The quotations of the dollar in Argentina parallel to the official exchange rate continue to rise uncontrollably this Tuesday (25), in the face of rising inflation and the shortage of foreign exchange, something that President Alberto Fernández attributed to actions of the “right”. The Peronist politician ratified the president of the Central Bank, Miguel Pesce, in the post.
“It is a permanent practice of the Argentine right,” Fernández told the press, claiming that opponents “spread rumors in the morning, operate throughout the day and, when the afternoon ends, withdraw their profitability from the exchange market and, thus, harm the economies of the majority of Argentines”.
“We are experiencing a world crisis of major proportions, which in Argentina is reinforced by the problem of drought that has caused incalculable damage to the economy”, declared the president at a press conference alongside his Romanian counterpart, Klaus Iohannis, who is on an official visit to Argentina.
In the informal market, the price of the blue dollar – which is sold on the clandestine market and which, in practice, serves as a reference for citizens due to the impossibility of accessing the official dollar – rose 33 pesos, to a new record of 495 pesos per unit .
At the same time, the so-called financial dollars followed the rise, increasing the gap with the official rate to 118%.
The dollar with settlement (CCL, which consists of buying shares or bonds locally with Argentine pesos and selling them in dollars on Wall Street) rose 4.4%, to 482.5 pesos per unit.
The exchange dollar or MEP dollar (which is obtained by buying assets quoted in both pesos and dollars, paid in pesos when bought and sold in dollars on the Argentine stock exchange) rose 4.9%, to 470.97 pesos per unit.
On the official foreign exchange market, the wholesale exchange rate rose 0.3% to 220.85 pesos per unit for sale.
In this context, Fernández ratified Pesce – who is close to the head of state, but not to the Minister of Economy, Sergio Massa – as director of the Central Bank, after having received him at the government headquarters on Monday (24).
The economic team will travel in the next few days to Washington to negotiate with the International Monetary Fund (IMF), with which Argentina has a refinancing program of US$ 45 billion that foresees quarterly targets that the country did not meet in the first quarter of 2023 .
Fernández said that it is “a lie” that the IMF has refused to anticipate withdrawals in the second half of the year, given the shortage of reserves in Argentina.
The new escalation of parallel exchange rates began after the release of an annual inflation rate of 104.3% and 7.7% per month in March. This situation makes it difficult for the Peronist government to manage until the primary elections in August and the general elections in October.
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