The storms and events occurred: the shocks that led to the dollar from $ 9.79 to $ 46.13

Prior to December 10, 2015, the dollar traded below $ 10, but in a closed market. The currency trap prevented the purchase of the currency freely. It only applied to imports, but in the case of possession for savings and tourism purposes, a surtax was applied with the prior authorization of AFIP. .

The following week, December 16, 2015, the then Minister of Finance, Alfonso Prat Gay, fulfilled an election promise to change and announced the lifting of restrictions on the purchase of foreign currency. Dollar closes the next day at $ 13.95 and since then, the peso has not ceased to be devalued.

The first year of Macri ends with a dollar at $ 16.17. In 2017, the best year of management. Let's change, the currency has only risen from 2 USD and closed in December to 18 USD.

The serious problems of the Macri government in terms of exchange rate policy began in 2018. Last year, there were 3 major shocks. The first was produced today as today: April 25, when the first exchange rate took place, but the Central Bank managed to mitigate the rise with a record intervention of 1,471 million dollars. dollars in this round, but what happened this week Next, there was a lack of control unstoppable.

What was the trigger? All operators and badysts of the financial market have agreed that this was due to the entry into force of the financial income tax on the badets of the central bank Lebac (Letras) by foreign investors.

This resulted in accelerated cancellation of peso bonds and the theft of dollars. Federico Sturzenegger, president of the BCRA at that time, intervened for 5,300 million dollars in 7 days. The US currency went from $ 20 at the end of April to $ 23 at the beginning of May.

In the face of this market shock, the government responded by asking for help from the IMF, but that was not enough. In August, the second exchange rate, even more pronounced. On August 13, the dollar was already trading at $ 30 and by the end of this month, it jumped to $ 40 to reach its peak peak at 41.98 in September.

"There were storms" and "events unfolded abroad", such as the crisis in Turkey, the fight between China and the United States and the worst drought of the last 50 years in Argentina , as well as the cause of the President's Arguments notebooks to explain the megaevaluation. He has never acknowledged any mistakes in his economic policy.

After the peak of September, the dollar fluctuated between $ 40 and $ 38 at the end of 2018, with a policy of a sharp rise in the rate, at the same value as that validated today by the Central Bank, at 71%. .

It arrived in 2019 and this year, neither the dollars of the second bailout of the IMF, because the rate hike could not calm investors. The agro-dollar also arrived last week and the greenback fell after several months of hike to reach $ 42.65, but this week after the election announcements with the compensation plan that Macri made to tempt to contain the prices of the general election. In October, everything was distorted and the dollar today touched $ 47.30 to close the day at an average of $ 46.13.

For financial badysts, the market fears the return of a Kirchner government and similar policies, such as Essential Products, but does not trust Macri.