Applying the 30% PAIS tax, the currency amounted to $ 103.62. Additionally, due to the 35% withholding on account of Income and Personal Property taxes, the “joint venture” closed at $ 131.52.
In relation to the possibility of acquiring the so-called savings dollar, the Anses reported that banking entities can check if a person is a beneficiary of a social plan through the negative certification website on the page of the pension unit, to give compliance with the regulations of the Central Bank in this regard.
The Central Bank, through communication “A” 7105 determined that Banks will not be able to open a savings bank in foreign currency to operate in foreign currency for people who are beneficiaries of a plan or program characterized as social assistance, including food subsidies..
For its part, The wholesale dollar advanced 21 cents to $ 75.59, offsetting the inactivity of the weekend, coupled with the official regulation price that the Central Bank sets daily in its usual selling position.
One of the main concerns is that, despite the tourniquet that was made to the stocks, the BCRA continued to lose dollars in the last days of the week: on Friday the 18th, the gross reserves stood at US $ 42,433 million, that is, US $ 40 million less than those on Thursday. The loss was $ 88 if compared to Wednesday.
Although this Monday, according to private sources, the entity led by Miguel Pesce was able to end the day with a positive balance, the Gross International Reserves fell US $ 185 million to US $ 42,248 million.
Roberto Geretto, an economist at Banco CMF, stressed that this week “attention will continue to be on the exchange rate, where the BCRA continues to lose reserves despite the larger stocks. The current exchange rate scheme will in the best of cases avoid a fall in reserves, but not an increase in them. “
From the consulting firm VatNet Research, they indicated that “after deciding the measures, the new scheme could last a while, which would be verified if liquid reserves accumulate.” They added: “The big question is the exchange rate. Due to the trade surplus, the current price looks reasonable, but not because of the convertibility ratio. Perhaps the practical way to solve it would be to accelerate the pace of the devaluation of the peso.”
Regarding the situation of the companies, a realignment is expected given that the amount allowed to access the exchange market was limited to 40% of their debt. Due, for the remaining 60%, submit a refinancing or restructuring plan to the market.
“This restriction had a negative impact on the prospects of local companies, which had already been hit hard by the difficult context, and clearly affects any investment and financing expectations. In fact, the measures complicate access to external financing from the private sector, and are one more sign of the strong presence of the State, “they commented from the consulting firm PPI.
“There are several companies that have already exchanged part of their debts in recent months and others that are currently in restructuring processes. Obviously, after these measures, we will begin to see corporate swaps on a more recurring basis, “they added.
As a reference, the risk rating agency Moody’s indicated that the pandemic and the country’s fragile economic situation problems for corporate credit will increase in most sectors of the economy at least until mid-2021.
The rating agency pointed out that the restructuring of the debt with external creditors could provide some relief to the situation, but they clarify that the government’s fiscal accounts limit the ability to support the business sector.
On the other hand, the economist Gustavo Ber pointed out that “financial dollars continue to readjust upward since the operators continue to be more inclined towards caution, and therefore the search for coverage, accompanying the pronounced weakness that financial assets have been suffering“.
The CCL gap with the dollar closed the day at 85% while the MEP presented a spread of 73.3%.
The dollar began the week with a new advance in the wholesale segment, in a round with a selling tone but always respecting the fluctuation band established by the Central Bank.
The highs were noted at the start at $ 75.59. The supply of foreign currency intensified throughout the day, fluently supplying authorized purchase orders. The excess supply available, in this framework, was absorbed by official activity with purchases in the sector where banks and companies operate and that at the same time they defended the price when it touched minimum at $ 75.58. The volume traded amounted to US $ 213 million.
The usual private market sources estimated that the positive balance of the Central Bank exceeded US $ 50 million, approximately.
“With the demand for foreign currency diluted due to the effect of the greater exchange rate lock, the scenario presented a very favorable outlook for the official regulation who, through purchases, absorbed the excess supply available, recovering part of the resources used in the previous rounds to meet the unsatisfied demand“, highlighted the analyst Gustavo Quintana.
In turn, “as a result of regulation and normative restrictions, the local market did not accept external nervousness and volatility, maintaining a behavior from which it has not deviated for several months“.
In a market with few operations, the blue dollar went up $ 1 to $ 141 for sale, accumulating a $ 10 advance from last week, as a reaction to the measures launched by the Central Bank, AFIP, and the CNV to discourage the demand for Dollars in the official market.
He Parallel ticket, which came off three consecutive weekly drops, posted an escalation of $ 9 last week, driven by the greater restrictions to operate in the official market.
In this way, the gap with the wholesale official ended the week at 86.5%, after exceeding 92% last Wednesday. The spread between the two quotes reached a maximum of 104% in mid-May.
The BCRA, together with the CNV and AFIP, on Tuesday tightened access to the official exchange market for consumption abroad, purchases of foreign currency for savings and exchange operations with bonds, in order to protect the battered reserves.
Most analysts maintain that these measures will ease the pressure on reserves in the short term but are not sustainable in the long term and could cause an increase in exchange rate gaps, since devaluation expectations remain latent but the possibilities of accessing the official market are lower.
In the ROFEX futures market, US $ 142 million were traded. The terms remained stable in their prices. The BCRA maintains its dissuasive positions. End of September ended with a rate of 31.12%; October at 35.61%.
End of the year at $ 84.88 with a TNA of 44.41%. The open contract positions, totaled the sum of 4.810 million dollars.