March 12, 2014
‘Blue’ dollar surges back to record highWednesday, January 15, 2014
Reserves are US$19M away from US$30B
Despite buying US$50 million, the Central Bank’s reserves plummeted another US$82 million yesterday to close at US$30.019 billion, bringing it at just a hair above the psychologically important barrier of US$30 billion.
The black market dollar closed yesterday at 10.93 pesos, repeating a historic peak seen last week, while the official exchange rate continued its steady depreciation, this time by only one cent to 6.715.
The so-called “blue” dollar surged up to 11 pesos during the day, only to fall back down a few cents by the end of the day.
Foreign reserves were not sacrificed by the Central Bank during the round, which ended up buying US$50 million.
Of further concern for the government was the bond swap dollar’s increase past the 10-peso mark, closing at 10.10 pesos. The rate pertains to the sale of bonds in dollars, which remains favourable against the “blue” rate, but only just.
On Monday, the ANSES pension agency sold 600 million pesos in bonds to counter the hike.
The government’s pursuit of the so-called “blue” dollar — key to stemming the bleeding of reserves, in part because foreign investment has been dissuaded by the temptation of getting more bang for your buck in the black market — remains an elusive one.
The perceived problem of soybean farmers not settling as the official rate rises was seemingly proved somewhat hollow by a report by the CIARA and CEC farming sector export chambers showing the total sold abroad in 2013 US$93 million higher than in 2012.
The chambers, which account for a third of the sector, weighed total exports at US$23.162 billion.
Herald with DyN