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.

Executive Summary

Foreign obligations declared by the private sector at the end of March totaled US$ 69,379 million, corresponding to US$ 66,125 million to external debts of the non-financial private sector (NFPS) and US$ 3,254 million to commitments of the private financial sector (SPF).

The quarterly increase in NFPS debt was US$ 161 million and was basically due to the increase in foreign debts due to the entry of advances and pre-financing of goods and imports of goods, which together meant an increase of about US$ 2,000 million. Conversely, a fall in financial debts of about US$ 1,800 million was declared.

Based on the measures adopted by the Central Bank, among which were the increase in domestic interest rates, the modification in exchange rates, and the possibility of subscribing Internal Bills in pesos and liquidated by the Reference Exchange Rate with the funds resulting from the settlement by the MULC, external liabilities for advances and pre-financing of exports of grains and oils registered a record quarterly increase in the series of US$ 1,280 million (8% year-on-year) and totaled a stock of US$ 3,572 million as of 31.03.14. Liabilities for the financing of imports of goods increased by about US$ 800 million during the quarter (year-on-year increase of 1%), reaching a stock as of 31.03.14 of US$ 25,084 million. The increase was mainly registered in the sectors related to energy supply and in the automotive industry.

External obligations for services registered a quarterly fall of US$ 106 million, and a year-on-year increase of US$ 704 million (9%). The total declared for these items at the end of the quarter was US$ 8,522 million. As for the external financial debt of the NFPS, it experienced a quarterly fall of US$ 1,813 million, explained by the net cancellation of financial loans for US$ 641 million and the decrease in the debt for profits and dividends distributed and not paid for US$ 911 million. The latter was basically due to the effect of the variations in the currency of account, the US dollar. Fresh funds received amounted to US$ 834 million, with a year-on-year increase of more than 100%. These were taken at an average rate of around 6.5%, while the average life span resulted in a total of 3.5 years.

As a result of the increase in external lines for financing energy purchases, the SPF’s foreign obligations increased by US$ 355 million in the quarter and totaled US$ 3,254 million as of 31.03.2014. In year-on-year terms, the increase was US$ 736 million (29%).

The average life of the total stock of private external debt was around 1.5 years.