Dollar: Central Bank burns its reserves | The author …

The foreign exchange market is unstable on the first day of Hernán Lacunza as Finance Minister. The sharp decline in bonds and equities
This Monday, they left a lot of tension for this day. In the wholesale market, the dollar fell 30 cents from the previous closing at 54.70 pesos. In the Banco Nación, the retail dollar is offered at 57 pesos and in banks such as Galicia, the price increases by one peso, up to 58.

The Central Bank had to make three interventions with the sale of 112 million dollars to reverse the initial increase. The first call for tenders was at 11:30 for $ 50 million and the second minute later for $ 34 million. In the latter case, the offer also rose to 50 million, but the market ended up taking 34 million. Later, monetary authorities again offered 50 million and investors 28 million. In the afternoon, however, the BCRA proceeded with the usual $ 30 million auction on behalf of the Department of Finance.

The actions fall

During the first half-hour of trading, shares of the local stock market collapsed. The fall observed Monday in New York has almost completely changed.

The MerVal index shows a decrease of 8.3%. Banks are among the actions that have marked the most important falls: Macro recorded a decrease of 13.4%, while Galicia did it with 14.1% and Supervielle with 12.9%.

Energy companies are others with heavy losses. The retirement of Edenor (-10.5%) and Pampa Energía (-6.5%) is remarkable. The oil company YPF is another of the affected companies. It is listed with a drop of 5.7%. In New York, this company is already trading at the lowest levels of recent decades.