As tensions between the National Government and the province of Chubut escalate, the approval of the Decree of Necessity and Urgency (DNU) in the bicameral is now in jeopardy. Additionally, La Rioja has issued a warning that it may not be able to meet its financial obligations, potentially leading to a virtual default. Despite these political uncertainties, the dollar exchange rate in Argentina seems to be unaffected.
The steady decline in the dollar can be attributed to the influx of agricultural dollars into the economy, as well as the limited supply of pesos. This has resulted in stable prices and a lack of reaction to the current economic and political dynamics. Analysts note that expectations of a devaluation in the short term are diminishing, with the government maintaining its strategy of gradually adjusting the exchange rate and bolstering reserves through dollar purchases in the free market.
The blue dollar, a popular black market exchange rate, continued its downward trend, dropping ten pesos to reach $1,075 for sale. The decrease marks a significant shift from the $1,015 rate observed just a week ago. Similarly, the MEP dollar saw a slight decrease, trading at $1046.41, while the cash price (CCL) fell to $1,089.88. Overall, the dollar has experienced a decline of 10.46% in February, with the gap narrowing to 27.2%.
In the official market, the wholesale exchange rate stood at $841.10, slightly higher than the previous day. The tourist or card dollar, subject to a 60% tax for consumption abroad, is priced at $1,376, making it the most expensive option for travelers. The Central Bank conducted purchases totaling US$142 million in the cash segment, contributing to a total of US$385.39 million in transactions for the day.
Despite political unrest and financial concerns, Argentina’s gross reserves increased to US$27,556 million, with the Central Bank accumulating purchases of US$2,395 million in February alone. The stable dollar exchange rate reflects a complex economic landscape where market forces and government policies intersect.