The Last Bullets

Weekly  Reports


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The Last Bullets

Fourth week
October 2020

Minister Guzmán has been empowered to solve the “dollar dilemma”. The spread with the parallel dollar almost reached 150% last Friday. And even though the other spreads decreased, they only did so because there was moral suasion on stockbrokers, something that has artificially reduced demand, a trend that seems to be holding at the beginning of the week. The informal dollar also eased slightly. The truth is that the demand for pesos has fallen as most expected. As the economy starts to normalize, the public demands fewer pesos as a precaution. In addition, the lack of credibility that was generated with the Vicentin affair has left a mark. We can see time deposits falling in nominal terms for the first time in these months, pesos starting to burn holes in the pockets of those who hold them.