Effect controls: the tourist dollar had the largest weekly rise since April (Central Bank bought more than $300 million)


To find a higher rise you have to go back to the weekly close of April 24, when the tourist dollar had gone up 95 cents and the official one, 73 cents.

While the dollar in Banco Nación was traded without variants at $70.75, while on the electronic channel it closed at $70.70.

The ticket accompanied the Single And Free Exchange Free Market (MULC) tour, where the currency advanced nine cents to $68.99, ending the week with a 45-cent hike, under the watchful eye of monetary authority.

The American currency operated unchanged from its behavior in recent days, always crystallized in the sale price set by the Central Bank for today.

The values were anchored from the beginning of the wheel at the level set by the monetary authority and remained there until the end of the session. The supervisory body did not change its intervention strategy, both in the spot segment and in the futures markets, in which it altered sales and purchases which again allowed it to close the date with a positive balance. Official sources indicated that today the BCRA bought $65 million.

“Daily microdevaluations remain unchanged in the magnitude of the daily adjustment, a factor that is discounted in the market, will remain at least until the end of June,” said analyst Gustavo Quintana.


The Central Bank bought another $65 million on Friday, shuting down the week with a positive balance of more than $3 billion and $587 million on the past six wheels. In this way, it already recovered more than half of the reserves lost in April (that month there was a net loss of $980 million).

This result was achieved after the launch of a battery of measures put in place by the Central Bank to relieve pressure on the exchange market

Since Monday, savers who wish to purchase the 200 dollars per month allowed by the Central Bank in banks must file an affidavit in which they will record that they have not operated in liquidation or MEP in the last ninety days.

Banks are also required to offer a minimum rate of 30% on fixed-term placements, as ordered by the Central Bank.

Moreover the monetary authority expanded, through Communication “A” 7029, the possibility for agricultural producers to make variable rate deposits, linked to the dollar price.

It was also provided that companies with dollars outside the country should use these funds to meet the payment of their overseas commitments.

In turn, it extended to 90 days prior and 90 days after the restriction to carry out purchase operations selling public securities in local currency with currency settlement, for companies that require access to the official exchange market. This option is in addition to existing ones tied to cereal and oilseed prices.

For the next few hours, the Central Bank is expected to announce new exchange controls; in this case, a new filter for companies to access currencies.

Stock dollar

The CCL dollar – which arises from the sale of bonds or stocks in order to make dollars and deposit them out of the country – rose this Friday 0.8% to $115.34, so the gap with the official wholesale price closed the week at 67.2%.

In the same vein, the MEP dollar or stock market -same operation as the CCL but within Argentina- climbed 1.5% to $109.86, which left a spread of 59.2% compared to the currency trading in the MULC.

In this way, exchange rates operating on the stock market recorded a 1.7 per cent, in the case of the CCL, and 2 per cent, in the case of the EP. In the last two weeks, casualties had been observed amid official restrictions.

Economist Gustavo Ber stated that “beyond the greater appetite for financial assets, ‘gaps’ extend a gradual bullish rearrangement after deflating in recent times, as concerns about monetary dynamics follow, both about the rapid pace of emission and the difficulties of promoting aggressive sterilization during a strong recession such as the one being transited.”

Blue Dollar

In the parallel segment, on the other hand, the blue dollar rose $2 to $125, and ended the week steady, according to a Cave Area survey of the Microcenter. Thus, the gap with the wholesale dollar again exceeded 80% to close at 81.2%.

The side ticket had suffered Tuesday’s biggest daily recoil in two weeks, falling $4. In other words, in just one wheel he lost more than half of what he had climbed all of May (+$7).

Future dollar

In the ROFEX futures market, us$320 million was traded. Deadlines showed bearish behaviors, about 0.3%. June operated at a rate of 32.80% and July to 34.77% TNA. New Year’s Eve closed at $88.80 (50.15% TNA). Open positions total $3.502 million.

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