A year of Macri's speech that raised the dollar from 30 to 40 pesos in two days

"Hello, last week we had new expressions of lack of confidence in the markets", the president started Mauricio Macri in his speech by national channel only on August 29 of last year. At that time, he announced a new agreement with the International Monetary Fund (IMF) to deal with the economic and currency crisis that was going through, as now, the country. By the time the message had been delivered, the agreement had not yet been reached and the market responded by raising the dollar from 30 to 40 pesos in two days.

"I want to announce that we have agreed with the International Monetary Fund to advance all the necessary funds to ensure compliance with the financial program next year." This decision aims to eliminate any uncertainty that has been generated around the deterioration. of the international context, "said Macri. a year.

In addition, he promised that the agreement was going to be concluded "Guarantee financing for 2019" because "this will enable us to build confidence and return to growth as quickly as possible, and we will support this support with the necessary budgetary efforts, a work in which we have made very good progress". That same day, the dollar closed on the barrier of 34 pesosWhat? This represents an increase of 2.43 pesos (or 7.33%) in one day and accumulated an increase of 6.26 pesos in August and 16.07 from January 2, 2018, when it was offered at 18.41 pesos.

Dollar closed above 34 dollars despite Macri announcements and central bank auctions

In the midst of the unrestrained rise of the currency, the Central Bank, then led by Luis "Toto" CaputoAt auction, 300 million dollars to try to contain the price, while the green bill was barely 32 pesos on sale. Investors bought everything, unlike the last few days when the demand was lower than the one proposed. The average selling price was 31.64 pesos and the minimum price was 31.60 pesos.

The next day, Thursday, August 30, 2018, the exchange rate has escaped again during the day and has reached more than 41 USD mid-morning in the city. When it took half an hour to close the market, the Central Bank announced, among the entities of the banking system, that it would auction 500 million USD five minutes before 15. Finally, 330 million USD were sold at an average selling price of 38.71 USD. which caused the wholesaler to lose a few cents, although the amortization of the day was greater than 13%.

A year later, this Thursday, August 29, the US currency exceeded the $ 60 mark and was listed at $ 62 on sale and $ 58 on purchase.

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