Greed for the Dollar Grows: Online Purchases Fired

In recent weeks, the official dollar has been cheaper than the exchange rate and that has revived the purchase of tickets through home banking or apps.

The soaring of the cash and the Mep dollar also rekindled interest in the “solidarity dollar.” Although the exchange stock limits monthly purchases to $ 200, bank customers they returned in April to make their acquisitions via homebanking.

Unlike what happened in the previous months, when the stock exchange rate was online or even below the value of the “solidarity dollar” (that is, the retailer with the 30% surcharge for the tax), in the last weeks the officer was far behind the price of the dollar Mep. Today, for example, the latter closed at $ 109.18 while “solidarity” could be bought for $ 88.96. The same situation occurs in the comparison with the blue dollar, which is trading around $ 100.

As a result, both banks and apps that sell dollars saw an uptick in the number of buyers. “We have the DolarIOL platform, which sells dollars but only up to the monthly quota allowed. In March and so far in April, as the price of the Mep escaped, the amount of purchases increased a lotCompared to January and February, “said José Bano, research manager at invest online.

Online channels, allies of Argentines seeking dollars

In several banking entities consulted by iProfesional they also recognized an increase in solidarity dollar purchases in recent weeks. “They doubled,” they sentenced in one of them.

From another financial institution they agreed: “So far in April there has been a growth in demand for the purchase of approximately dollars 50% over the previous month

In a third entity they were somewhat more moderate. “Although there was an increase, the context of the purchase restriction of $ 200 per person, means that in terms of quantities that increase be very small“they explained.

“Ticket purchases are within expectations. The trend in recent months was for people to home-bank their dollars, in order to pay expenses. These days this trend was reversed and, due to the convenience of the price, they are buying dollars through that channel. They are very moderate levels, given that there is a restriction of $ 200 dollars per month and per person. So, together, the figure is insignificant“they graphed on a fourth bench.

Sources from another private entity agreed: “The volume of purchase of dollars by customers increased this month compared to March. There was a growth due to the difference between the solidarity dollar with the Mep and the cash one with Liqui. However, as the month passes, the quota for buying and operations is running out. tend to decrease towards the end of the month

Statistics of private deposits in dollars show the growth of banknotes in bank accounts. The rise has been observed since Wednesday, April 15, when the Mep touched its weekly maximum of $ 108.32 ー which, likewise, was exceeded by the closings of yesterday and today ㅡ.

Deposits in dollars (in any type of account) from the private sector US $ 140 million increased between Tuesday and Friday. On the other hand, dollars in savings accounts (where the banknotes bought by retailers tend to remain) rose by US $ 146 million in the same period.

However, the data of this Monday already shows the effect of the withdrawal of tickets. On the first day of the week, private sector deposits in dollars fell $ 84 million, of which US $ 74 million corresponded to savings account balances.

Few shifts to withdraw dollars

Throughout the past week, banks did not provide cash to those who wanted to carry out operations with dollars, be they deposits or withdrawals. Thus, every dollar that was bought by home banking was deposited, as shown by official statistics. In fact, several analysts had expressed their concern about the virtual “corralito” that the deposits in foreign currency suffered.

From this Monday the entities give turns for those clients who want to withdraw their dollars. They also provide shifts to access the safe deposit boxes, in case the client wants to leave there the funds that he extracted from his account.

In the banks they maintained that the movements of the operation in foreign currency during the first 3 days of operation was at normal levels, although the situation varies according to each entity.

Argentines buy more but also withdraw more currency from the system

Since National BankFor example, they stated that little movement of dollars was seen. “We have deposits for $ 1.5 billion and only $ 1 million average per day retired, between Monday and Tuesday. It is not significant, “they said.

For its part, city ​​Bank they stated: “The operations by box come very calm this week. Inclusive shift level moderated. We came from giving between 1500 and 1800 shifts last week and this week we are around 1000 shifts. Within that, the dollar operation was minimal. “

“In Banco Provincia an average of 22,000 shifts are granted every day. Each person or company can request one shift per day. During Monday and Tuesday dollar operations accounted for less than 10% of shifts attended by the bank “, they specified in the entity that Juan Cuattromo leads.

Interest of savers

Bank sources agree that dollar withdrawals are led by retailers. Spokesmen for an institution gave him numbers: “There were extractions but they were small amounts, between u $ s1,500 and u $ s2,000

In a private entity, where they also stated that attendance at branches to operate in foreign currency is very quiet, they said: “Regarding the withdrawal of dollars through the window, they were mostly individuals And there was also an SME that needed them to pay expenses or salaries, but to a much lesser extent. The levels were really moderate. Very for below what we expected, after weeks of closing the window operation “.

And they added: “The best demonstration that today dollars are not a problem is that having free turns to go to the branch and circulate on the street, There are no queues at any bank, nor claims like there were in past mini crises where many people wanted to go to withdraw their dollars, and he had to wait awhile or come back the next day for the flow truck to come. Those were logistics problems. Right now, not even that is given. “

In the same tune, in BBVA They assured: “There was a withdrawal of dollars during these days but nothing flashy or out of the expected. The withdrawal not worrying and particularly we are with the liquidity necessary to respond on demand without any inconvenience. “

Visits to the safe

Some entities indicated that there were part of the clients who requested a double shift to withdraw dollars and to visit the safe The same day. Although banks do not monitor what each customer does when they go to their cashier, it is expected that in these cases they will withdraw the tickets and immediately protect them there.

“Although demand is regulated by the shift system, there were clients who went to the branches to extract dollars. there were cases when they asked to access their safety box after going through the box to make the withdrawal. However, it is worth clarifying that the number of withdrawals and visits to safes remained at normal values, “they said in another bank.

Another institution also admitted: “There was an increase in demand for dollars at the window, but without exceeding expectations and the forecasts that had been made. A percentage of those who withdrew dollars kept them in their safe. “

5% of the shifts were issued to operate in foreign currency in dollars and mainly to carry out banknote extraction operations. Customers normally made these withdrawals to enter their safe later “, they recognized a third entity.

On the contrary, in another bank they expressed: “You don’t see too many turn orders for a safe. Those who needed access did so mostly last week, which was the first time they were available again. ”

I knew the value of the dollar in Dollar Today and I followed the quotation and behavior minute by minute. CLICK HERE
Find out the latest on digital economy, startups, fintech, corporate innovation and blockchain. CLICK HERE