The Central Bank will expand its power of intervention in the foreign exchange market if the dollar is below the float band floor. As determined by the monetary authority, the maximum amount that you can buy daily will happen in February of the current 50 to 75 million dollars.
The monetary policy committee of the body headed by Guido Sandleris determined on Thursday a change in the conditions with which it can act when the dollar is found, as in the last ten days, floating below the floor of the band exchange rate
Although the agreement signed in October with the IMF had stipulated a daily limit of purchases of 150 million dollars in the market, by the end of December the Central Bank decided to set a lower limit , so that it set a limit of 50 million. At this time, the currency had never drilled the bottom line of this non-intervention zone of the BCRA.
But in January the US currency began to record an increase in its offer as a result of the return of foreign investors funds that took their dollars to bet on Argentine assets and settlement of the complex agroexportador, that was injecting currencies in the market.
This new offer, plus a demand ironed for absence of pesos in the market Determine a sustained drop in the dollar, That during twelve changeable wheels it was below the bottom line of flotation. The Central Bank, to try to sustain the price of the currency and avoid an excessive appreciation of the peso, intervened with Purchases totaling $ S560 million, Which went on to nourish their reserves.
One of the questions that overcame the market over the last few weeks, considering that the successive interventions in the market did not return to the dollar at the price range of the exchange rate, it was if the BCRA continued to consider this limit of 50 million efficiently.
The central entity responded this Thursday to the official statement. "If the exchange rate is below the non-intervention zone, the monetary base goal will increase with purchases of dollars made through bidding of the BCRA. These tenders will be up to $ 75 million per day"The Central Bank determined.
In this sense, they have explained that the purchases of dollars have, strictly speaking, two limits. A newspaper, of $ S75 million, and one monthly. As purchases of dollars on the market mean that the first body issues pesos to carry out these operations, There is also a broadcast limit. In February, it can not exceed 3% of the monetary base goal, which in clear numbers means about $ 41,000 million.