Thursday, December 17, 2015 US dollar opens at 13.96 pesos after Macri administration lifts currency clamp

Thursday, December 17, 2015

US dollar opens at 13.96 pesos after Macri administration lifts currency clamp

Following Wednesday’s announcement that the Mauricio Macri administration was lifting the restrictions on the dollar trade, the American currency opened at 13.96 pesos accounting for a devaluation of 45 percent. Expectation will focus on the equilibrium exchange rate greenbacks will reach during the session.

Meanwhile, the Central Bank (BCRA) is expected to receive dollars from the grain exporters sector that will chip in with around US$400 million per day in the coming weeks, as Revenue and Finance Minister Alfonso Prat Gay assured yesterday when announcing the end to the official controls on the foreign exchange market.

Such amount is much higher than the usual weekly sales that the CIARA-CEC exporting chambers report but that could be feasible if the stock that was hoarded in the last few weeks is promptly sold.