apply Moreno logic but do not control blue


After another battery of restrictive measures, the cash settlement settled 4 percent. But another free quote was not found out and is the reference

To the club, the Government of Alberto Fernández It continues to tread the quotations of the financial dollars in Argentina and, in this opportunity, another “success” was noted. The quasi-police control exercised by the National Value Comission commanded by Adrian Cosentino on the stock companies, and after a new restrictive measure known on Friday night, the cash with liquidation plummeted more than 4 percent and remained at 105 pesos per dollar, the lowest value of the parallel prices after ” Solidarity “that – adding the officer plus the 30 percent tax – is almost 95 pesos.

The new official restriction again complicates the operation of the dollar cable -also known as liqui- after last week the implicit exchange rate arising from these quotes had rebounded.

Indeed, both cash and MEP They had closed at $ 111.59 and $ 110 with weekly increases of 2.1% and 2.9%, respectively. The gaps were around 60%, still below the highs in the year of 80% but returning to the upside.

In the local plaza fell the prices of arbitration known as cash settlement.

Dollar: bread for today, hunger for tomorrow

So the official artillery came out. Specifically, the CNV arranged a new parking space for five business days for negotiable securities from abroad. In turn, it provided that the negotiation and settlement of operations in local currency of negotiable securities issued in the country, carried out by subjects under CNV supervision, may only be carried out in markets regulated by the Commission.

It also ruled that the agents registered before the CNV, In their own portfolio operations, they must offset purchases with sales of negotiable securities in the local market, and purchases and sales of negotiable securities in foreign markets.

I mean, and as the economist explains Fernando Marull, a kind of return to the logic of the ineffable Guillermo Moreno but in the financial market. The former Secretary of Internal Trade asked that for every dollar imported, one dollar be exported. Now the brokerage firms, in the week, for every cable dollar they make, have to have a dollar bill to compensate.

On the five-day parking, it is applied to negotiable securities from custodians abroad and accredited by local custodians. “All these measures further complicate the operation of the Liquidation Account, therefore it is likely that we will see a fall again in the short term,” says a report by Investments Personal Portfolio.

Of course, the government goes hunting inside the zoo. Imposing barriers to operate financial dollars, something that happens a while ago when the gap widened, does not make the only value of the free dollar in Argentina continue without acknowledging receipt of official maneuvers.

Guillermo Moreno, former Secretary of Internal Trade of Kirchnerism.

Guillermo Moreno, former Secretary of Internal Trade of Kirchnerism.

Blue dollar: repudiated currency without sovereignty

The Dolar blue is firm at 127 pesos and ends up being the only reference price for Argentina. To make matters worse, the CNV and the Financial Information Unit -which also came out to put pressure on the stock companies- discourage a completely legal and transparent market, and promotes one where it operates in total informality. Translated, official policy advocates going to the black market at the expense of another that operated with transparency.

This also occurs in the midst of another attempt by the Government to want to change the Argentine dollarization logic. The Minister of Economy, Martín Guzmán, he got on that horse and through a press release, stated that having “monetary sovereignty is having a reliable currency, a virtue that must be built by Argentine society as a whole.”

What Guzmán does not say is that precisely because the country has a currency repudiated by its own population, it is that the only form of savings is the dollar. The alternative that the saver historically chose, with all the governments and despite all the promises that the policy failed to fulfill.

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