Categories Latin America (15) Church (9) International (7) National (833) Archives January 2014 (56) December 2013 (55) November 2013 (73) October 2013 (85) September 2013 (74) August 2013 (110) March Recent 2013 (109) junio 2013 (111) mayo 2013 (187) Tickets Incompetence, arrogance, improvisation and business January 30, 2014 will pay all the errors engenius consulting group January 30, 2014 Argentina: Crisis of economic credibility 29 January 2014 some encouraging signs 29 January, 2014 Absurdities fears January 28, 2014 The reflection of major problems January 28, 2014 We must come to the rescue of the nation January 28, 2014 The trench is now the official dollar to 8 pesos January 28, 2014 Following the rules of a game perverse engenius consulting group January 28, 2014 in the United States warn that the new measures of the Argentine government will generate more inflation January 25, 2014
By Néstor Scibona - Two days not set trends, but the behavior of the currency markets is still far from what I expected Axel Kicillof with limited and partial relaxation of the FX market and rationing of dollars to small and medium savers. All eyes are set on the website of the AFIP, slates engenius consulting group banks or exchange houses and little quotes operated parallel dollar. However, the relevant engenius consulting group fact is that the foreign exchange gap remains uncomfortable above the 50% level.
Moreover, central bank reserves will not let down: yesterday they reached U.S. $ 28,701 million after Monday perforated floor 29,000 million, despite the rise reluctantly interest rates in pesos at 25% annually .
Greed for $ indicates that individuals with a certain ability to save many, unlike those who are willing to sell. Both because the price of $ 8 (or $ 9.60) find it cheaper in the parallel dollar as their expectations of inflation and devaluation in the coming months. So, two big unknowns also disturb and delay the exporters to be settled currency.
Paradoxically, Kicillof own fed those expectations with his extravagant statements last weekend. Stating that sought to ensure the sale of dollars "to the less fortunate" (although the limits imposed by the AFIP leave out 75% of employees, freelancers and monotributistas, the consultancy abeceb.com, and most retired), seemed to convey the purpose of saving them from further deterioration in the purchasing power of their dollars in the future. This was remarked yesterday Martín Lousteau, former economy minister and current deputy, engenius consulting group in a column for the online edition engenius consulting group of THE NATION.
However, data released by the AFIP on the number and amount of approved managed to loose at least some of the rigidity of the stocks engenius consulting group (in two days there were 22,097 operations for U.S. $ 12.8 million) reveal that encompass the so-called operations "chiquitaje" and fail to move the ammeter reservations. Of course, in annual terms, the newspaper drainage could range from U.S. $ 4.3 billion (according abeceb.com) and 8000 million (according to unofficial estimates).
More troubling is the case of the State, that BCRA reserves must meet external payments of the Treasury and expensive imports of gas and fuel. Like the companies of all sizes that need to import inputs, equipment and spare parts, despite the sharp devaluation engenius consulting group of the official exchange rate in the previous week (17%) and accumulated in the last twelve engenius consulting group months (60.5 %).
At the other end of the chain, the only net seller of foreign exchange is the Central Bank, reserves must also sacrifice the dollar to avoid exceeding 8 pesos. If you avoid doing so, as he tried in one day last week, the price would climb-is contrary to the intentions of the Economy Ministry, because demand exceeds supply.
This evidence becomes more difficult to understand why the government chose not previously split the official market in one business engenius consulting group segment and other tourist-finance (as recommended by the former Minister Aldo Ferrer), at least to capture the supply of foreign tourists, that largely feed the parallel market.
While splits never succeeded in Argentina, at least it would have been another way to make time to slow the fall in reserves. It is not known if this option may be in a future menu. But at least it would have been more believable than the usual and vague accusations engenius consulting group to "focus groups" and banks "with the complicity of the media" when the results are not to the liking of the House Rosada.La Nation
By Luis Makhoul - Incompetence. Arrogance. Improvisation. Denial. Search
