In May, one million people bought $ 2262 million in May. The USA, however, private deposits have grown on average of $ 25 million compared to April.
“Where are the dollars, the demand for companies that continue with restrictions and turn abroad”, Amilcar Collante, Cesur Economist.
Fabio Saraniti, general director of Win Securities, goes to the same lines: “These are companies that have a duty with importers that do this in the name of their owners as a natural person, and not for this as a legal person with the help of a 90 -day cross -restriction between Mulc and CCl, which requires demand for MEP and is considered to be liquidated why their quote is so They are close to the officer, almost without a gap.
Demand for SMEs
Maximiliano Ramirez, director of Lambda Consultores, agrees that there are many owners of companies who bought to turn abroad.
Lucas Pussetto, professor IAE Business School, is likely that part of these dollars not registered as deposits go to the purchase of long -term goods, which is currently almost the only type of consumption that continues to move at a good pace, for example, cars, motorcycles or lots of real estate.
Dollar card
For Emiliano Franco, a specialist in the capital market, this phenomenon is explained by the costs generated by trips.
“On the other hand, the demand for the cancellation of obligations abroad generated by commercial debts, the rotation of profit and the payment of dividends remains growing, the latter is a very interesting detail, which should be taken into account, I think that this dynamics will continue to have it until the shares are completely released.”
Another important feature, in his opinion, is the success of emissions of contractual obligations that had a private sector, part of this success is to correlate with dollars of depositors, since they brought a sincere demand for investment, becoming from 7 to 8 annual points.
Contractual obligations
To understand Franco, there are currently many requirements through obligations in agreement: “These data are interesting to explain the demand for the payment of commercial debts, the rotation of profit and the payment of dividends. Today there are local legal bonds with payment abroad, which leads to exaggerated negative rates. ”
That is, the market pays for short -term bonds that are not enough to receive payments abroad to pay for obligations.
Dollar mattress
For Santiago Taddei, you are a trader in regional financial structures, the explanation of this scenario is due to the fact that the percentage of the bought dollars is saved in cash as an exchange coating, but the drainage is also growing.
“Many companies, even with exchange restrictions, are still looking for alternative mechanisms for profit or cancellation of debt. In the context of flexible, but not eliminated control, operations through settlement or indirect transfers abroad, remain ordinary. Therefore, dollars are not bankrupt reserves, but scattered in an informal economy or leave the country. ”
They do not spread
Such behavior confirms that the financial system does not have an endogenous dollarization process: there are dollars, but do not apply to institutional.
Although this phenomenon is not new, even without complete confidence and with negative pure reserves, private dollarization, quiet, but constant, continues to celebrate the impulse of the economy. Within the framework of this structure, the process of regulatory regulatory does not necessarily imply an extreme exchange voltage scenario.
Rather, for Taddei, this is part of the transition in which, if trust is consolidated and the flows are stabilized, the system can begin to reabs part of these dollars today outside the formal scheme.
