In the context of the continuation of the global crisis that affected financing flows and international trade in goods and services, the result of operations in the Single and Free Exchange Market (MULC) in the first quarter of 2009 showed a deficit of US$ 2,171 million.
The main aspects of the behavior of the foreign exchange market were the reductions in commercial transfers of goods, although not as abruptly as recorded in customs movements during the period, the decrease in tourism revenues, and the continuation in a more attenuated manner, compared to previous quarters, of the demand for foreign currency due to the change in the private sector’s portfolio.
Within the framework of the managed floating exchange rate policy and in order to ensure monetary and financial stability, the Central Bank continued to operate in the spot and forward exchange markets.
The BCRA’s international reserves ended March with a stock of US$ 46,509 million, reflecting an increase of US$ 123 million in the quarter.
The current account of the exchange balance reached a surplus of US$ 2,783 million, showing a reduction of about US$ 800 million compared to the result of the same quarter of 2008. This decrease was mainly the result of lower net income from goods – partly due to the fall in the prices of raw materials – and services – basically affected by the decrease in foreign exchange income from tourism.
Collections of exports of goods totaled US$ 12,146 million, showing a year-on-year drop of 17%. Likewise, payments for imports of goods fell to US$ 8,557 million, registering a year-on-year decrease of 19%. Both variables registered year-on-year falls for the first time since the MULC came into force in February 2002.
Net disbursements of financial loans through the MULC to the non-financial private sector were recorded again, accumulating fourteen consecutive quarters with net inflows of funds to the sector. Likewise, net inflows from direct investments by non-residents in the non-financial private sector continued, totaling US$ 543 million in the period.
