The BCRA has enhanced the way of displaying the factors that explain the variation of the Monetary Base in order to contribute to a better understanding of daily published information.
Last June 23, the BCRA has started to post its direct foreign currency purchases from the National Treasury on its website. The reason lying behind this is that purchases of foreign currency from the Treasury are comparable to purchases of foreign currency from other official bodies, provinces or the private sector. Hence, they are not transfers but foreign exchange transactions.
Additionally, net Temporary Advances and Transfers of Primary Balances will continue to appear separately, while a fourth column (see charts) will exhibit the monetary effect derived from an increase or decrease in National Treasury accounts at the BCRA. This happens in the case of transfers or purchases of foreign currency without monetary effects at the time they are carried out, since funds remain deposited in the National Treasury accounts at the BCRA; the expansion effect develops as these accounts are progressively used.
The oldest publication will include data as from January 2013. Data from the year 2003 onwards will be available after processing the information.
