The central bank sells more reserves in European dollars than on the official market

price The dollar affects the mood of voters Given the current control of capital, it is the alternative rate that sets the tone for the ability to save, with a bill always serving as a defense against the dangerous processes of rising inflation and currency devaluation.

That’s why he is The price of the “blue” dollar and the European dollar is a source of concern The government and the reason for the activity of the Central Bank in intervening in the dollar market to enable the gradual rise in prices and set a ceiling on the value of the currency today About 900 pesos.

progress Electoral calendar He brought with him a Increased demand for the dollar In all market sectors. One of the most active of these activities is the stock market business, where investors can acquire foreign currencies by buying and selling assets, especially public bonds.

And in this process where The central bank decided to focus its intervention To put a cap on the implied valences of The European Parliament dollar and “cash with settlement”It is a reference for determining expectations of currency devaluation and the value of the dollar that private sector agents wish to validate.

The monetary entity purchases bonds in dollars from private parties in exchange for foreign currencies. With this procedure in the secondary market, Set a lower price for the dollar Of balance in operations between the private sector and also Forces an increase in the prices of public securities.

reward Bonar 2030 (AL30) in its “D” type is the one with the largest liquidity in the PPT (Priority Time) sector of the ByMA (Argentine Exchanges and Markets), supported by Global 2030 (GD 30D). The 48-hour business is where the BCRA works with selling currencies in exchange for bonds, with what that entails Loss of reserves To control the prices of this parity.

According to special estimates, The central bank has been dismissed in the past six months -Since May to this part- of some 3.7 billion US dollars For his intervention in the dollar stock market. To obtain the dimensions of this figure can be noted Greater than the facility’s negative balance due to its participation in the wholesale market, where it achieves net sales of $2,419 million in 2023This is within the framework of a historic drought that reduced the value of the crop and thus national exports by about 20 thousand million dollars.

This outflow of dollars is evident in the impossibility of adding BCRA Reservations International, today in 24.551 million of dollars. This asset stock has registered a decline of $20,047 million so far in 2023, or 45 percent.

According to calculations Personal portfolio investments“Until now In October, BCRA lost $1,145 million This way” to buy bonds for “cash” dollars. In May, this intervention amounted to US$759 million, and in June it was reduced to US$82 million. In July and August, according to official data, BCRA bank sacrificed net reserves in the Middle East region amounting to US$186 million and US$870 million, respectively. Meanwhile, in September, according to preliminary figures, this intervention was supposed to total another $660 million.

“In a more positive scenario for the fiscal dollar – given the lower probability of the dollarization scenario and the procedure that allows exporters to settle part of their foreign sales in cash with the liquid – the demand for coverage by local companies decreases,” they noted. From personal wallet.

The BCRA intervened again in the bond market as of April 28, at the request of Economy Minister Sergio Massa, and with the approval of the IMF Executive Board (International Monetary Fund), after the fourth review of the extended facilities agreement with the organization. Since then the dollar MEP rose more than 100 percentFrom 436.94 pesos.