Informe de Evolución del Mercado de Cambios y Balance Cambiario

This report analyzes the evolution of purchases and sales of foreign currency in the foreign exchange market, corresponding to June.

Main aspects

As a result of the changes in the local and international financial context, the Argentine Government received support of US$ 55,600 million from the International Monetary Fund, and other multilateral agencies, in the form of a Stand-By type agreement. As planned, after the approval of the program, on June 22, the first tranche for US$15,000 million was disbursed.

In the month, the BCRA made net spot sales of US$ 3,064 million (of which US$ 1,795 million were direct to the National Treasury), which, added to the net sales made by the National Treasury and other public sector agencies (US$ 502 million and US$ 64 million, respectively), and by banks and other exchange entities (US$ 92 million), were acquired by the private sector, totaling US$ 3,722 million.

The volume traded in the foreign exchange market totaled US$ 48,378 million, a level that represented an increase of 20% in year-on-year terms.

The operations of the current account of the exchange balance were in deficit by US$ 387 million. This result was explained by the deficits in the “Primary income” accounts for US$ 933 million and “Services” for US$ 815 million, partially offset by the surpluses in the “Goods” accounts for US$ 1,280 million and “Secondary income” for US$ 81 million. The result for “Goods” was the result of income from export collections of US$ 4,925 million (year-on-year fall of 13%) and expenditures from import payments of US$ 3,645 million (year-on-year decrease of 31%).

The capital and financial account of the “Non-Financial Private Sector” (NFPS) registered net outflows of US$ 5,083 million. This deficit was mainly explained by the expenditures recorded by the formation of foreign assets by residents for US$ 3,074 million, by the net outflow of securities in the secondary market for US$ 1,092 million and by net repatriations for investments by non-residents for US$ 637 million.

The operations of the capital and financial account of the “Financial Sector” resulted in a surplus of US$ 377 million, explained by the net income of financial loans and debt securities for about US$ 340 million and by the fall in the liquid foreign assets of the entities that make up the General Exchange Position (PGC) for US$ 443 million. flows that were partially offset by the use of funds for the primary subscription of securities for US$ 405 million.

The foreign exchange capital and financial account of the public sector and BCRA resulted in a surplus of US$ 16,060 million, mainly explained by the disbursement of the first tranche of the stand-by program agreed with the IMF.

With these movements, the BCRA’s international reserves increased by US$ 11,783 million during the month, closing at a level of US$ 61,881 million.