The central bank has achieved its goal of a cash program for December. In the middle of the month, the organization, led by Guido Sandleris, announced that it intends to continue to overcome the zero growth of the monetary base, as it did in October and November – that in December it had a seasonal correction of 6% – and ended the year with a surcharge of over 16,000 million dollars.
According to the chief economist of Management and Fitas, Matas Karaguti, “assessing the evolution of the monetary base on the basis of the results of the Leliq tender, the Central Bank will exceed the target by almost $ 16,000 million. United States, and more precisely, estimated legal entity. "A similar assessment was made by EcoGo Director Martn Wautier, who brought her closer to $ 17,000 million.
To achieve this goal, the central end donates a low interest rate to Leliq. During December, the average rate fell by only 150 basis points, while a month earlier the drop was 730 points.
“The other side of this currency is the base interest rate, which barely reaches 60% per year, a rate that complicates the already broken level of activity, but in turn is necessary to maintain the (fragile) balance in the foreign exchange market. Because of the forecast for 2019, a certain consensus is beginning to be felt that the rate cut will be slow, ”said Akot Karugati.
In particular, this Friday Lelik will receive $ 207,401 million, and during today's tender, the Central Bank awarded a face value of $ 216,931 million with an average annual rate of 59.25%. Thus, the Central Bank ended the year with a stock of bills of less than 723,000 million dollars.
Meanwhile, and in contrast to what happened with the currencies of neighboring countries, the dollar fell 60 cents a day with a large volume and closed at the level of 38.85 dollars on average for commercial banks and exchange offices. On Banco Nacin, closing at $ 38.80 per sales point.
“Today it is important to note that the market not only transferred funds by almost $ 459 million, but also that, in addition to the three operations“ currency exchange ”and“ MEP ”, an unusual number of“ ticket sales ”between financial organizations and the company was recorded, by 400 million dollars, "said Fernando Izzo of ABC Mercado de Cambios.
"It is clear that the business has gone all these past months through an interest rate in pesos, which both banks and local and foreign companies, as well as funds from investors and private individuals sell currency and place in local currency, at about 45 currently % TNA. The dollar-counterparty has no business attractiveness other than depositing with Letes through primary issuance, increasing government bonds and / or dollar bonds in various assets, ”he added. specialist.
On the wholesale market, 1111.4 million Spot dollars and another 135 million Futures were concluded with a strong supply margin, which led to a decrease in prices to $ 37.70. Thus, the wholesale dollar ends the month at a loss of 2 cents, but with an interannual increase of 102.15% or 19.81 dollars.
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