2024-04-05 22:36:07
He Central Bank of the Argentine Republic (BCRA) acquired US$468 million this Thursday in the single exchange market, the highest purchase so far in the president’s administration Javier Miley.
International reserves ended with an increase of US$518 million to US$28,385 million. Gross reserves improve under libertarian management by US$7,177 million from US$21,208 million on December 7.
The analyst Salvador Di Stefano He explained that “we are in the early corn and soybean harvest period, with which we expect a strong influx of dollars in the April, May and June quarters, which removes any possibility of currency devaluation.”
“Producers who do not want to sell will lose purchasing power over time, since inflation runs faster than the devaluation rate and the price of raw materials,” he added, reproduced by Infobae.
Furthermore, he indicated that “with the fall in economic activity, plus the high levels of inflation, the dollar is no longer an object of desire. Pesos are scarce, dollars are abundant and the bill is falling to be quoted in the three digits.”
“We are in an unprecedented economic plan for the Argentine culture of only buying dollars and hoarding. We have to change the chip and realize that today the economy is going through another place, very different from the one we have lived with for the last 23 years,” he assured.
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Meanwhile, analysts from the Personal Investment Portfolio indicated that “regarding the rumors about the release of some of the restrictions that make up the exchange rate, although we believe that free access to foreign currency is necessary for companies to prosper, we positively see that “These rumors are clarified to generate greater predictability.”
José María SeguraChief Economist of PwC Argentina, stated that “in the short term, what is concrete and probable is that the exchange rate will be lifted, and this will necessarily lead to a monetary program having to be made explicit. What will it be? That is the big question. There has been talk with greater or lesser emphasis about dollarization, but also about currency competition. Will it be with a fixed or floating exchange rate? The truth is that this does seem to be a necessary condition to generate predictability, a definitive reduction in inflation, recovery of credit and, finally, investment takes off.