Main aspects
In June, the BCRA did not register operations with a net effect in the Single and Free Exchange Market (MULC). The public sector sold US$ 862 million net and banks and other entities, US$ 87 million. This total was purchased by private sector clients for US$ 950 million.
The volume traded in the MULC totaled US$ 40,790 million, with an increase of 25% compared to the same month of 2016, mainly explained by the operations arranged between the entities and their customers, and to a lesser extent, by the operations between entities.
The operations of the current account of the foreign exchange balance were in deficit of US$ 1,521 million, as a result of the net outflows from the “Primary income” and “Services” accounts of US$ 1,189 million and US$ 740 million, respectively, partially offset by the net income recorded in the “Goods” accounts of US$ 373 million, as a result of export receipts of US$ 5,693 million (year-on-year increase of 12%) and import payments of US$ 5,320 million (13% year-on-year increase).
The foreign exchange capital and financial account of the public sector and BCRA resulted in a surplus of US$ 6,077 million. Among the operations that explained this surplus, the income of the National Treasury from placements of the International Bond 2117, Treasury Bills and BONAR 2024 denominated in dollars, for US$ 2,472 million, US$ 1,850 million and US$ 1,500 million, respectively, stood out. Additionally, foreign currency income was recorded for the placement of the 2020 Monetary Policy Rate Bond, denominated in pesos, for US$ 1,300 million.
The capital and financial account of the “Non-Financial Private Sector” (NFPS) recorded net income of US$ 27 million, a result similar to that observed in June 2016, although with marked differences in terms of the composition of the result, highlighting the increase in investments by non-residents and the decrease in income from financial loans.
The capital and financial operations of the “Financial Sector” resulted in net outflows of US$ 1,141 million, explained by the use of funds for the primary subscription of securities for US$ 893 million, and by the increase in the General Exchange Position (PGC) by US$ 280 million, which were partly offset by net debt income of US$ 31 million.
With these movements, the BCRA’s international reserves increased by US$ 1,849 million, closing the month with a stock of US$ 47,995 million.
