Main aspects
In September, within the framework of the foreign exchange market regulations incorporated from Communication “A” 6770, the BCRA sold USD 1,322 million in the spot market, which were purchased by the entities’ customers for USD 1,248 million and by them for USD 74 million. In addition, the BCRA made direct net purchases of USD 1,572 million from the National Treasury.
Companies in the real sector were net sellers of foreign currency for USD 1,407 million.
Within this group, the main sector with a net supply in historical terms, “Oilseeds and cereals”, had net sales of USD 1,784 million, registering an increase of 30% compared to the same month in 2018.
Companies in the “Real Non-Oilseeds and Cereals Sector” made net purchases of USD 377 million, mainly due to net cancellations of local loans in foreign currency for USD 916 million, which were funded in part with net income from goods of USD 344 million
“Individuals”, which basically demand foreign currency for hoarding and trips abroad, bought USD 2,891 million net (USD 2,578 million for banknotes and USD 314 million for the rest of their operations).
“Institutional and other investors,” both resident and non-resident, made net sales in the month of USD 235 million.
In addition to purchases in the spot market, entities authorized to operate in foreign exchange made net forward sales in foreign currency for USD 36 million.
The National Treasury made principal and interest payments on debt for USD 1,493 million, highlighting the disbursements for LETES for USD 869 million, and for payments to International Organizations for USD 368 million. On the other hand, it recorded debt income of USD 147 million corresponding to International Organizations.
Private deposits in foreign currency fell by about USD 5,200 million, with a greater drop in the first half of the month (USD 4,100 million) than in the second half (USD 1,200 million). This slowdown in output was accentuated in the first half of October.
As a result of the aforementioned movements, gross international reserves ended September at a stock of USD 48,703 million.
