Economy Country January 23, 2025

Central Bank Sells US$82 Million Amid Currency Tensions

The Central Bank of Argentina sold US$82 million today in the currency market, leading to a negative balance of US$117 million over the last two days. In January alone, the positive balance reached US$1.36 billion. However, the reserves dropped by US$141 million, indicating ongoing currency intervention.


Central Bank Sells US$82 Million Amid Currency Tensions

The Central Bank sold today US$ 82 million in the Unique and Free Exchange Market (MULC), accumulating a negative balance of US$ 117 million in the last two days. However, so far in January, the positive balance reaches US$ 1.360 billion. Reserves have decreased by US$ 141 million, standing at US$ 30.139 billion. This currency sale constitutes the seventh consecutive round of reserve outflows, in the context of a strong intervention in the financial market.

The blue dollar increased by ten pesos, reaching $1,240 for sale. On the other hand, the official retail dollar traded at $1,014.78 for purchase and $1,072.58 for sale, while at Banco Nación it was quoted at $1,027.50 for purchase and $1,067.50 for sale. In the wholesale market, the dollar was offered at $1,048 per unit, 50 pesos above the previous day's closing.

Regarding future dollar contracts, they have increased for the sixth consecutive day, and the Bitcoin dollar is quoted at $1,213.23. The Contado con Liquidación (CCL) is sold at $1,193.69, with a spread of 14.12% over the official rate. The card or tourist dollar, as well as the savings dollar, traded at $1,387.65. Observing future prices, an advance of the official exchange rate of 2.2% is expected for August. Despite the reduction of the "crawling peg" to 1% monthly since February, an expected average monthly adjustment of 1.8% is projected, which would imply a cumulative increase of 11.5% for the first half.

The MEP dollar stands at $1,170.79, generating an 11.93% gap with the official rate, while Bitcoin trades at u$s105,031.26.