Main aspects
In February, the clients of entities bought some US$ 406 million in the foreign exchange market, while the group of entities authorized to operate in foreign exchange offered US$ 824 million, helping the exchange rate to remain below the non-intervention zone during the first half of the month, a fact that led the BCRA to buy US$ 418 million. Real sector companies were net sellers of foreign currency for about US$ 1,500 million.
Within this group, the main sector with net supply in historical terms, “Oilseeds and cereals”, had net sales of about US$ 1,500 million, with a year-on-year decrease of 10%, which could be explained by the higher imports of the sector paid for with funds abroad not entered, mainly soybeans to be processed in the country.
Companies in the “Real Non-Oilseeds and Cereals Sector” recorded a practically neutral result. This result contrasts with February 2018, when they recorded net purchases of US$ 570 million. The difference continued to be explained by the lower imports observed in recent months.
The “Individuals”, who basically demand foreign currency for hoarding and trips abroad, bought a net of US$ 950 million. The 55% decrease compared to purchases of US$ 2,100 million in February 2018 can be explained by lower purchases for hoarding and trips abroad.
“Institutional investors and others”, both residents and non-residents, made net purchases of around US$ 600 million, showing a reversal from the net sales observed in February 2018 of US$ 1,100 million.
In addition to sales in the spot market, the entities made forward purchases in foreign currency for US$ 220 million.
The General Government recorded net income from issuances of US$ 1,300 million, mainly by bills in foreign currency and in pesos. It also made net payments to international organizations for US$ 350 million.
As a result of the aforementioned movements, gross international reserves increased by US$ 1,204 million during February, ending the month at a stock of US$ 68,015 million.
