The central bank bought another $ 20 million from the market and confirmed a new decline in Leliq's interest rate. Despite this, the wholesale dollar fell again, this time around 11 cents, and remains below the minimum price of the flotation band.
Following a 55 cents jump on Tuesday in the wholesale segment, while the Central Bank remained without restoration of a significant portion of Lelik and managed to put the interest rate below 56%, this time the US currency began trading at the levels closest to the floor of the non-intervention zone, and even reached a ceiling of 37.80 dollars. But soon the price began to fall apart and, in order to avoid greater gratitude to the pesos, the monetary authority led by Guido Sandleris made another bunch on the market through a public auction. BCRA, in turn, finished acquiring US $ 20 million more, so during January and 510 million US dollars summed up its foreign reserves. To carry out these operations, the economist of the Ledesma consulting firm, Gabriel Camaggio, calculated that the agency had to issue about 19,000 million pesos.
The central bank also tried to give more air to the dollar through Lelić's daily tender. The placement resulted in a lower average interest rate than the previous day. While Tuesday was 55.64%, this Wednesday was 54.88%. The decline in yields in pesos can return demand for the currency.
The retail exchange rate was closed almost unchanged from the previous day. The average of quotations made by BCRA marked $ 38.58 for sale in banks this Wednesday.
With the monetary target that was exceeded, and the dollar was more likely to expect the inflow of foreign funds, BCRA expanded the offer of pesos, leaving nearly $ 75 billion in Leliq so far unchanged. Thus, it managed to reduce the reference interest rate by almost one and a half percentage points. On the other hand: a greater amount of available pesos, for example on Tuesday, increased the price of the currency.