Argentina: How did the president’s announcement affect the forex market?
It was the second day in a row that the BCRA won the dollar.
The US dollar rose further against the Argentine peso on Friday after President Alberto Fernandez announced he would not seek re-election this year, reaching AR$437/AR on ‘blue’ (a euphemism for ‘black market’) exchanges. Reached $442 (sold). rate. On the other hand, the official rate was AR$217 / AR$225 (buy/sell) for him and the difference between the two quotes was 102.26% for him.
The central bank (BCRA) bought US$289 million on Friday, bringing its balance so far this month to US$81 million. Cumulative results in this third phase brought him to $1.285 billion, as revenues of $185 million were recorded as a result of agricultural dollar trading.
Also read: Argentina’s Fernandez won’t seek re-election: ‘We haven’t achieved everything’
Bought 2 days in a row. On Thursday, it earned $44 million when Agrodollar donated $72.288 billion. There was no income from the farm dollar on Wednesday.
BCRA Bank has lost nearly US$3.25 billion in reserves so far this year due to sales on the foreign exchange market.
Also on Thursday, the monetary authority decided to raise the reference yield on time deposits and other financial markets to 81% from 78% amid currency tensions and high inflation.
Agriculture Secretary Juan José Bajiro predicted that “the regional economy could double its exports to $20 billion by 2033” and assured him there would be the “political will” to do so.
