Fiscal dollars exceeded 1,100 pesos and reached record levels

Financial dollars, that is, the implicit parity in stock and bond prices, reached record nominal values ​​on Friday, in a market focused on the official start of communications between the government and International Monetary Fund envoys. To guide the $44,000 million Extended Facility Agreement at its seventh review.

The jump in stock market dollars, which are now higher than the free dollar, has been the highlight of the data throughout last week. The December inflationary spiral, with its expected repercussions in the first quarter of the year, shattered the “exchange peace” that had remained in place even with the December 13 devaluation, which raised the official dollar to 800 pesos.

“We believe that it is the sum of several factors that explains the trend reversal. The poor result of the BOPREAL (debt cancellation grant with importers) tender, the precautionary measures against DNU, the deterioration of the political climate with the general strike announced by the CGT on January 24 and a certain loss of initial momentum with the President,” analysts explained. Miley opened his department IEP Group (Invest in the stock market).

On the other hand, I learned on Friday that the Treasury Department It will “urgently” issue non-convertible letters worth up to US$3.2 billion over 10 years.Which will be placed in the central bank, a procedure that weakens the entity's monetary assets. In detail, the dollars that will be withdrawn from the reserves will be used to “pay debt obligations denominated in foreign currency,” that is, to pay off foreign debts.

he The European dollar rose 43.88 pesos, or 4.2%, to close at $1,087.83. Through Bonar 2030 (AL30D) in the most liquid sector of the stock market, Priority Time (PPT of ByMA) in spot cash, where $45.5 million USD was traded. In 48 hours, approximately $10.9 million at $1,108 MEP ran with the AL30D. Furthermore, in Sinibi (part of the bilateral negotiations between private parties) the MEP dollar was agreed for another US$58 million in cash on the spot and within 24 hours.

at the same time, “Liquidation calculation” through Argentine stocks gains 5.9% per day and average 1,152.60 pesos. Meanwhile, the price of “liqui” with Cedear rose 4.7% to 1,141.87 pesos.

With the wholesale dollar rising 50 cents on Friday to $812.20 gap The exchange rate rose with these alternative rates 33.9% and 41.9%Respectively, after approaching the 10% minimum in the last week of 2023.

If we take into account the most liquid operation of the dollar “calculated with settlement”, which takes place in Senebi of ByMA, the parity here reached 1,073.79 pesos at the close with Bonar 2030 (AL30C), with transactions amounting to about 39.4 million USD in spot cash, 4.4 Another million dollars within 48 hours.

Quote from Free dollar An advance of five pesos in the final stage of work, $1,025 For sale. In this way, it is linked to the closing price of December 2023, with no changes in the weekly balance.

Thus, the current dollarization has pushed all markets, except the official parity rate, to trade above the thousand per dollar line, while traditional banking companies show a negative profitability rate in the face of rampant inflation. Stock market dollars surpassed the previous nominal record of $1,116.63 on October 23, just after the presidential election, although it should be taken into account that in the following eleven weeks to today, inflation has accumulated by nearly 50%.

he The central bank bought foreign currencies In the exchange market for approx $189 million, in a wheel of business worth US$308.4 million in the spot sector. In this way, the Monetary Authority linked 18 consecutive operating sessions with purchases on the market. at the same time, Reservations It grossed US$39 million in international revenue on the day and ended in 24,120 million US dollarsThis is the maximum since October 30 of last year.

Leading indicator Standard & Poor's Merval Buenos Aires Stock Exchange shares rose 5% to the peso. 1,055,381 pointsclose to the absolute record of 1,084,545 units set three days after Miley's inauguration as president.

On Wall Street, Argentina's global bonds rose 0.5% on average, while Argentina's global bonds rose 0.5% on average. Risk country From JP Morgan gave up 18 units to 1,999 points Basics at 6 p.m

Minister of Economy Louis Caputo A source at the Treasury Palace said that the bank discussed with bank representatives the country's economic program, including liability management, but no official proposals were made. Reuters. In this sense, agency Bloomberg She stated that the study will be under consideration to exchange debts for pesos due to banks this year, which may amount to about 57.5 trillion dollars, equivalent to 71 billion dollars. The voluntary restructuring plan for peso-denominated bonds aims to postpone maturities and reduce the fiscal deficit to zero.

Miley's administration is grappling with the country's worst economic crisis in two decades, including inflation exceeding 200% annually, a shortage of foreign exchange reserves, a historic devaluation of the national currency, a severe fiscal deficit and increasing poverty to levels near 45%.