Main aspects
In June, the clients of entities bought US$ 1,661 million in the foreign exchange market, operations funded with net sales by the National Treasury and the set of entities authorized to operate in foreign exchange, which offered US$ 1,080 million and US$ 581 million, respectively.
Companies in the real sector were net sellers of foreign currency for US$ 2,673 million.
Within this group, the main sector with a net supply in historical terms, “Oilseeds and cereals”, had net sales of US$ 2,223 million, registering a decrease of 9% compared to the same month in 2018. The sector’s net foreign exchange market revenues were in line with the net value of its customs flows of goods.
Companies in the “Real Non-Oilseeds and Cereals Sector” made net sales of US$ 450 million, especially to meet seasonal obligations in pesos. The difference with respect to net purchases of US$ 2,778 million in June 2018 was mainly explained by the reversal in flows by goods.
“Individuals”, which basically demand foreign currency for hoarding and trips abroad, bought US$ 1,493 million on a net basis (US$ 1,080 million for banknotes and US$ 412 million for the rest of their operations), an amount that showed a decrease of 38% compared to purchases of US$ 2,400 million in June 2018.
“Institutional and other investors”, both residents and non-residents, made net purchases of US$ 1,721 million, showing a decrease of 8% compared to the net purchases observed in June of the previous year.
In addition to sales in the spot market, entities authorized to operate in foreign exchange made net forward sales in foreign currency for US$ 138 million.
For its part, the exchange rate remained within the “Exchange Reference Zone” and the BCRA did not intervene in the spot exchange market.
The National Treasury recorded revenues of US$ 3,149 million from the issuance of Bills and Bonds, and US$ 374 million from International Organizations. On the other hand, it made principal and interest payments on debt for US$ 3,098 million, highlighting the disbursements by LETES for US$ 2,171 million, by Discount for US$ 490 million and to International Organizations for US$ 304 million.
As a result of the aforementioned movements, gross international reserves decreased by US$ 501 million during the month, ending June at a stock of US$ 64,278 million.
