The National government spent the whole week looking at the evolution of the Dolar blue as a thermometer of the impact that sought the front of all with the arrival of Serge Massa to the Ministry of Economy and did not finish finding good news. The blue fell significantly from the $340 it had climbed at the end of the short trading cycle. Silvana Batakis up to $285 and then recovered to regulate around $290.
Today it closed at $293. Expectation reigns in the market, but no one is playing chips for now. In the dollar it does not give up significantly and there is no recovery in the bonds. No one risks betting on Massa for now.
Those indicators, in any case, are not the center of the real problem that the country has with the dollar. The underlying issue is the reserves of the central bank and there was no good news there. Today the Central sold another US$95 million and with that it closed the first week of August with sales of US$700 million.
The bleeding of the Central, then, does not stop and the purchases continue. It is not the only problem to maintain the meager reserves that the BCRA since this week the payment for an expiration with the IMF was faced and the rate of exit due to the importation of permitted inputs is maintained.
This dynamic, which for the most part responds to the lack of credibility that continues to impact the Government, led to real net reserves remaining at around US$1.1 billion, that is, the equivalent of one week of imports.