The free dollar holds offered at $201 for sale this Wednesday, with an exchange rate gap of 82.4% with respect to the wholesale dollar, at 110.20 pesos.
The dollar “counted on settlement” through Global 30 (GD30C) advances to $202, while the MEP dollar traded through Bonar 30 (AL30D) reaches $201 after a run of seven consecutive hikes.
In March, the BCRA retains a balance in favor of some USD 460 million for its foreign exchange share, preceded by four months with a negative balance, between November and February.
International reserves increased on Tuesday by just $1 million and ended at $37,019 million. At the edge of $37 billion, gross international assets remain at their lowest level since December 15, 2016 ($36,878 million).
President Alberto Fernández held a virtual meeting with IMF managing director Kristalina Georgieva, who confirmed that the agency's board will discuss the agreement this Friday, March 25, which would be approved. It should be recalled that the Fund extended until March 31 the maturity of the USD 2,809 million that was due to be canceled at the beginning of this week.
Meanwhile, Economy Minister Martín Guzmán and Paris Club President Emmanuel Moulin agreed to a further extension of the understanding reached in June 2021, for the payment of Argentina's commitments to this creditor.
“The new time bridge, reached prior to the vote of the Fund's board, includes financial guarantees by the Paris Club in support of the Extended Facilities program that lasts thirty months,” explained Research for Traders analysts.
The BCRA decided to increase the benchmark rate by 200 basis points, while at the same time raising the performance of retail fixed terms equally. This is the third interest rate hike so far this year, and it was in line with what was expected by the market.
The Annual Nominal Rate (TNA) of Liquidity Bills (Leliq) rose from 42.5% to 44.5%, yielding an Annual Effective Rate (TEA) of 54.8%, just below inflation estimates for this year above 55% per year.
The retail fixed-term rate increased from 41.5% to a TNA of 43.5%, and they will have an effective return of 53.3% per year. For the rest of the private sector deposits, the minimum TNA stood at 41.5% (TEA of 50.4%).
“The increase in the interest rate is in line with the IMF's desire to maintain positive real returns — even if they don't. There would be an acceleration of crawling peg,” they said from Research for Traders.
On the other hand, the Ministry of Economy obtained in the second tender for peso securities of the month, a cash of $43,912 million ($36,670 million nominal value awarded). In this way, the Treasury managed to accumulate extra funding in March of 182,343 million pesos.
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