Main aspects
The domestic and global economy continues to undergo a gradual recovery from the health and economic crisis caused by the COVID-19 pandemic, which impacted both the level of global and local activity, trade flows and capital movements. In recent months, the BCRA has perfected foreign exchange regulations in order to promote a more efficient allocation of foreign currency. In this context, the customers of the entities bought USD 1,722 million in the foreign exchange market, which were sold by the BCRA for USD 1,212 million (in addition to the net payments through the Local Currency Payment System for USD 74 million) and by the entities for USD 436 million.
The “Real Sector” was a net buyer of foreign currency for USD 940 million. Within this group, the main sector in terms of net sales in the foreign exchange market, “Oilseeds and cereals”, recorded net revenues of USD 1,729 million, with a year-on-year increase of 9%.
The “Real sector excluding Oilseeds and cereals”, on the other hand, was a net buyer for a total of USD 2,669 million. The purchases were mainly intended to make payments for imports of goods and services, and to pay off financial debt.
The “Individuals” bought USD 423 million net, basically to meet expenses made with cards for consumption with non-resident suppliers and for treasury, for USD 207 million and USD 171 million, respectively.
The “Institutional investors and others” sector, both resident and non-resident, made net purchases in the month for USD 292 million.
The foreign exchange current account, which includes net flows from net exports of goods and services and primary and secondary income, registered a deficit of USD 1,566 million. This result was explained by the net expenditures for “Services”, “Primary income” and “Goods” of USD 754 million, USD 695 million and USD 117 million, respectively.
The foreign exchange financial account of the “Non-financial private sector” had a deficit of USD 758 million in the month, highlighting the net cancellations of financial debt for USD 552 million.
The operations of the foreign exchange financial account of the “Financial Sector” resulted in a surplus of USD 139 million, highlighting the fall of USD 207 million in the liquid foreign assets of the entities that make up the General Exchange Position (PGC). On the other hand, the operations of the foreign exchange financial account of the “General Government and BCRA” resulted in a surplus of USD 741 million.
In November, the BCRA’s international reserves decreased by USD 1,288 million, ending the month at a level of USD 41,530 million.
