The Blue Dollar Climbs to $1,235 in Buenos Aires
After a slow start to the day, the price of the blue dollar surged by 15 pesos in the city of Buenos Aires and closed at $1,185 for purchase and $1,235 for sale on Monday. This is close to the nominal historical maximum of $1240. The increase represents a 1.23% rise for the day and a 20.5% rise for the month of January, equivalent to $210. The exchange gap with respect to the wholesale dollar is 50.35%.
Meanwhile, financial quotes remained stable, with a slight drop in the MEP, which closed at $1,238.03, marking a 1% decrease. The cash with liquid remained at $1,308.31, two pesos above the last closing. The exchange gap for the MEP with respect to the wholesale dollar is at 50.72%, while for the cash with liquid it is at 59.28%.
Economist Gustavo Ber indicated that the expectation for parliamentary progress on the Omnibus Law after the latest negotiations is positively received by investors. This led to a rebound in financial assets and a respite in financial dollars, as the northern climate becomes more risk-friendly.
Following the daily adjustment, the wholesale dollar went to $821.40, while in Banco Nación it is $840.75 and in other banks it is $868.15. The price of the dollar for expenses in foreign currency with a card is $1,345.20.
In other news, the Central Bank purchased another $133 million in the market on Monday, marking 28 consecutive days of buying foreign currency. The bank has accumulated purchases of US$2.2 billion and US$5.2 billion since the change of government. Reserves closed the day at US$24,487 million.
Gustavo Ber emphasized the importance of monitoring the evolution of the BCRA’s purchasing balance, as the rapid widening of the “gap” to 60% could affect sentiment and enhance distortions. Emergency measures may need to be implemented, including changes in the “crawling-peg” and negative real rates, if not addressed soon.