2023-10-02 22:56:56
Three weeks before the presidential elections, National government directs the economic strategy to keep the price of the dollar under control in all its variantsaware that an uncontrolled escalation will seal their electoral fate.
With this objective, he added a new decision to stop the rise of Cash with Settlement (CCL)a market that cannot be influenced as effectively as it is in the MEP by trading bonds.
Through decree 492/2023 published this Monday in the Official Gazette, the extension of the Export Increase Program (PIE) was formalized, which allows agro-exporters to freely dispose of 25% of their settlements. This implies that they can enter that portion through the financial market through the CCL.
Soybean Dollar 4
He “4” soybean dollar had expired last Friday and the government decided to extend it until October 25 under the same scheme, rejecting the possibility of setting a special exchange rate as had happened in the three previous editions. The decree sets that date as the last day to enter the exported currencies.
The decision also responds to a need to sustain the flow of dollars at least until the elections. They hope to add some US$ 1,000 million in this way.
This measure is added to two others taken in the same direction. Last week the Minister of Economy, Sergio Massa, anticipated during his visit to Neuquén that the hydrocarbon sector will enjoy a similar schemer currency settlement for a period of 60 days. Although the government here aspires to reach US$ 1.2 billion, analysts estimate that it will not exceed US$ 200 million.
In turn, from today governs the rule that makes the restrictions more flexible for companies that will now be able to make capital contributions or enter financial debt into the country through the capital market when the repayment of those foreign currency settlements is also carried out in the same way.
Before this measure, if a company entered debt in dollars, whether an international loan or a bond, using cash with settlement, it could not access the official dollar for a period ranging from 90 to 180 days.
From now on the condition that What is imposed on them is that those dollars stay in the country for a year and that, if they must leave again, that operation is carried out through the CCL. In this way, the government seeks to give greater supply to that channel to limit its sustained increase.
Despite the effort, the “cash with liquid” rose almost 1% this Monday and closed at $829.56.
In it MEPwhere official interventions returned to the range of US$50 million per day according to market analysts, an increase of 1.3% was recorded to $709.15
For its part, blue remained at the nominal high of $800which reached the end of last week.
The national government also postpones payments with the IMF
Another of the decisions adopted in the last hours to take care of reserves and have firepower in case of any eventuality, is the postponement until the end of the month of the October maturities with the IMF that total US$ 2,627 million.
The payment schedule imposed disburse US$1,297 million next Monday and a week later another US$648 million.
Now both are added to the third maturity for US$ 682 million which operates on October 30, a week after the elections.
Although these payments are made through SDRs that are already in the hands of the Central Bank due to the disbursement of US$ 7.5 billion in September, keeping them in the coffers allows it to maintain a certain back in case the exchange situation becomes complicated.
The savings dollar added new restrictions
In another order, At the beginning of a new month, today the purchase quota of US$ 200 of “Dólar Ahorro” was renewed. But to the restrictions that were already in force, new groups of excluded people were added: wage earners who received the fixed sum, black workers who received the last relief bonus and those who requested Anses credits at a subsidized rate.
However, there was a group that was notably among those able to buy dollars more cheaply: they are those who were returns 21% on purchases in stores They sell groceries, cleaning supplies and pharmacy.
To date, no resolution has been issued that restricts their access to the monthly savings dollar quota.
At today’s close, the Ahorro dollar is available at $642.25, about $158 below the price of the currency in the parallel market.
Regarding stock options, their value is $67 cheaper than the MEP and $187 cheaper than the CCL.
The large difference of $67 with the MEP also allows the possibility of earning about $13,400 by purchasing the US$200 at the official value and then reselling it at the MEP.
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