2023-12-13 15:08:00
At 12 o’clock
The blue dollar jumps $80 and sells for $1150 in the city of Buenos Aires. For the purchase, the currency operates at $1100.
For their part, the financiers operate at $1041 and $1055 in cash with settlement; while the MEP does so at $998 and $1006.
The official dollar operates between $780 and $820 between its buying and selling points.
The country risk falls to 1813 points.
At 11 o’clock
After the announcement of the first package of economic measures by the Government of Javier Milei, expectations are placed on the exchange market, to the extent that one of the main objectives is to reduce the gap between the official price of the dollar and the parallel dollar.
In case, andIn the first operations the parallel is paid $1,070 (like yesterday) that yesterday registered an increase of $70 compared to Monday’s close. While, The official dollar started this December 13 with a value of $800, which implies an increase of 118%, compared to the $366.50 that had closed in the exchange wheel.
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In respect of the gap, before the devaluation, had reached 170% but with these measures the Government seeks to correct it. The aspiration is that at least in this first stage it does not exceed 50% to maintain the liquidation incentive for exporters.
For example, at this time the gap with the official exchange rate was shortened to 33,5% and left 100% levels for the first time since last August 14, when the previous government defined the devaluation.
What happens to financial dollars?
For its part, The cash with settlement operates before Buenos Aires noon at $1059 with an increase of 2.7%; while The MEP dollar operates at $1,009, somewhat below yesterday’s price, which closed at $1,011.
Regarding the card dollar, the new scheme places it in the order of $1,300. There is still no definition regarding what will happen to the “Savings” dollar.
What analysts expect following the devaluation
As financial market analyst Andrés Reschini explained, “one of the keys to devaluation is that it does not fully transfer to prices and also narrows the gap (something that also helps the transfer to prices,” he told PERFIL.
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As Reschini indicated, “what happened in the devaluation of last 08/14 (following the 2023 primary elections) was that After two days the gap was at the same level as before and the transfer to prices was very fast.
For his part, the analyst indicated that now “a sharp cut in State spending is being targeted as a fiscal anchor.”
As always, everything will have to do with the result of the package of measures that are sought to be implemented. “If the program is successful, it would have to improve expectations by generating confidence and in this way the gap would have to narrow. If it is not successful we will have a high gap, difficulties in accumulating reserves and sustained inflationary pressure,” he commented. For her part, the analyst Elena Alonso of the Broda Group, pointed out that regarding financial dollars, surely when the market opens there will be a “overshooting”. “It goes up because the official price increased, but the increase is not linear. The gap is not going to end up being 150, it is estimated at best a gap between 50 and 60% between the official price and the financial dollars,” he told PERFIL. the economist with which she foresees that the gap will end up being accommodated.
Developing…
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