Investors welcomed the new stage of Argentina’s plan to eliminate dollar buying restrictions. The weight fit to operate within the new band and the country’s assets computed significant gains in local and abroad markets.
Among the measures, the government of Javier Milei established an oscillation range for the dollar before the weight, eliminated the Blend dollar, a type of exchange used by exporters, and removed some currency restrictions on individuals, as the Central Bank said on Friday after the closing of the market. The changes occurred after an agreement with the International Monetary Fund (IMF).
The dollar negotiated in the parallel market, called Blue Dollar, gave in to 1,285.00 pesos, a drop of 6.55%, according to the FINANCIER.
The MEP dollar lost 6%. The official dollar and the National Bank dollar rose about 12% and began to be negotiated within the band from 1,000 to 1,400 Argentine pesos. Some restrictions remain in force for companies.
Merval
Argentine actives reacted on the rise. The Merval index of the Buenos Aires bag closed up 4 7%.
The American Depositary Receipts – Action Receipts – Argentine negotiated on the New York Stock Exchange also had strong gains.
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Macro Bank rose 15.4%; Finance Galicia group fired 14% and YPF petrochemistry, 10.3%.