Improvements in the display of the factors explaining the variation of the Monetary Base

In order to facilitate interpretation of data that the Central Bank of Argentina publishes every day, a change is introduced in the display of the factors explaining the variation of the Monetary Base.

Since last June 23, direct foreign currency purchases by the BCRA to the National Treasury are exhibited. The reason of the change is that purchases of foreign currency by the BCRA to the Treasury are like the ones made when purchasing foreign currency to other official entities, provinces or the private sector where they are not transfers to such agents but foreign exchange transactions. Additionally, the net granting of Temporary Advances and Transfers of Profits will continue to show separately, while a fourth column (see charts) will exhibit the monetary effect derived from the increase or decrease of National Treasury accounts at the BCRA. This is necessary in the case of transfers or foreign currency purchases without monetary effects at the time they are carried out, since funds remain deposited in the National Treasury accounts at the BCRA, and the expansion effect is developed with the progressive use of these accounts.

We will start the publication of data since January 2013, and once data of the previous years have been processed, records will be available since 2003.

NOW

Total	Net Foreign Currency Purchases		Other transactions with the National Treasury
	To the Private Sector and Other	To the National Treasury	Temporary Advances	Transfers of Profits and Payment authorizations to the Treasury	Others

BEFORE

Total	Foreign Currency Purchase	Public Sector
		Temporary Advances	Transf. Util. Y Ap. Al Tes	Government’s account in Pesos	Government’s account in Dollars

June 24, 2016