During the month of August, the surplus of the foreign exchange market was US$ 75 million. The decrease in collections for exports of goods for seasonal reasons, the greater cancellations of external debt of the private sector due to regularization processes and the limited effects of the change of portfolio due to the disposition of the cornered funds released in the month corresponding to the deposits of higher denominations, which are more sensitive to the interest rate, were the main reasons for the reduction in the exchange surplus in August compared to the previous month. Part of the demand for foreign currency from companies corresponded to the formation of foreign assets for future debt payments in refinancing processes and the use of other exchange mechanisms that allow companies to manage their finances in accordance with market patterns.
For the fourteenth consecutive month, the foreign exchange market was in surplus with a cumulative total in that period of US$ 7,007 million.
The BCRA’s international reserves in August increased by US$99 million, as a result of the Central Bank’s net purchases in the foreign exchange market. The reference exchange rate in this month depreciated 4.5% on average and 1% between peaks.
