The Chips the Argentine Government Moved to Hold the Dollar at 1,400 in May and Why
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The official dollar closed again under the $1,400 per eighth consecutive wheel this Thursday, May 14, on a day marked by market expectation in the face of the spread of April inflation data. In parallel, the blue dollar remained at $1415, while the financiers recorded slight losses: the MEP operated about $1,421 and the one with settlement (CCL) quoted at $1,481,39. The wholesale exchange rate ended at $1,391 for sale, a weight less than in the …
The Argentine government would seem determined to sustain the exchange rate around ARS$1,400. Although the dollar is strictly floating between two bands that are widening divergingly to the pace of past inflation (the ceiling exceeds ARS$ 1,727 and the lower limit perforated the ARS$ 807), in fact the government has left indications of having traced two invisible bands that seek to limit the movements with the aim of sustaining the accumulation …
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