach's investments and the immediate transfer of dollars to withdraw from the country. It was a knockout strike that economic officials could not recover. The measures that were applied from that moment by the Central Bank and the Ministry of Finance were from failure to failure. The heavy data from the last year made it clear. The exchange rate increased by 130 percent, inflation was doubled, and the country's risk originated from the region's average to the highest in Venezuela (and the highest since 2014, when the trial was conducted). funds for vultures).
This week started a new phase of the financial crisis. The first of the controversial events was the offer of Letes from the Ministry of Finance. For the first time in the year it was not possible to rebuild all these accounts, despite rising rates, and almost half of the maturity remained unrealized. It was a clear signal that the financial climate could increase. Investors did not want to renew this short-term debt, because the next leak is after the elections, and the uncertainty about what can happen from October is at its highest level.
This state of nervousness at the beginning of the week was strengthened from Wednesday, when a day of panic was reported at stock exchanges and exchanged houses in the city of Buenos Aires. Banks sank, the dollar jumped by 4% and the country's risk rose by more than 100 points per day. This Thursday morning also began chaotic with lows in all funding and a new jump in the currency. But in the second half of the day, tension began to soften. The rebound of some bonds and shares was explained in various ways. Because performance was too high to justify the risk of buying property until Ensis came out to acquire short-term bonds like Bonar 2020. This last hypothesis was circulated by the Bloomberg news agency through its portal financially
"Short-term bonds have made the hero's way, they started very badly and ended up in a positive field." Foreign currency investments began to be very attractive to investors, and at the moment of the wheel, the A020 bonus, which expires in the second half of next year, made a profit in dollars of 40 percent. I do not remember seeing something like that many years ago, "said Jose Ignacio Bano of Invertier online. The analyst said something similar happened to the stock. "MerVal is $ 650. It was at the top at the beginning of last year at $ 1800. That is, the companies quoted in the third part.There was a large volume of trading and it shows that some of this value begins to enter again and set itself up with instability" , he said.
The market coincided that the jump in the currency in the first hours of the day was mitigated by two elements: an increase in the interest rate of more than three points and some sales of the futures of the Central Bank. The monetary authority has passed the Leliq rates from 68.3 to 71.0 percent and is now close to the levels of 74 percent registered last October (when the zero emission plan was put into effect). the exchange rate intervention zone). The increase in Lelik's yields allowed to calm the exchange rate tension, but it was not effective to continue with the removal of the weight of the circulation. This Thursday marked the third day of the monetary expansion for more than 31 billion pesos. Regarding the foreign reserves, they amounted to 72,081 million dollars and fell by 248 million dollars.