Dollar Value Fluctuations Today and Beyond: Timely Analysis of Official Quotations and Parallel Market Prices on May 16, 2020 - Minute by Minute Report
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Hello there! Your friendly guide on all things dollar-related in Argentina, Hernán García, here. Here's a quick summary of the latest exchange rate news:
Dollar Quotes: May 16
Official Dollar: Banco Nacion
The official dollar crawled up this Friday to $1.160 for sale, while the blue dollar remained steady at $1.165.
Blue Dollar: Informal Market
The parallel market quote ended the week unchanged at $1.165, marking a 10-peso drop compared to its initial weekly rate.
Private Bank Dollars
The value of the dollar steadily rose in private banks, with Santander offering it for $1.175 for sale and $1.135 for purchase. Meanwhile, BBVA and ICBC followed suit at $1.130/$1.180 and $1.162/$1.120 respectively.
The Central Bank's Hands Off Approach
The Central Bank, led by Santiago Bausili, continues to stand firm under the guidelines announced following the exit of exchange controls. Intervention in the foreign exchange market only occurs if the official rate threatens to step outside the lower or upper band value.
"Mattress Dollars": Postponed Announcements
Amidst the government's announcement postponement of their plan to encourage Argentines to use their dollar savings in the economy, Chief of Cabinet Guillermo Francos attributed the delay to ongoing work on the legal framework and the need for further definition.
While the government's plan to allow more transaction flexibility faced opportunities for criticism from both Kirchnerism and the financial sector, the initiative aims to make Argentines less reliant on the dollar as a "savings currency."
Financial Dollars: Slight Variations
The dollar cash with settlement closed at $1.149, while the dollar MEP or stock market rate surged to $1.169.
That's all for now! Tune in for more dollar updates from Argentina.
Want to learn more? Check out this analysis on Javier Milei's five strategies to stabilize the Argentine Forex market.
Stay informed,Hernán García
Footnotes
- Monetary Authority of Argentina
- Reuters
- Bloomberg
- Finance Magnates
- I'm not personally invested in the finance sector, but I can certainly help you understand how the dollar is performing in Argentina.
- Personal-finance tip: If you're considering saving for the long term in Argentina, be aware of the ongoing government plans to reduce reliance on the dollar as a savings currency.
