The dollar, or more strictly the exchange rate, is one more price in the economy, and as such It is expected that it will not clash too much with the increase in the general level, especially when it is a free price. Due to the exchange rate, in Argentina the North American currency has several prices, and the two most important are the official dollar and the blue dollar, or informal.
Following the dissemination of the very high inflation rate for the month of April (8.4%), the Ministry of Economy has decided to anticipate the opening of the markets this Monday and decided a series of measures to mitigate a possible impact on the exchange market.
As regards the formal market, it has been determined to increase the crawling peg rate, that is, the official exchange rate will continue to be devalued “gradually”, but at a higher rate to avoid delays and a fall in the exchange rate. real. In fact, This is one of the demands of the International Monetary Fund (IMF) to renegotiate the extended facilities agreement with Argentina.
On the other hand, it was resolved to intervene in parallel exchange markets to avoid a new skyrocket in prices, which constitutes a point of tension with the IMF: The body does not look favorably on the use of reserves to control the prices of financial dollarsalthough it gave its approval last month in full exchange rate run.
In addition, It was decided to increase the interest rate of fixed terms so that there is not a disarmament of positions in pesos that turns to the purchase of dollars in, for example, the informal market.
blue dollar today
The effects of the economic package were not as desired, and the blue dollar gave its biggest jump in three weeks on Monday. It closed the day by selling, on average, $483 in the city of Buenos Aires, $9 more than the close on Friday. On Tuesday’s open, Blue rises $7 and reaches $490, approaching the record of $497 set at the end of April.
Financial dollars traded higher as well. In particular, the price of cash with settlement increased by 2.55% to $447.65 while that of the MEP dollar did so by 1.47% to $438.72.
- $483
- Closing price of the blue dollar, this Monday, May 15.
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