Wednesday , March 22 2023

The central bank is stepping up currency interventions to stop the dollar falling


The Central Bank Argentina (BCRA) continued on Tuesday absorbing dollars wholesale market to help limit the domestic currency weakness that is being maintained end of September, against attractive earnings from interest rates and other financial assets.

However increased by 0.8% or 30 cents experienced by the currency The US was associated with a more intense demand prior to official participation, which was very limited under the agreement with the International Monetary Fund.

"The demand for revival and encourages growth that analysts have not anticipated, ”he said. Gustavo Quintana, Representative of PR Corredores de Cambio.

The monetary authority had to buy the maximum amount per day $ 50 Million the beginning of the market $ 160 million in purchases the last four business rounds. These steps are aligned with Monetary Fund International (IMF).

The monetary authority bought these USD 50 million at an average price $ 37,0368, the maximum daily amount that the institution made in the first quarter of the year. The official non-interference band was set on Tuesday 37.475/ 48,497 pesos per dollar, respectively for the purchase and sale.

Interbank Dollar records 30 cents 37.30 pesos. Although reduce the gap without intervention bar floor 17 cents, add the fourth wheel from this free floating zone.

The company is offered a dollar $ 38.10 branches National Bank.

On the other hand, the US currency in the small limited market remained stable at 38.50 /39 pesosalmost by copying the behavior of wholesale transactions, operators added Reuters.

The monetary authority reaches gradually reduce the reference rate in your daily letters LELIQby expanding the peso market. This Tuesday he set the bet 57.61% per annumversus a 57,801% per annum Monday

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