Let's change, a lion loses reserves Still with peace …



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The dollar closed at 46.05 pesos, down 1.0 percent (45 cents). The wholesale exchange rate ended at 44.80 pesos, with a similar daily variation. The currency began the morning with some pressure that was diluted with the passing of hours. In the final part of the day, sales orders prevailed and cooperated to deflate the quotation. The central bank returned the interest rate to 72.05 percent against the 72.48 on the previous day. Financial calm does not seem sustainable as the weeks go by. The fall in the price of soybeans and the lower than expected growth in Brazil is creating new problems for the country.

The international reserves have begun in recent weeks following the changing market data. The stock market closed yesterday at $ 68.111 million, reflecting a fall of 319 million in respect of Thursday and 3184 million in the week. The reserves have reached a peak of $ 77,481 million in April's new loan from the International Monetary Fund, but in the last month the economy has already consumed 90 percent of its credit. Interest and capital payments to foreign creditors accelerated the loss of foreign currency.

The central bank's monetary scales data show an alarming sentiment of the currency stock of the Guido Chargers entity. The true currencies held by the central bank are a lower proportion of the total reserves, which is the limited amount of fire power of the monetary authority. These accounts are eloquent.

The reserves are about over $ 68 billion. Of this total, 16 billion which belong to banking clients with deposits in foreign currency must be subtracted and fitted by normative criteria, but they are not available. The 20 billion dollars negotiated through the Central Bank of China swap should also be discounted. A discount of only 32 billion dollars. The International Monetary Fund has contributed some $ 39 billion in the past year. In the body there is not a single dollar that does not belong to a creditor.

This situation is not unnoticed by the financial market. Land risk has fallen in recent days, but not off the 900 points. Closed yesterday at 899 (a level identical to the one seen on Thursday). It is a debt default default that remains well above that shown by other countries in the region and cannot be explained by the humor of international markets or the war between China and the United States. The foreign investor and the local distrust of the internal sustainability. Releasing credibility when looking at the country's numbers is not difficult. Few economies in the world are managed with 54 per cent and over 70 per cent interest rates.

Stocks realize the same uncertainty as bonds. Argentina Companies yesterday scored an optimistic day on the New York Stock Exchange. Banks and energy firms are once again the most affected. The French-French 4.9 percent decline was 2.5 percent in the superfield and the 3.3 in Galicia was highlighted. The 5.7 percent decline in Central Puerto, 4.3 percent at Telecom and 4.0 in IRSA also stood out. The economy shows no signs of recovery for the medium term and enhances the effect on stock price of financial instability.

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