The exchange balance for the month of October registered a decrease in the BCRA’s international reserves of US$ 504 million, as a result of a surplus in the current account of US$ 677 million and net outflows of US$ 1,181 million in the financial and capital account, mainly due to payments to International Organizations.
After two consecutive months (August and September) in which results close to equilibrium were recorded on average, in October there was again a strong surplus (US$ 616 million) in foreign exchange operations carried out in the Single and Free Exchange Market (MULC) by authorized entities with their clients. This result reflected the decrease in the net formation of NFPS assets, the decrease in payments for imports of goods and an increase in collections for exports of goods.
Net foreign asset formation of the non-financial private sector (excluding net purchases for debt restructuring) reached the lowest monthly level since the entry into force of the MULC in February 2002 in October.
As the exchange rules were relaxed, the average level of the volumes traded in the foreign exchange market increased, with an increase in transactions between the entities and their customers and between the entities, to the detriment of the volumes operated between the BCRA and the authorized entities. Beyond seasonal factors related to the settlement of export collections, the total volumes traded were above US$ 9,000 million per month.
