After a steady increase in the exchange rate of the dollar between January 25th and February 17th, the exchange rate arrested its rise in the Foreign Currency Market (MONEX), managed by the Central Bank.
In that period, the price of the foreign currency rose ¢10, reaching a maximum of ¢565.24. Today it trades at around ¢562.5.
For economist Melvin Garita, this behavior in the market occurs despite the fact that exchange intermediaries are giving more dollars than the ones they are receiving.
There has been a lower participation by the Central Bank to meet the demand for dollar from the non-banking public sector, because the Bank has been buying more dollars than what it’s selling,”
explained Garita.
The economist believes this lower buying pressure could explain why, if more dollars are being sold, the exchange rate has stopped increasing (depreciating).