The Type

He already speculates on himself whereupon the exporter (especially, the agricultural product exporter), will not eliminate their currencies until after the elections. Beyond the pressures that are observed from the side of the demand, it is a fact that the BCRA will not allow an abrupt depreciation of the type of change. It is not in his objective nor is desirable in terms of stability of the economy. It is clear that to the Argentine government it is to him from interest that the type of change continues depreciating itself. It is that in a context of depression as much of the internal demand as external, it does not generate great risks inflationary and it allows to fit the fiscal accounts, to the time to put together the type of real par. The objective level of the type of change for the end of year, continues being $ 4 by dollar. In this way it would be managed to maintain the type of real par in levels similar to those of end of 2008, considering that the retail rate of waited for inflation for this year would be between 15% and 20%.

to stay the present rate of depreciation that is observing the type of change, the quote of the American dollar would not be far from reaching $ 4 before the legislative elections. Although a dollar to $ 4 before the elections would not be something utopian, a good signal can be that the BCRA decided to leave with more force to take part in the exchange market to restrain the rise of the dollar. The BCRA must whereupon do it. To the 20 of March, according to the international information that arise from the BCRA, reserves in the power of the monetary authority they promoted to US$ 47,025 million. Additionally, in yesterday, the Argentine government signed an exchange agreement with China that allows the country to accede to a significant sum of yuanes (by a maximum amount of US$ 10,200 million), giving weights in return to pay originating imports of that one country, which allows to reinforce the financial situation of Argentina that in this way can preserve a nonsmaller proportion of its dollars.