The dollar started the day up, but soon the Central Bank turned to its ability to dry the market at any price. The day before, having placed Lecap and Lecer, two high-yielding pesos with high yield, the net absorption amounted to almost 4 billion dollars.
But since the instinct of dollarization remains stable in the market, on Liquidity Letters (Leliq) on Thursday, he swallowed up more than $ 13 billion, because he needed more money than he matured, and paid the same level of reduction of the previous day 59, 85% mortal.
It has already become a reality that one of the goals of the monetary plan for the gradual reduction of interest rates is in the depth of the archive. An idea that is not original, because it is used by almost all governments, is to throw trash under the carpet in order to arrive by the end of the year. But complications will appear in 2019 when Leliq shares, with its unpaid rates, begin to destroy the economy because the money deposited in banks will not be enough to update them. A tax on financial income will scare off fixed-term investors who feed Leliq.
The dollar, despite a slight fall, is still in search, because it knows that the plan has an expiration date and the turn of the currency is near.
This is evidenced by the marginal market, where the "blue" for the first time in a long time listed above the official dollar. On Thursday, he reached $ 41 and ended at the same price of the previous day at $ 40. In banks and exchange offices, where the currency began with a growth of more than 30 cents, it ended in a fall from 8 cents to 39.40 dollars. The wholesale dollar, which was approaching $ 38.80, soon changed course and fell 35 cents to $ 38.35.
On Friday, futures expire and will have to cancel positions, so the day will be tense.
The bill will be agreed with the government in 2019, and green shoots of minor reactivation will be far from increasing tax pressure when applying financial income on fixed terms and bonds. This is one of the most unfair taxes, because it pays even to those who have money on time and lose from inflation. Not to mention the one that lends money to the government and gets bonuses.
The financial system is full of taxes. The loans pay VAT on the interest rate and on life insurance, which is implied in the loan. Mortgage loans pay for life insurance and housing insurance, which are also covered by VAT. Transactions are punishable by gross income, not to mention the ridiculous tax on a check of 1.2%.
The incomprehensible thing to collect a tax on the rental of bonds is that if someone is looking at the screens of the markets, the column "offer" (offer) of Argentine names is full of sellers, but in the “rates” column, where buyers are placed, is empty. That is why there are fewer transactions with lower parity bonds every day, which increases country risk.
At the same time, reserves lost 335 million US dollars and remained at the level of 66.111 million dollars. because the interests of Birad 2117 were paid for $ 98 million and 4 million to international organizations and Brazil. In any case, the fall is due to the withdrawal of dollars from banks at the request of their clients. Holidays and other expenses encourage investors to withdraw into their dollar reserves. On the other hand, due to the growth of the euro and other currencies, the reserves were revalued by 108 million.
The stock exchange showed a significant increase of 3.67% with a large business volume of 767 million dollars. Banks were key in this resurrection. Supervielle (+ 8.04%), French (+ 7.34%), Macro (+ 6.82%) and Galicia (+ 5.24%) were among the most outstanding works.
The Argentine ADRs had another great wheel on Wall Street. The stock quotations for shareholdings in dollars rose by 5.59%, as is the case with Banco Macro.
The last round of 2018 is coming, and the balance for those who played in the stock market is negative. They lose 2% per year. But this measure of the low dollar absorbed almost 60% of the shares they had at the beginning of the year.
The winners were those that were placed on dollar bills and did not move from this position, despite the money plan, which was born on the first day of October.