With the May data, the balance for the first five months of 2022 shows a total FAE of US$375 million, product of the net purchase of tickets for US$568 million and a repatriation of investments abroad for US$153 million. In 2021 the FAE for the same period was negative, that is, there was repatriation of capital for US$232 million, on the other hand, in 2020 it was positive for US$845 million, of course there were other exchange restrictions on the part of the entity chaired by Miguel Fish.
Explanation
Last May, on the one hand, the result of banknotes was explained by the net purchases of “human persons” for US$130 million, partially offset by net sales of legal entities and others for US$43 million. The “human persons” bought tickets for US$139 million and made sales for US$8 million. On the other hand, net transfers received from own accounts abroad were recorded for US$72 million, a result mainly explained by the transfers received by “Real Sector excluding Oilseeds and Grains” and “human persons” for US$29 million each. , and “Institutional Investors and others” for US$10 million. In the case of “human persons”, these are transfers against accreditations in local accounts in foreign currency. They are called “exchanges”. What does it consist on? In accreditations of foreign currency income to foreign currency accounts and/or debits of the funds deposited therein for transfer abroad.
Banks
The BCRA’s foreign exchange balance also shows that in May, the operations of the foreign exchange financial account of the “financial sector” resulted in a surplus of US$83 million. This result is mainly explained by the decrease in the liquid foreign assets of the entities that make up the General Exchange Position (PGC). According to official data, entities ended the month with a drop of US$39 million in PGC stock to US$5,526 million. The decrease was mainly explained by a drop in the stock of foreign currency for US$30 million and in the stock of banknotes for US$9 million.
Holdings of foreign currency bills totaled US$2,997 million at the end of the month, a stock that represented 54% of the total PGC and which is kept by the entities to attend to the movements of local deposits in foreign currency and the needs of the foreign exchange market. Regarding the futures market, the group of entities closed May with a short position sold in foreign currency for US$418 million, increasing their short position by some US$216 million compared to the close of the previous month. .
During May, the entities sold US$116 million in institutionalized markets and US$100 million directly to clients (“Forwards”). While foreign capital entities bought US$157 million in net form, closing the month with a net short position of US$238 million; national entities bought US$59 million and ended the month with a net short position of US$180 million.
Source: Ambito
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