Relevamiento de Títulos de Deuda y Otros Pasivos Externos

These statistics are based on the information obtained in the Survey of Debt Securities and Other External Liabilities provided by Communication A3602 and complementary ones.

Foreign obligations as of March 31, 2011, which were declared to the Central Bank by the
private sector, totaled US$ 60,797 million. Of this total, US$ 57,908 million corresponded to
liabilities of the Non-Financial Private Sector (NFPS) and US$ 2,889 million of the Private Financial
Sector (SPF).
The increase in NFPS’ external liabilities was caused both by the increase in commercial debt by US$ 2,050 million, mainly characterized by debts for imports of goods, as well as by the increase in financial liabilities (US$ 435 million).
Liabilities for imports of goods reached a new record in the series and totaled US$ 20,909 million at the end of the first quarter of the year, a level higher by US$ 1,750 million than the previous quarter, marking a year-on-year increase of close to 40%, similar to that recorded in the purchase of goods abroad.
There was also an increase in the coefficient of the value of financed imports with respect to the formalizations of import shipments in the quarter, basically due to the incidence of liabilities for purchases by companies in the energy sector.
The total declared external debt for advances and pre-financing of exports of goods increased
by US$ 422 million in the quarter, reaching a stock of US$ 6,540 million. This increase was mainly due to the income of exporters of oilseeds, oils and cereals, partially offset by the cancellations of the other sectors of activity, which together decreased by US$ 62 million.
The NFPS received fresh funds from abroad for US$ 985 million. These funds were obtained from multiple
holders of securities and financial institutions, agreeing to an average life of about
4 years and an average interest rate in US dollars of 7.2%. On the other hand, the placement of securities during the first quarter of 2011 amounted to US$ 517 million, at an average effective rate in U.S. dollars of 9.51% and an average term of 4.94 years.
The volume of funds received from abroad by NFPS during the first quarter of 2011 was the second highest value considering the last 10 quarters.
The SPF’s foreign obligations reached a stock of US$ 2,889 million as of 31.03.2011. The
observed quarterly variation (increase of US$ 7 million) was partly due to the increase
in debts for deposits in the hands of non-residents (US$ 55 million) and the increase in obligations for commercial credit lines, which were partially offset by the net cancellation of debt securities for US$ 79 million.