The dollar started the day, but soon the Central Bank appealed to its ability to dry up the market at any price. The day before, when placing Lecap and Lecer, two high-yield peso securities had achieved net absorption of nearly $ 4 billion.
But because the instinct to donate remained strong in the market, in Liquid deals on Thursday, it absorbed more than $ 13 billion because it took more money than it was due and paid the same deduction rate the previous day which amounted to 59, 85% of the rate turn off.
It is a fact that one of the objectives of the monetary plan to gradually reduce interest rates is in the depth of the archive. The idea, which is not original because it is applied by almost all governments, is to sweep garbage under the rug so that it reaches the end of the year. But complications will appear in 2019 when Leliq stock, with an unpaid exchange rate, begins to erode the economy because the money saved in the bank will not be enough to renew it. The financial income tax will scare away fixed-term investors who feed Leliq.
The dollar, although slightly down, is still vigilant knowing that the plan has an expiration date and the change of currency is near.
This is indicated by the marginal market where "blue" for the first time in the old quote above the official dollar. On Thursday the price is $ 41 and ends at the same price from the previous day of $ 40. In banks and exchange houses, where the currency starts with an increase of more than 30 cents, ending with a decline of 8 cents to $ 39.40. The wholesale dollar, which was on its way to $ 38.80, immediately changed direction and fell 35 cents to $ 38.35.
On Friday the futures expire and must cancel the position so that the day will be intense.
This bill will run in tandem with the Government in 2019 and green shoots from reactivation will be slightly far from the increase in tax pressure when applying financial revenues with fixed terms and bonds. This is one of the most unfair taxes for paying even those who have money on time and lose against inflation. Not to mention those who lend money to the government and receive bonuses.
The financial system is filled with taxes. Loans pay VAT based on interest rates and life insurance implied in credit. Mortgage loans pay for life and housing insurance which are also covered by VAT. The transaction was punished with gross income and not to mention a 1.2% tax absurd on the check.
The incomprehensible thing to collect taxes on bond leases is that if someone oversees the market screen, the "offer" column (bidding) of the Argentine title is full of sellers, but in the "bid" column, where the buyer is placed empty. That is why every day there are several operations with bonds at lower parity which increase the country's risk.
For all of this, reserves lost USD 335 million and remained at 66,111 million because the interests of Birad 2117 were paid in the amount of USD 98 million and 4 million to international organizations and to Brazil. In any case, this decrease is due to bank withdrawals, at the request of their clients. Holidays and other expenses encourage savers to go to their dollar reserves. On the other hand, due to the increase due to the increase in the euro and other currencies, reserves were reassessed by 108 million.
The Stock Exchange has a strong increase of 3.67% with a high business amount of $ 767 million. Banks are the key to this revival. Supervielle (+ 8.04%), France (+ 7.34%), Macro (+ 6.82%) and Galicia (+ 5.24%) were among the most prominent papers.
On Wall Street, Argentina's ADR has very good wheels. The share certificates quoted in dollars rose 5.59%, as was the case with Banco Macro.
The final round of 2018 will come and the balance for those who play in the negative stock market. They lost 2% this year. But the size of the low dollar devoured almost 60% of the equity they had at the beginning of the year.
The winner is people who are positioned on the dollar and are not moving from that position, regardless of the monetary plan that was born on the first day of October.