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Vision: Define the BCRA strategy in February



This measure is already planned by the President of BCOS, while Guido Sandleris, while in Davos, stated that it would be necessary to study the increase in the purchase of foreign currency, providing a greater margin of intervention in the foreign market. It should be remembered that the final decision of the Monetary Union Committee (COPOM) was resolved that the exchange rate was not below the intervention area, with a 2% increase in the monthly rate, the basic objective. The increase will increase with daily purchases of $ 50 million through BCRA auctions amounting to $ 150 million), without exceeding 2% of the accumulated fund's target, something that can be verified. If it is set over the month of January, the target would be reduced with the sale of $ 150 million from that agency.

In this line, Mauro Mazza, Bull Market Brokers, "The Central Bank needs to prepare a gross harvest settlement, which is not worth $ 50 million per day." He also recalled that "the Government agreed with the MFN to maintain a real positive rate of 15.7%, which is 1.3% per month." Mazzas believes that "there are few margins to continue to rent, but the BCRA will be careful to avoid past mistakes". Conferences with international organizations last year also promised to support the party to re-estimate the exchange rates, which is why a fleet band created a similar rate of inflation. Despite the fact that weights in the last few weeks, after devaluing 2018, the level continues to rise. And despite the different purchases of BCRA (USD510 million per month) and Leliq in constant downturns, the wholesale dollar has been marketed seven consecutive days below the "zone".

In fact, it has to be taken into account Tuesday and yesterday that the Leliq fare had 142.5 points, two base losses (54.89% yesterday). LBO Inversiones said that "these defects caused the BCRA to make great expanses and seemed to cause concern for a moment, because February had a great deal of pressure in February, the goal of the month." But they have emphasized that the subsidy authority "has a greater presence in its other instrument: banking passages, banks and BCRA transactions, the first one that gives money to one day and lowers the money base." And they explained that "the pass rate rate (44.2% yesterday) is lower than Leliq, so nowadays, bank auctioning at the BCRA has fewer options." "This should increase the competitiveness of its proposals in the reference rate tender, which could be an argument that is due to this rate," they added. This may have a correlation in the exchange rate.


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