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Financial day: the rise in BCRA rates contributed to a new fall in the free dollar and the “liqui cash”


Stock operators are still pending the details of the agreement with the IMF –

In a movement that had already been anticipated by market agents, the Central Bank increased rates between 250 and 300 basis points reference of its Liquidity Letters (Leliq), to comply with the commitment assumed with the International Monetary Fund (IMF) to offer positive real rates, that is, above inflation.

Thus, the reference rates rose from 40% nominal annual to a range of 42.5% to 47% nominal for the Leliq that places banks. In the same sense, due to the transmission of yields that this increase produces in the financial system, increased from 39% to 41.5% annual nominal Guaranteed minimum yields for fixed-term deposits to 30 or more days -in the case of human persons-, and to 39.5% in the case of deposits of legal entities.

More profitable rates in pesos are always competition for the dollar. The falls for the alternative parities that had been observed in the past three weeks were linked to the proximity of an agreement with the Fund, but also to the forecast of the return of the “carry trade”with gains for placements in pesos that in the short term will take advantage of the expected devaluation.

The free dollar ended up negotiated with a drop of one peso this Thursday, 214 pesos in the small informal market. The “blue” dollar maintains an increase of seven pesos or 3.9% in the short course of 2022.

The stabilization of the free dollar, which It remains at 8.50 pesos or 3.4% of the record of $222.50 on January 27, is in line with the decline in stock parities, which recorded four bearish sessions.

The “counted with liquidation” -with the GD30C- ended trading at $209.92, a minimum since January 17 and far from the record of $231 on January 27, when there were still no announcements about the agreement with the IMF. The MEP dollar -with the AL30D- ended at 204.70 pesos

in the segment wholesaler of the dollar, the currency was traded at $106.67 per unit, about nine cents above past closing values. So far this year, the official exchange rate has advanced by 3.8%, while the exchange rate gap with the free dollar now stands at 100.6 percent.

In the cash segment (spot), the amount operated continued to probe the low levels of the year, in the USD 113 million, which prevented the Central Bank from raising currency purchases. At the same time, the entity chained twelve wheels in a row without making sales in the MULC (Single and Free Exchange Market).

During Februarythe Central Bank maintains a net balance in favor of about USD 101 million for their buying interventions in the wholesale market. Since the beginning of 2022, this balance is negative by about 35 million dollars.

Taking profits on the stock market

Argentine stocks and bonds ended trading with falling prices this Thursday, in a reaction that ends up being coupled with global financial outlook, with renewed declines in the main indices of the New York stock exchanges, which fell to 2.9%, led by a new skid of the technological Nasdaq.

the leading index S&P Merval of the Buenos Aires Stock Exchange, which rose 0.8% in the morning, subtracted 0.7%, to 89,977 pointsafter a firm rise of 2.9% in the previous round.

The panel of leading shares of the Buenos Aires square accumulates an advance in pesos of 7.8% so far this year, compared to an inflation of 3.9% registered in January. In addition, the leading panel moved to gains of 3.1% in dollars in 2022in the 424 points measured by the “cash with settlement” implicit in the ADRs traded on Wall Street.

Global bonds in dollars traded at 5 pm with average losses of 1%, after having accumulated an average improvement of more than 3% in the last two trading rounds. Meanwhile, the risk country of JP Morgan amounted to 20 integers for Argentina, to 1,758 points basics.

“Local assets intersperse a respite after testing a recovery from the reaction of operators to signs of progress towards the approval of the agreement with the IMF”, he said Gustavo Bereconomist of the Ber Study.

Bonds traded on the Electronic Open Market (MAE) lost an average 0.5% in pesos, due to taking profits after improving 2.2% in the previous four business sessions.

KEEP READING:

Markets: Wall Street deepened the decline and dragged Argentine stocks and bonds
Dollar today: the free price fell to $214 due to the fall in financial dollars
The Government is negotiating with the IMF to be able to use the resources it will receive in March as BCRA reserves and tax revenue at the same time
The Central Bank raised the interest rate on fixed terms from 39% to 41.5% per year
Historical record: public debt grew strongly again in January and amounted to USD 365,727 million




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