Financial dollars began to recede this week. He the parallel dollar fell by 9 pesos on the steering wheel and finished with 181 pesos. On Monday it decreased by another 5. In calculated with permission the second day of loss was also registered. The price closed at 162.97 pesos and dropped by almost 3 pesos.
The Ministry of Economy is making progress with a number of measures designed to contain and reduce the exchange rate gap. Among the initiatives in this direction were tendered bonds in pesos adjusted by exchange rate for a value equivalent to $ 1.66 billion.
In this way he received Palacio de Hacienda new funding for 129,084 million pesos. The ranking was surpassed by a margin, the initial goal being to raise around 80,000 million pesos. The maturity of these titles will be in April 2022.
The Ministry of Economy also announced the placement of others bonds in pesos adjusted for inflation and badlar. The result was that throughout the session, they ended up “allocating the total equivalent of 254,671 million pesos,” according to a statement from the Guzman-led portfolio.
The figure is more than double the maturities recorded this week by 108.7 million, which corresponds to depreciation and interest payments on various instruments in the market.
The purpose of the issue of exchange rate adjusted bonds was to offer the market ialternative investment instrument, which adjusts on the basis of the wholesale dollar, the lower pressures of dollarization in the unofficial foreign exchange market. In recent weeks there has been a liquidation with cash that has set the gap at levels close to 130 percent. It is now 110.
Questions in October
The Palacio de Hacienda explained in detail that it isin October “The Ministry of Finance received funds for 420,583 million pesos which enable the end of the month with positive net financing of approximately 250,000 million ”. This is the ratio of refinancing of maturities (rollover) of 246 percent, the highest for the year.
On foreign currency bonds registered a significant price increase. The Bonar 2029 stands out, which is the title that expires in the shortest time that Argentina has. This Tuesday it increased by 6 percent.
The securities came for weeks with a sharp drop in prices, bringing the country’s risk to 1,549 points.
In the market they speculate with different types of interventions from public bodies to start calming the expectations. From buying dollar-denominated bonds to using low-parity securities to selling pesos securities to close the gap.
In modality of operations in pesos There were bonds like Bonar 2030, which fell 3.1 percent this Tuesday, helping to ease tensions in the financial dollar. The decrease of Bonar pesos in 2035 (-2.8 percent) was also noted.
On international reserves they remain one of the concerns of the market. This Tuesday, they fell again to $ 40.140 million. This is a reduction of $ 120 million per day. Market operators estimate that there were interventions of more than $ 60 million.
Despite the narrowing of the exchange rate gap in recent days, exporters continue to have incentives to slow down the liquidation of the harvest, while importers seek to advance overseas purchases of goods as much as possible, such as official dollarization mechanisms. .
Bag in Buenos Aires
Strong declines in the stock market were registered again this Tuesday. The index Merval calculated a decline of 5.6 percent and there were shares that lost more than 8 percent. The losses of banks and companies dedicated to the energy business were highlighted.
Some of the setbacks are explained by the decline in parallel dollars. The financial price of the exchange rate is implicit in the prices of the peso shares.
In Bosnia in the United States, Argentine companies also saw a significant decline, falling to 8 percent. One of the major declines was that of the oil company JPF, with a decline of 7.9 percent. It loses 71 percent a year.