Informe de Evolución del Mercado de Cambios y Balance Cambiario

We present a new edition of this monthly publication, corresponding to November 2025, which analyzes the evolution of purchases and sales of foreign currency made by entities with customers through the foreign exchange market.

Executive summary

In November, entities sold USD 467 million in the foreign exchange market, USD 276 million to their customers and USD 247 million to the National Treasury. The BCRA made net payments through the Local Currency Payments System (SML) for USD 56 million.

The “Non Financial Private Sector” was a net buyer of foreign currency for USD 151 million in the foreign exchange market. Within this group, “Individuals” had the highest sectorial demand for foreign currency, registering net outflows for USD 1,596 million, mainly due to net purchases of banknotes without specific purposes for USD 1,088 million. It should be noted that part of these funds remain deposited in local accounts or are subsequently used to pay for consumption with foreign currency cards and therefore do not increase the foreign asset position. Likewise, foreign currency outflows, most of which are transfers of local deposits abroad (swap transactions), may be used to cancel external liabilities (for example, for payments of external commercial and financial debt or profits and dividends).

On the other hand, the “Real Sector excluding Oilseeds and Grains” recorded net sales of USD 806 million, mainly explained by net income from “Debt, FDI, portfolio and other operations” of USD 774 million (See Table I.2). In turn, the “Oilseeds and Grains” sector recorded net income of USD 541 million, largely explained by its results under the “Goods” heading.

The November exchange balance showed a current account deficit of USD 1,163 million, mainly explained by net outflows of the “Primary income” and “Services” accounts for USD 1,131 million and USD 559 million, respectively, partially offset by net inflows of “Goods” for USD 535 million. At the same time, the foreign exchange financial account showed a surplus of USD 1,656 million. This result was explained by the surpluses of “Other Net Movements” and “Financial Sector” for USD 2,385 million and USD 329 million, partially offset by the net outflows of “National Government and BCRA” and “Non-Financial Private Sector” for USD 840 million and USD 217 million, respectively.

The BCRA’s international reserves increased by USD 954 million in November, ending the month at a level of USD 40,335 million. This result was mainly explained by the increase in foreign currency holdings of entities in the BCRA for USD 1,936 million, by the increase in the quotation in US dollars of the assets that make up the reserves for USD 458 million and by the purchases of foreign currency in the foreign exchange market by the National Treasury for USD 247 million. The aforementioned movements were partially offset by net payments of loans from international and other bilateral organizations for USD 865 million, by interest payments and charges to the IMF for USD 843 million and by net payments made by the BCRA through the SML for USD 56 million.