Informe de Evolución del Mercado de Cambios y Balance Cambiario

This report analyzes the evolution of purchases and sales of foreign currency in the foreign exchange market, corresponding to December.

Main aspects

The domestic and global economy continues to undergo a gradual recovery from the health and economic crisis caused by the COVID-19 pandemic, which impacted both the level of global and local activity, trade flows and capital movements. In recent months, the BCRA has perfected foreign exchange regulations in order to promote a more efficient allocation of foreign currency. In this context, the customers of the entities bought USD 247 million in the foreign exchange market, which were sold by the BCRA for USD 72 million (in addition to the net payments through the Local Currency Payment System for USD 85 million) and by the entities for USD 90 million.

The “Real Sector” was a net seller of foreign currency for USD 311 million. Within this group, the main sector in terms of net sales in the foreign exchange market, “Oilseeds and cereals”, recorded net revenues of USD 2,572 million, with a year-on-year increase of 49%.

The “Real sector excluding Oilseeds and cereals”, on the other hand, was a net buyer for a total of USD 2,261 million. The purchases were mainly intended to make payments for imports of goods and services, and to pay off financial debt.

The “Individuals” bought USD 421 million net, basically to meet expenses made with cards for consumption with non-resident suppliers and for treasury, for USD 201 million and USD 169 million, respectively.

The “Institutional investors and others” sector, both resident and non-resident, made net purchases in the month for USD 154 million.

The foreign exchange current account, which includes net flows from net exports of goods and services and primary and secondary income, registered a deficit of USD 44 million. This result was explained by the deficit results of “Services”, “Primary income” and “Secondary income” of USD 714 million, USD 383 million and USD 7 million, respectively, partially offset by net income from “Goods” of USD 1,060 million.

The foreign exchange financial account of the “Non-financial private sector” had a deficit of USD 534 million in the month, highlighting the net cancellations of financial debt for USD 545 million.

The operations of the foreign exchange financial account of the “Financial Sector” resulted in a surplus of USD 144 million, highlighting the fall of USD 228 million in the liquid foreign assets of the entities that make up the General Exchange Position (PGC).

On the other hand, the operations of the foreign exchange financial account of the “General Government and BCRA” resulted in a deficit of USD 1,399 million, mainly due to the payment of capital maturities with the International Monetary Fund for USD 1,853 million.

In December, the BCRA’s international reserves decreased by USD 1,867 million, ending the month at a level of USD 39,663 million.