Economia

¿Puede subir el dólar?

El impacto en el mercado local del conflicto entre Rusia y Ucrania

La economía argentina juega su suerte en un difícil equilibrio entre la necesidad de acumular las reservas, el acuerdo con el Fondo Monetario Internacional y la necesidad de evitar que la incertidumbre de los mercados financieros internacionales impacten negativamente.

La invasión de Rusia sobre Ucrania generó un clima de incertidumbre en los mercados financieros internacionales. Esta situación sumó una variable inesperada a la ya situación compleja en la que se encuentra la Argentina. Si bien durante la escalada del conflicto el mercado argentino intentó reacomodarse frente al impacto global, la mirada sigue puesta en cómo el gobierno argentino deberá recorrer un sinuoso camino en medio de este panorama. ¿Puede haber mayor volatilidad en el dólar?

Los dólares financieros cayeron un 10% en febrero tras el anuncio del preacuerdo con el Fondo Monetario Internacional (FMI). Al mismo tiempo, el dólar blue cerró febrero con una suba en el último día hábil del mes pero no de forma significativa. El dólar paralelo registró un descenso de $2 en febrero y resistió a los amagues tendientes al alza. Por último, el dólar oficial con una suba de tasas durante el mes, avanzó 2,3% de acuerdo a las metas del Banco Central.

Debido a la fragilidad de la economía argentina a priori se podría pensar que el conflicto geopolítico generaría un fuerte golpe adicional y causaría turbulencias de la divisa estadounidense en la plaza local. Pero ante una situación tan vertiginosa en los mercados mundiales no parece haber un consenso sobre el tema.

Esta semana, las miradas del mercado local parecen estar hacia el acuerdo con el Fondo Monetario Internacional (FMI) que está mucho más cerca de cerrarse y podría ser anunciado en esta semana. Pero el gran debate hasta el momento, parece ser cómo la Argentina podrá cumplir las metas del Fondo Monetario Internacional (FMI) ante una necesidad de acumular reservas en contexto bélico. Parece difícil, y lo es.

Para el economista Federico Glustein consultado por Ámbito, se puede esperar un cambio en el mercado de divisas local pero “todo va a depender de cómo se muevan los capitales y cuánto escale el conflicto”.

“Si el conflicto se sostiene podemos llegar a tener algún tipo de positividad porque están subiendo las materias primas y Argentina como productor puede llegar a tener algún diferencial”, agregó Glustein. Sin embargo, otros economistas señalan que la Argentina también está pasando una situación difícil respecto a los productos agrícolas que pueden ser exportados. Un caso es el de la soja, que según estimaciones de la Bolsa de Comercio de Rosario uno de los productos agrícolas principales, tendrá la siembra más baja en los últimos 14 años. Los precios elevados a nivel internacional, pueden llegar a compensar esa situación.

Para Natalia Motyl, economista de la Fundación Libertad y Progreso, el impacto en el mercado local será mayor de lo esperado: “Con reservas de rápida disponibilidad en negativo en u$s3.000 millones, escasez de reformas estructurales básicas, un déficit que aumentó en enero y un mercado cambiario muy sensible; cualquier shock exógeno puede desestabilizar los mercados locales”.

“Las tensiones geopolíticas como lo que está ocurriendo con Rusia-Ucrania puede afectar profundamente a uno de los países más vulnerables de la región si el conflicto se encrudece. Más allá de que en el corto plazo podamos vernos beneficiados con precios más altos de los productos básicos que vendemos afuera; la contracara de la tensión perjudicaría más”, agregó.

“Uno de los pilares del acuerdo con el FMI era conseguir engrosar las reservas y financiar el déficit con capitales de organismos internacionales y socios estratégicos como Rusia y China. En un contexto geopolítico delicado, esos capitales con los que contábamos para 2022 no estarían. En tiempos de incertidumbres crecientes, los capitales huyen hacia puertos más seguros y países con una consistencia macro más sólida que la nuestra”. Lo que los economistas llaman “Flight to quality” (vuelo hacia la calidad) por parte de los inversores mundiales.

Un ejemplo para recalcar este panorama, es el mencionado por Federico Glustein: “Argentina exporta anual u$s700 millones a Rusia, y no es una cantidad suficientemente elevada pero se puede llegar a resentir si el conflicto continúa”.

Motyl anticipa el peor escenario para la Argentina en el caso de que no pueda contar con los dólares suficientes para cumplir con los compromisos al restringirse las alternativas de financiamiento: “podríamos proyectar un dólar por encima de los $300 en poco tiempo y una fuerte aceleración de la inflación que llegaría al 70% para finales de año”.

Glustein no parece coincidir con esta apreciación: “las modificaciones en las cotizaciones se van a dar más esperando algún tipo de contexto local que el contexto internacional”.

