Main aspects
In January 2017, the operations arranged by the entities authorized to operate in foreign exchange with their customers in the Single and Free Exchange Market (MULC) resulted in a deficit of US$ 2,622 million.
The entities covered the needs of customers in the foreign exchange market basically by reducing their General Exchange Position (PGC), since they did not carry out operations with a net result with the Central Bank (BCRA) in the MULC. For its part, the BCRA made net purchases directly from the National Treasury for US$ 1,500 million, with no net effect on international reserves because these funds were deposited with the BCRA, and made payments for foreign trade operations channeled through the Local Currency Payment System (SML) and ALADI for US$ 199 million.
The National Treasury had foreign currency income from securities placements for a total of US$ 9,849 million, among which placements in international markets for US$ 7,000 million stood out.
The volume traded in the MULC totaled US$ 33,617 million, a level that registered an increase of 6% in year-on-year terms. This increase was explained by the transactions arranged between the authorised entities, and between them and their customers.
Current account operations of the foreign exchange balance were in deficit by US$ 158 million, reversing the surplus of the same month of the previous year (US$ 923 million). Operations for transfers of goods from the foreign exchange balance recorded net revenues of US$ 1,057 million, as a result of export collections of US$ 5,090 million (decrease of 4% year-on-year) and import payments of US$ 4,033 million (increase of 23% year-on-year).
Operations registered for services showed a net outflow of US$ 1,151 million, computing a year-on-year increase of 60%, as a result of net expenditures for “Tourism and travel and tickets” for US$ 1,266 million, linked to summer tourism.
The operations of the capital and financial account of the foreign exchange balance of the “Non-Financial Private Sector” totaled US$ 1,985 million, mainly explained by the net demand for freely available foreign assets of the non-financial private sector, both banknotes and foreign currency, which totaled US$ 1,945 million.
With these movements, the BCRA’s gross international reserves increased by US$ 8,115 million, ending the month with a stock of US$ 46,887 million.
