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Dollar fell 3.4 percent after BCRA withdrew $ 106.3 million in circulation for three days




The center-back came out of the market for the pesos (closed a week that had absorbed $ 105,000 million) without any impact on the rate; for Sandleris, is trying to "overload" with shocks Source: Archive


dollar

yesterday seemed to confirm that with fewer redundant pesos on the street, the chances of maintaining a bicycle route were complicated.
The average cost fell by 1.9% (from $ 38.46 to $ 37.72 for wholesale and retail
from $ 39.54 to $ 38.80 for the public) at the end of the business cycle shorter than usual (G-20, activity ended two o'clock ago) and after stressing

Central Bank

(BCRA) its commitment to a strong contractual monetary policy not only in operational but also in gestural terms.

So the chart reached its third wheel with a consecutive fall and in that period raised an average withdrawal of 3.4% after Monday's close to $ 40 and threatened to return to the maximum levels they had touched before the era of the Sandleris era. However, this did not stop, closing the week (today the markets are not working for the national holiday) with an increase of 0.2% and accumulate in November a recovery of 5%.

The fall began when the monetary authority decided to double its efforts to remove the pesos from the market after spending a recalculation test for the December (high-season high demand for money) over the past week, thus contributing to disarming

lebac

(who freed $ 120,000 million) was added an additional $ 78,000 injection for partial liquidity renewal (Leliq) expiration.

But after confirming that this relaxation spurred almost 7% of the average jump in the currency in just two days, he decided to file a trial for another chance.

"This week, they won $ 469.267 million in Leliqu and awarded new letters for $ 583.867 million, ie they absorbed more than $ 105,000,000 at no cost, with an average dropping from 61.40 to 60.75 percent a year. : Leliq shares reached $ 718,711 million, and the bill of interest payment, which was $ 6300 million this week, exceeds $ 9500 million next week, "concludes analyst Christian Buteler.

"This week, unlike the previous one, was clearly contractable, with the BCRA absorbing about half of what it did last week, and the dollar has pulled off part of what has progressed even at the reference rate of treasury to show a decline rates without affecting the dollar, BCRA has to be tedious in dealing with the quantity of pesos, "remarked economist Gabriel Caamaño of the Ledesma study.

Powerful law abolition between last Friday and Monday triggered alerts in the government, which began to enjoy "stabilized market" (ending the drive stopped Macri's image crash) and prepared to capitalize it by assuring oil companies to lower fuel prices, given the the fall in international prices of crude oil, although the rate of domestic tax increases in the coming days.

The relief test was aimed at achieving a higher rate reduction after the BCRA released (next week) to eliminate the 60% drop in order to preventively show commitment to its goals. This creates the feeling that the worst of the crisis has begun to remain.

But the dollar reaction forced BCRA to review the plans. "Inflation remains high and our currency still responds too much to internal and external shocks," he admitted on the day before yesterday

Guido Sandleris

, when disclosed to the Council of America. "We are aware of the risks our economy is facing, and we will only increase the monetary base if it allows conditions," he said, leaving suspicion of using the agreement he has in agreement with

IMF

to extend the monetary base by 6% in December. "We will only do this if we realize that increasing demand for money is not what we have planned," he said.

Neither G-20 assists in the repayment of bonds

Connections of

Argentine debt

fail to recover despite the signals the US Federal Reserve has issued in recent days, recognizing that it could stop its policy of mild but steadily increasing the reference rate for that economy. "Demand does not appear, so in the middle part they dropped 25 cents and 50 in the long curve, so they accumulate losses by 1.5 to 2% a week," Sebastian Cis reported in a report. , SBS Group. Because of this weakness, the country's risk rate remains above 700 points (closed at 704), despite the fact that the fall in the indicator (set at a 10-year US rate) yesterday fell by 1 percent. , to 3.03%.


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