Main aspects
The National Treasury made spot sales for US$ 3,164 million, which, added to the net sales made by banks and other foreign exchange entities (US$ 737 million), and other public sector agencies (US$ 114 million), were acquired by the private sector, totaling US$ 4,000 million. The BCRA had no net intervention in the spot market.
The volume traded in the foreign exchange market totaled US$ 44,613 million (around US$ 2,100 million on a daily average), a level that represented an increase of 7% in year-on-year terms.
The operations recorded in the current account of the foreign exchange balance resulted in a deficit of US$ 1,156 million. This result was explained by the deficits in the “Primary income” and “Services” accounts of US$ 1,091 million and US$ 749 million, respectively, partially offset by the surpluses of the “Goods” and “Secondary income” accounts, which recorded net income of US$ 670 million and US$ 15 million, respectively. The result of the operations recorded by “Goods” was the result of export collections of US$ 4,398 million and import payments of US$ 3,728 million, with year-on-year falls of 14% and 22%.
The foreign exchange capital and financial account of the “Non-Financial Private Sector” (NFPS) registered net outflows of US$ 4,415 million in July, mainly explained by the outflows recorded by the formation of foreign assets of residents for US$ 3,351 million, by net repatriations for investments by non-residents for US$ 915 million and by the net outflow of securities in the secondary market for US$ 165 million.
The operations of the capital and financial account of the “Financial Sector” resulted in a deficit of US$ 132 million, explained by cancellations of financial loans and debt securities for US$ 331 million and by the use of funds for the primary subscription of securities for US$ 196 million, partly offset by the fall in the liquid foreign assets of the entities that make up the General Exchange Position (PGC) for US$ 396 millions.
The foreign exchange capital and financial account of the public sector and BCRA resulted in a surplus of US$ 1,232 million, basically explained by the foreign currency income of the National Treasury from the expansion of securities denominated in pesos for US$ 1,583 million and the net liquidation of financial loans for US$ 887 million, partially offset by the net cancellations of LETES denominated in dollars for about US$ 1,200 million.
With these movements, the BCRA’s international reserves decreased by US$ 3,885 million during the month, closing at a level of US$ 57,996 million.
