Main aspects
The foreign exchange operations arranged in the Single and Free Exchange Market (MULC) by the private sector and the public sector with banks and other entities, resulted in a deficit of US$ 732 million. The entities authorized to operate in foreign exchange, which did not carry out operations with a net result with the Central Bank (BCRA) in the MULC, covered the needs of customers in the foreign exchange market by reducing their own holdings. On the other hand, the BCRA made purchases directly from the National Treasury for US$ 2,000 million.
The volume traded in the MULC totaled US$ 34,201 million, showing an increase of 17% in year-on-year terms, explained by the operations entered into between the entities and their customers.
Current account operations in the foreign exchange balance were in deficit of US$ 1,315 million, as a result of net outflows from the “Primary income” and “Services” accounts of US$ 1,377 million and US$ 701 million, respectively, partially offset by net income from “Goods” of US$ 731 million, as a result of export receipts of US$ 4,619 million and import payments of US$ 3,889 million (both with year-on-year falls of 9%).
The capital and financial account of the “Non-Financial Private Sector” showed net outflows of US$ 54 million, as a result of the fact that the demand for foreign assets and the crediting of foreign income in local accounts (“swaps”) were practically offset by the net income from financial debt, investments by non-residents and by the operation with securities with entities.
Capital and financial operations in the financial sector resulted in net outflows of US$ 1,667 million, explained by the use of funds for the primary subscription of securities for US$ 1,140 million (of which about US$ 1,000 million corresponded to Treasury Bills) and by the increase in the General Exchange Position by US$ 696 million.
The capital and financial exchange rate account of the public sector and BCRA resulted in a deficit of US$ 3,013 million, highlighting, for the National Treasury, payments for the amortization of securities for some of US$ 9,700 million and placements of securities for around US$ 6,500 million.
With these movements, and after registering the all-time high on 12.04.17 (US$ 52,696 million), the BCRA’s international reserves ended the month with a stock of US$ 48,217 million, showing a monthly reduction of US$ 2,306 million.