Al parecer, la única coincidencia hasta ahora entre la mayoría de los analistas es que nada parece fácil para la economía argentina.

omentarios

  1. This design is spectacular! You definitely know how to keep a reader amused.
    Between your wit and your videos, I was almost moved to start
    my own blog (well, almost…HaHa!) Excellent job. I really loved what you had to say, and more than that,
    how you presented it. Too cool!

  2. My programmer is trying to convince me to move to .net
    from PHP. I have always disliked the idea because of
    the costs. But he’s tryiong none the less. I’ve been using WordPress
    on numerous websites for about a year and am concerned about switching to another platform.
    I have heard fantastic things about blogengine.net.
    Is there a way I can transfer all my wordpress content into it?
    Any kind of help would be really appreciated!

  3. Hi, I do believe this is an excellent web site.
    I stumbledupon it 😉 I will come back once again since i have saved as a favorite it.
    Money and freedom is the best way to change, may you be
    rich and continue to help others.

  4. Do you mind if I quote a few of your articles as
    long as I provide credit and sources back to your weblog?
    My website is in the exact same area of interest as yours and my visitors would certainly benefit
    from a lot of the information you present here.
    Please let me know if this ok with you. Regards!

  5. Whats up very nice blog!! Man .. Beautiful .. Amazing ..
    I will bookmark your web site and take the feeds also? I am satisfied to seek out a lot of useful information right
    here in the publish, we’d like develop more techniques on this regard, thanks for sharing.

    . . . . .

  6. Hello, I think your web site may be having browser compatibility problems.
    When I take a look at your website in Safari, it looks
    fine however, if opening in IE, it’s got some overlapping issues.
    I simply wanted to provide you with a quick
    heads up! Apart from that, excellent blog!

  7. My programmer is trying to persuade me to move
    to .net from PHP. I have always disliked the idea because
    of the expenses. But he’s tryiong none the less. I’ve been using WordPress on a variety of websites for
    about a year and am worried about switching to another platform.
    I have heard good things about blogengine.net. Is there a way
    I can import all my wordpress content into it? Any kind of help would
    be really appreciated!

  8. I’m truly enjoying the design and layout of your blog.
    It’s a very easy on the eyes which makes it much more pleasant
    for me to come here and visit more often. Did you hire out a developer to
    create your theme? Superb work!

  9. Hello There. I found your blog using msn. This is a very well
    written article. I’ll make sure to bookmark it and return to read more of your useful info.

    Thanks for the post. I’ll certainly return.

  10. Hello just wanted to give you a quick heads up and
    let you know a few of the pictures aren’t loading properly.
    I’m not sure why but I think its a linking issue. I’ve tried it in two different web browsers and both show the same
    results.

  11. Just want to say your article is as astounding. The clearness on your submit is
    just excellent and that i can think you’re knowledgeable in this
    subject. Fine along with your permission let me to seize
    your RSS feed to stay updated with impending post. Thank you one million and please continue the rewarding work.

  12. I think this is one of the most significant information for me.

    And i am glad reading your article. But want to remark
    on few general things, The web site style is wonderful, the articles is really
    nice : D. Good job, cheers

  13. Hello would you mind stating which blog platform you’re working with?
    I’m planning to start my own blog soon but I’m having a difficult time deciding between BlogEngine/Wordpress/B2evolution and
    Drupal. The reason I ask is because your design and
    style seems different then most blogs and
    I’m looking for something unique.
    P.S Apologies for getting off-topic but I had to ask!

  14. Wonderful goods from you, man. I’ve take into account your
    stuff previous to and you’re simply extremely magnificent.
    I actually like what you’ve acquired right here, certainly like what you’re stating
    and the best way during which you say it. You are making it entertaining and you
    continue to care for to stay it sensible. I cant wait to learn much more from
    you. That is really a tremendous site.

  15. Howdy very nice website!! Guy .. Excellent .. Superb ..
    I’ll bookmark your blog and take the feeds additionally?
    I am satisfied to search out a lot of useful information right here within the submit,
    we want work out more strategies on this regard, thanks
    for sharing. . . . . .

  16. This design is incredible! You obviously know
    how to keep a reader amused. Between your wit and your videos,
    I was almost moved to start my own blog (well, almost…HaHa!) Wonderful job.
    I really enjoyed what you had to say, and more than that, how you presented it.
    Too cool!

  17. Great weblog right here! Additionally your website lots up very fast!

    What host are you using? Can I am getting your affiliate hyperlink in your host?
    I wish my website loaded up as quickly as yours lol

  18. I am not positive the place you’re getting your info, but good topic.
    I must spend a while learning much more or figuring out more.
    Thanks for wonderful info I used to be searching for this info
    for my mission.

  19. I really love your website.. Pleasant colors & theme.

    Did you create this web site yourself? Please reply back as
    I’m attempting to create my own site and would love to learn where you got this from or what the theme is named.
    Thanks!

