The price of American dollar in the informal market Argentina it took another leap this Wednesday and reached a new historical mark, in the midst of a complex local economic context and with the expectation of the primary elections next August.
The US currency rose 5 pesos on Wednesday in the parallel market, to a new maximum of 503 pesos per unit, accumulating a rise of 45.3% so far this year.
At the state-owned Banco Nación -where operations are restricted to 200 dollars a month per person and under certain conditions-, the dollar rose 50 cents, to a maximum of 275.50 pesos for retail sales.
At these values, the gap between the official price and the so-called “Dolar blue” is from 82.5%.
The value of the dollar in the official wholesale market advanced this Wednesday to 85 cents, to a new maximum of 264.05 pesos per unit.
Meanwhile, the value of the dollar of the financial mechanisms for more sophisticated investors operated on Wednesday with a slight upward trend.
The so-called dollar “counted with liquidation” -CCL, which consists of buying shares or bonds locally with Argentine pesos and selling them in dollars on Wall Street- advanced a 0.3%to close at 515.66 pesos per unit.
He “dollar bag” o “MEP dollar” -which is obtained by buying assets that are listed both in pesos and in dollars, are paid in pesos upon purchase and are sold in dollars- rose 0.2%at 483.85 pesos per unit.
The new jump in the price of the dollar is part of the recurring episodes of exchange rate tension that occur in the Argentine economy, traversed by severe fiscal and monetary imbalances, with inflation growing at a rate of 114.2% yearly last May, according to the latest official data available.
Added to these imbalances is an ongoing negotiation with the International Monetary Fund on the terms of the agreement signed with Argentina in 2022, conversations that are lengthy, fueling investment uncertainty.
For the rest, purchases of dollars for coverage tend to grow in Argentina before any electoral process, and the primary elections on August 13, with a view to the presidential elections in October, are no exception.
According to the economist Gustavo Ber, the financial and free dollars slide “pushed by the still high nominal value of the economy, especially at times when pre-election dollarization is historically accentuated.”
Source: EFE
Source: Gestion
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