While waiting for the dollars from the IMF, the Government insists that the exchange market “is under control”
August begins with him blue dollar over $ 180, after the new peak of the year, which reached July 23. After the last week of July, in which the parallel ticket fell to five pesos and financial opportunities remained within the limits set by the regulatory authorities, in Casa Rosada concentrate upon arrival of “Pandemic means IMF” which, they understand, will help alleviate renewed exchange rate tensions.
This Monday, the Board of Governors of the International Monetary Fund will approve or not the extension of $ 650,000 million of special drawing rights (SDRs), a proposal made by the head of the multilateral organization Kristalina Georgieva, so that member countries are in better shape. conditions to pass and leave the coronavirus pandemic.
If, as expected, this IMF body gives the green light to an initiative that already has the approval of the board of directors, Argentina will receive about $ 4.35 billion by the end of the month, which will increase the Central Bank’s reserves. You will use some of these dollars to to pay deadlines capital and interest with this body, as recognized by the Vice President Christina Kirchner a little over a week ago.
The Vice President’s message about the use of the Fund’s debt to pay off the agency while negotiating a new agreement on extended terms was a “reassuring” signal to the market in the midst of a blue boom.
Another signal came from the province: in July, agro-exporters settled $ 3.5 billion, a new record for this month thanks to better international prices and a good harvest. Agricultural dollars made it possible for the Central Bank to release about $ 300 million last week to pay for imports.
In the official offices monitor on the exchange market constantly, especially after the jump in parallel prices after turnstile implemented in cash with settlement, the mechanism for obtaining currency abroad through the sale of bonds.
Public officials insist on minimize the impact that the recent escalation of blue dollar may have in economy daily and at expectations short and medium term. In this sense, they reinforce that the Central has control gap between the parallel and the wholesaler, which reached over 90% and which starts in August around 86%.
Deputy Chief of Staff, Cecilia Todesca Boko, the Minister of Production Development, Matthias Kulfas,, and that of the economy, Martin Guzman,, this weekend, they were responsible for linking the behavior of the “free” dollar to the typical reflection behavior of some economic agents in the months leading up to the election.
“We have the tools to keep the currency gap stable,” said Palacio de Hacienda, who said in a statement to C5N He insisted on excluding devaluation and said the current exchange rate policy would remain unchanged.
For his part, Todesca Boko pointed out that in the election years, of course, some people deal with the issue of exchange, which is sensitive, and put it on the table, but superficially and try to provoke fear.
In this regard, in statements to the radio Del Plata. He stressed that “at the moment we are coming up with pretty good numbers”, although lower dollar income is expected due to the seasonal effect of declining exports from the province.
Kulfas agreed with the diagnosis of currency hedging behavior during electoral uncertainty. “Every strange year has expectations and pressure, more than one dollarizes just in case,” he said in interviews with the morning papers. Clarion Y The nation.
But he stressed that the Central Bank is in control of the situation. “There may be some noise, short-term traffic, but the situation does not change business plans. When the gap is out of control, it can generate tension, which an entrepreneur slows down and sees what is happening. We don’t see that today, “he said.
He also pointed out that “the real exchange rate is competitive”, as supported by Economy Minister Martin Guzman, to discourage expectations of a sharp depreciation of the peso in the short term.
Along with waiting for IMF funds, the monetary authority maintains constant control over foreign trade, both over export settlement information and requests for access to dollars to pay for purchases abroad.