Main aspects
In May, the clients of entities bought US$ 2,382 million in the foreign exchange market, while the National Treasury and the group of entities authorized to operate in foreign exchange offered US$ 1,320 million and US$ 1,062 million, respectively. For its part, the exchange rate remained within the “Exchange Reference Zone” and the BCRA did not intervene in the spot exchange market. Companies in the real sector were net sellers of foreign currency for about US$ 2,134 million.
Within this group, the main sector with net supply in historical terms, “Oilseeds and cereals”, had net sales of US$ 2,715 million, registering an increase of 19% compared to the same period in 2018. The sector’s net foreign exchange market revenues were in line with the result of its estimated customs flows.
Companies in the “Real Non-Oilseeds and Cereals Sector” made net purchases of US$ 581 million. The difference with respect to net purchases of US$ 2,600 million in May 2018 continued to be explained by the lower imports observed in recent months.
“Individuals”, which basically demand foreign currency for hoarding and trips abroad, bought US$ 1,425 million net (US$ 938 million for banknotes and US$ 487 million for the rest of their operations), an amount that showed a decrease of 58% compared to purchases of US$ 3,365 million in May 2018.
“Institutional investors and others”, both residents and non-residents, made net purchases of US$ 1,732 million, showing a decrease compared to the net purchases observed in May 2018 for about US$ 430 million.
In addition to sales in the spot market, the entities made net forward sales in foreign currency for US$ 640 million.
The General Government recorded income of US$ 2,001 million from the issuance of Bills and US$ 795 million from International Organizations. On the other hand, it made principal and interest payments on debt securities for about US$ 5,359 million, highlighting the disbursements for BONAR 2024 for US$ 2,990 million and for LETES for US$ 2,000 million, and payments to International Organizations and the Paris Club for US$ 2,386 million.
As a result of the aforementioned movements, gross international reserves decreased by US$ 6,883 million during May, ending the month with a stock of US$ 64,779 million.
