The dollar rises again | After the announcements of Lacunza

The dollar rises to 63 pesos in the main banks of the city. It is one of a kind Increase of 3 pesos concerning the average closing of the previous day's operations. The announcement of the Finance Ministry Wednesday has created a surprise in the market and provides for high volatility for the next few days. The Central Bank has indicated that it will not hesitate to use the reserves to try to control new cycles of devaluation.

The price of the currency had closed at 60 pesos this Wednesday. In the first minutes after the opening of the market, it is already sold at 63.0 pesos to Banco Galicia, 62.0 pesos to Banco Nación and 62.3 pesos to Santander.

The monetary authority could start by selling reserves in the next hour. This week, the plant sold $ 678 million. This figure equates to more than 1% of the reserves.

Exchange rate wholesaler records a jump of 5.5 percent. It runs at 59.40 pesos and marks an increase of 3 pesos with 10 cents compared to Wednesday. Dollarization is a natural reaction of investors to the decision to rebalance the debt: no one wants to be the next to receive some sort of measure that prevents them from collecting their money.

Over the next few days, a good monitor of the financial crisis can not stop following closely two variables: the behavior of fixed terms in pesos and the rate of decline of banks' foreign currency deposits. Dollar deposits fell 10% in less than two weeks and raise market concerns.

The management of financial badets remains firm. The announcement by the Department of Finance at the moment has not worked to ease the pressures and seems to add to the mistrust. The Argentine shares on the NYSE opened with a fall of more than 7%. The oil company YPF is one of the most affected. Course at 8 dollars. This is its lowest historical value. The price is lower than the crisis of 2002 and 2009.

Banks are other companies that receive a significant impact after the announcements. The Galicia group loses 7% and the Supervielle 8%. The latter bank is listed at less than $ 3. The figure is 10 times lower than the price it had before the exchange rate last year.

Financial institutions were very exposed to ads. They received non-voluntary reperfilation of short-term debts and no one has ruled out that the central bank is applying similar measures with the Leliq.