There has been an increase in the price of the dollar exchange rate during February, both in the wholesale currency market (MONEX), and in the banks and other financial institutions.
According to economist Melvin Garita, during the first days of February, currency intermediaries faced dollar outflows for just over $ 28 million, because they have had to sell more dollars than the ones that have entered through the banks.
However other analysts perceive that the bullish trend started earlier. Such is the case of Douglas Montero, an analyst at Aldesa. At this firm, experts consider that the devaluation will remain at around 5%.
Adriana Rodríguez, Economic Analysis manager of Scotiabank, supports that idea and she says that the currency market has resumed the upward trend that it had during the second half of 2016 and that was paused due to the greater relative abundance of dollars for the regular sales of November And December.
Transactions between banks and the public have continued to be deficient, even in December, and January 2017 was the first in several years to be a deficit. February has started similarly (…) and it also shows bigger purchases of dollars,
declared Rodríguez.
Why does it go up?
The reasons are several, but the most important are the continuation of the natural upward adjustment that had to take place due to the suspension of the $ 1 billion investment a year that the Government implemented during 4 consecutive years before 2016. The second reason is related to private investment decisions and the greater relative risk of the colón.
Additionally, the recovery in imports and dollar purchases made by individuals and companies to pay their monthly financial obligations in that currency.