March 12, 2014
Blue-chip swap, 'blue' dollar drop; official rate ends four cents lower
The US dollar today was sharply lower at 7.85 pesos in banks and exchange offices, four cents lower than yesterday's close.
In line with yesterday's close, the blue-chip swap and the illegal dollar also dropped to 11.04 pesos and 12.13 pesos respectively.
Agriculture exporters promised the government to sell US$2 billion throughout the month for their remaining crops thanks to the “exchange rate stability,” according to what Cabinet Chief Jorge Capitanich said on his Twitter account.
This came only one day after the Central Bank reinstated a rule restricting the amount of foreign currency holdings banks can hold in their coffers to a maximum 30 percent of the institution’s financial liability or its liquid equity, whichever is lower. At the same time, a 10-percent limit was set for the futures exchange market.
Meanwhile, Central Bank reserves went up US$19M to US$27.821M.