Main aspects
In March, the BCRA bought USD 178 million in the foreign exchange market, which was covered by the net sales of the entities’ customers and the latter, for USD 158 million and USD 20 million, respectively.
Companies in the real sector were net sellers of foreign currency for USD 416 million.
Within that group, the main sector with net supply in historical terms, “Oilseeds and cereals”, had net sales of USD 939 million, 30% below its net sales in March 2019. As in the previous two months, they continued to cancel foreign debt through advances and pre-financing.
Companies in the “Real Non-Oilseeds and Cereals Sector” made net purchases of USD 524 million, mainly to pay off financial debt and to make net payments for goods.
“Individuals”, who basically demand foreign currency for hoarding and trips abroad, bought USD 174 million net, basically for trips and other expenses with cards that fell 65% year-on-year.
“Institutional and other investors,” both resident and non-resident, made net sales in the month of USD 82 million.
The foreign exchange current account, which includes the net result of foreign exchange operations recorded as net exports of goods and services, and primary and secondary income in line with the definitions of the Balance of Payments, registered a surplus of USD 83 million.
The financial account of the “Non-Financial Private Sector” had a deficit of USD 483 million, as a result of net cancellations of financial debt and the formation of foreign assets, partially offset by income linked to direct investments.
The operations of the foreign exchange financial account of the “Financial Sector” resulted in a deficit of USD 745 million, explained by the increase in the liquid foreign assets of the entities that make up the General Exchange Position (PGC) and by cancellations of financial loans and lines of credit.
The operations of the foreign exchange financial account of the General Government and BCRA registered a net outflow of funds of USD 292 million, which was basically explained by the net payments of debt securities and financial loans.
During March, international reserves fell by USD 1,229 million, ending the month with a stock of USD 43,561 million.
