Main aspects
In January, the clients of entities bought about US$ 1,300 million in the foreign exchange market, while the group of entities offered US$ 1,800 million, helping the exchange rate to remain below the non-intervention zone for most of the month, a fact that led the BCRA to buy US$ 560 million.
Real sector companies were net sellers of foreign currency for about US$ 1,800 million.
Within this group, the main sector with a net supply in historical terms, “Oilseeds and cereals”, had net sales of about US$ 2,000 million, with a year-on-year decrease of 8%, which could be explained by the sector’s higher imports paid for with funds abroad not entered, mainly soybeans to be processed in the country.
Companies in the “Real Non-Agricultural Sector” made net purchases of about US$ 180 million. This result contrasts with January 2018, when net purchases of US$ 1,830 million were recorded. The difference is mainly explained by the slowdown in imports in recent months.
The “Individuals”, who basically demand foreign currency for hoarding and trips abroad, bought about US$ 1,850 million in net money. The 37% decrease compared to purchases of US$ 2,900 million in January 2018 can be explained by lower purchases for hoarding and for trips abroad.
“Institutional investors and others”, both residents and non-residents, made net purchases of around US$ 1,100 million, showing a reversal from the net sales observed in January 2018 of US$ 1,600 million.
In addition to sales in the spot market, the entities purchased US$ 800 million for forward operations in foreign currency.
The General Government recorded net income from issuances of US$ 200 million, mainly by bills in foreign currency and in pesos. It also made net payments to international organizations for US$ 300 million.
As a result of the aforementioned movements, gross international reserves increased by US$ 1,005 million during January, ending the month at a stock of US$ 66,811 million.