  20. When I initially commented I clicked the «Notify me when new comments are added» checkbox
    and now each time a comment is added I get four emails with the same
    comment. Is there any way you can remove me from that
    service? Bless you!

  21. Hey there! This is my first comment here so I just wanted to give
    a quick shout out and tell you I really enjoy reading through your blog posts.
    Can you suggest any other blogs/websites/forums that cover the same subjects?
    Thanks a lot!

  22. Hey! This is kind of off topic but I need some guidance from an established blog.

    Is it very hard to set up your own blog? I’m not very techincal but I can figure things out pretty quick.
    I’m thinking about making my own but I’m not sure where to begin. Do you have any ideas or suggestions?
    With thanks

  23. It’s really a nice and useful piece of info. I’m satisfied that you simply shared this helpful info with us.
    Please stay us informed like this. Thank you for sharing.

  24. Have you ever considered publishing an e-book
    or guest authoring on other blogs? I have a blog
    based on the same subjects you discuss and would love to have you share
    some stories/information. I know my readers would appreciate your work.
    If you’re even remotely interested, feel free
    to send me an e-mail.

  25. Hmm it appears like your website ate my first comment (it was extremely long)
    so I guess I’ll just sum it up what I had written and say,
    I’m thoroughly enjoying your blog. I too am an aspiring blog blogger but I’m still new to the whole thing.
    Do you have any tips and hints for beginner blog writers?
    I’d genuinely appreciate it.

  26. Good day! This post couldn’t be written any better! Reading this
    post reminds me of my old room mate! He always kept chatting about this.
    I will forward this write-up to him. Fairly certain he
    will have a good read. Thanks for sharing!

  27. Today, I went to the beach front with my kids. I found
    a sea shell and gave it to my 4 year old daughter and said «You can hear the ocean if you put this to your ear.» She placed the shell to her ear and screamed.
    There was a hermit crab inside and it pinched her ear.
    She never wants to go back! LoL I know this is
    totally off topic but I had to tell someone!

  28. Hey There. I found your blog using msn. This is a very well written article.
    I’ll make sure to bookmark it and return to read more of your useful
    info. Thanks for the post. I’ll certainly comeback.

  29. Pretty nice post. I just stumbled upon your blog and wished to say that
    I have truly enjoyed surfing around your blog posts.
    In any case I’ll be subscribing to your feed and I hope you write again very soon!

  30. Hi, I do believe this is an excellent blog. I stumbledupon it ;
    ) I may come back once again since i have book-marked
    it. Money and freedom is the best way to change, may you be rich and continue
    to help other people.

  31. With havin so much content do you ever run into
    any issues of plagorism or copyright infringement? My site has
    a lot of unique content I’ve either written myself or outsourced but it appears a
    lot of it is popping it up all over the internet without my permission. Do you know any methods to help protect against content from being ripped
    off? I’d truly appreciate it.

  32. Unquestionably believe that which you said.
    Your favorite reason appeared to be on the net
    the simplest thing to be aware of. I say to you, I certainly get irked while people think about worries
    that they just don’t know about. You managed to hit the nail upon the top as well
    as defined out the whole thing without having side-effects , people can take
    a signal. Will probably be back to get more.

    Thanks

  33. I am no longer certain the place you are getting your information, but good topic.
    I needs to spend some time studying much more or understanding more.
    Thank you for magnificent information I was looking for this information for my mission.

  34. Fantastic website you have here but I was curious about if you knew
    of any discussion boards that cover the same topics talked about here?
    I’d really love to be a part of community where I can get opinions
    from other experienced people that share the same interest.
    If you have any suggestions, please let me know.
    Thanks a lot!

  35. What’s Happening i am new to this, I stumbled upon this I have discovered It absolutely helpful and it has aided me
    out loads. I am hoping to give a contribution & help
    other users like its aided me. Great job.

  36. Attractive part of content. I just stumbled upon your
    weblog and in accession capital to say that I acquire actually
    loved account your weblog posts. Anyway I’ll be subscribing to your
    augment and even I fulfillment you get right of entry to consistently fast.

  37. May I simply say what a comfort to uncover somebody that really
    knows what they are talking about over the internet.
    You definitely know how to bring an issue to light and make
    it important. More people need to look at this and understand this side of
    the story. I was surprised that you aren’t more popular since you most certainly have the
    gift.

  38. Woah! I’m really loving the template/theme of this blog.
    It’s simple, yet effective. A lot of times it’s challenging to get that «perfect balance» between usability and appearance.
    I must say that you’ve done a very good job with this. Also, the blog loads extremely quick for me on Chrome.
    Exceptional Blog!

  39. Amazing things here. I’m very happy to see your article. Thank you a lot and
    I’m having a look ahead to contact you. Will you kindly drop me a mail?

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

Botón volver arriba