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June 16, 2023
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Dollar accumulated eight consecutive drops and exporters ask for “signals” from the BCU

He dollar closed this Friday at $38,020 in the interbank average with a daily drop of 0.40%, as reported by the Electronic Stock Market (Bevsa). The coin ended the day with the lowest value since February 17, 2020 when it traded at $37,906.

Thus, he accumulated eight days in decline equivalent to 2.4%.

The operation this Friday was for US$26.4 million, at a minimum price of $37.98 and a maximum of $38.14. He Central Bank (BCU) did not intervene in the exchange market. The last time it did so was on August 31, 202 with spot operations for US$31.2 million.

So far this year, the dollar has fallen 5%.

on the blackboard of Republic Bank (BROU), the US currency traded at $36.70 for purchase and $39.30 for sale.

kind of tax

The depreciation of the dollar does not go unnoticed by the export sector.

The president of the U.Union of Exporters (UEU), Facundo Márquez, told The Observer that the union needs some signal from the BCU. “WhaThat President Lacalle Pou has said that the dollar should be between $39 or $40 is a sign of political concern”said.

A few days ago, Lacalle Pou had pointed out that some mechanism should be sought, without affecting inflation and finances, so that “the dollar sticks more to $39, $40.”

Márquez pointed out that inflation is within an acceptable range and that is why some action is expected from the monetary authority. Annualized inflation to May closed at 7.10%, with a negative monthly variation of 0.01%.

“The BCU should enter a path of reducing the interest rate; That is not going to solve the issue today, but it would be a sign, ”he said. Márquez explained that containing the rise in prices has a cost, but the only one that is paying for it is the export sector. “If it is the only sector that pays it, it ends up being a kind of tax on exports”he concluded.

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