Main aspects
In August, the National Treasury sold US$ 2,100 million, and banks and other entities, US$ 362 million. This total was purchased by private sector clients for US$ 1,903 million through the Single and Free Exchange Market (MULC) and by the BCRA for US$ 567 million.
The volume traded in the MULC reached a new all-time high, totaling US$ 46,556 million, an amount that represented an increase of 62% compared to the same month in 2016, explained to a greater extent by the operations arranged between the entities and their customers, and to a lesser extent, by the operations between entities, and between the latter and the BCRA.
The operations of the current account of the foreign exchange balance were in deficit of US$ 1,139 million, as a result of the net outflows from the “Services” and “Primary income” accounts of US$ 1,044 million and US$ 413 million, respectively, partially offset by the net income recorded in the “Goods” accounts of US$ 295 million, explained by export receipts of US$ 5,294 million (year-on-year increase of 3%) and import payments of US$ 4,999 million (5% year-on-year increase).
The foreign exchange capital and financial account of the public sector and BCRA resulted in a surplus of US$ 3,974 million, highlighting the income of the National Treasury from the expansion of the Bonar 2024 by US$ 4,200 million and by placements of LETES denominated in dollars for US$ 1,970 million. These revenues were partly offset by the outflow of funds destined for the payment of LETES for US$ 2,030 million and the cancellation of net loans with International Organizations for US$ 150 million.
The capital and financial account of the “Non-Financial Private Sector” (NFPS) registered net outflows of US$ 1,804 million, increasing outflows by US$ 1,416 million compared to the same month in 2016. The main explanatory factors were the increase in net purchases of foreign assets by residents, partially offset by the reversal of securities trading in the secondary market.
The capital and financial operations of the “Financial Sector” resulted in net outflows of US$ 568 million, explained by an increase in the liquid foreign assets of the entities that make up the General Exchange Position (PGC) by US$ 466 million and the use of funds for the primary subscription of securities for US$ 419 million. which were partially offset by net debt income of US$ 311 million.
With these movements, the BCRA’s international reserves increased by US$ 1,862 million, closing the month with a stock of US$ 48,877 million.
