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A surprising measure changed the game rules: the fees for the private sector fell and the dollar rose



This time, the central bank did not just have to go out to sell dollars, but endure a first currency trigger of nearly $ 1 when the wholesale dollar touched $ 38.60.

The reaction had as a starting point a measure of the central bank that limited the banks' actions to avoid cool capital, which provoked a strong shot of the wholesale dollar, which amounted to $ 38.60. Then they understood that they were overreacting, that there was too much tension in the air causing excessive coverage.

But it also serves to take into account a fact: There is a very high sensitivity around the dollar. No sound scares and what happened at the beginning of the wheel was evidence of this fear. The peso wearers playing at prizes now feel they are on land undermined, but with the calmer moods, the wholesale dollar ended at 11 cents more than Friday at $ 37.97.

In banks and exchange houses, the public paid 17 cents dollars more expensive at $ 39.07. The "blue" was the most in demand because there are already investors looking for coverage before the central measures. It increased 50 cents to $ 37.75.
The reserve lost $ 109 million. They remained at $ 66,783 million. Due to the strength of the dollar in the world and the gold fall, $ 188 million disappeared and $ 2 million was paid out to international organizations and $ 3 million to Brazil.

To the banks the measure that was available Guido Sandleris, The president of the central bank, fell like a bucket of cold water because they have to return to the monetary unit in exchange for pesos, excess liquidity letters, that is, anything that exceeds their equity or fixed maturity.

From April to April, banks will have to return about $ 300 billion of Leliq and Central will give them pesos. These are bills for which they paid higher interest rates than the central bank pays when they are claimed. But the balance benefits them, as from April they will make a lot of money.

On the other hand, The central government's intention is that the money that returns to the banks be converted into loans at a lower tax rate to the private sector. A game that has benefits for economic activity but leaves hanging those who took loans at interest rates above 50% per year.

But there are also risks: Will those who make pesos return to the fixed term or dollarize their portfolio?

The world does not help. Warning continued to dominate the United States and the waterfall effect hits Argentina. US government bonds continued to rise and this increased Argentinean risk by 0.59 percent to 679 points.

Wall Street today is "you". He is not moved by the good balance sheets. March 1 is the date that hangs over the investors' neck as a guillotine. If that day does not have an agreement on customs duties between the United States and China, markets will be badly hit and global economic activity will fall. It is not necessary to explain how such a scenario can affect Argentina and its bonds.

The exchange, meanwhile, began the day with euphoria. He thought he could reverse the last few cases that helped the banks and the energy sector. It was thus that S & P Merval of the leading shares at 11.30 went up to almost 2% but from there a case started. which made them -0.21%. After the hive came caution and began a slow recovery with some sinking saws, which allowed him to finish the wheel with an increase of 0.98%, but with a data that did not favor it: the last minutes were a sharp drop.

At 4:43, the stock market was 1.47% higher. In any case, the amount of activity was modest: ESP 486 million.

The banks, which were almost the whole wheel in ascent, turned around the action that took the central and ended up in negative territory or with small inclines. Banco Macro closed with an increase of 0.44%, but Frances, which was nearly 2% above, closed 0.39% below. The best performance was Galicia (+ 1.75%).

The highlights were Pampa Energía (+ 6.22%) followed by Transportadora Gas del Sur (+ 5.07%) and Central Puerto (+ 3.71%).

Argentine ADR share certificates on shares listed on Wall Street – had a positive day. Despegar rose 5.04% and Transportadora Gas del Sur, 2.70%.

In the next round, it will be known if it follows the dollar's upward trend. It is likely that the central office does not have to buy foreign currency and that the stock market is cautious.


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