The traumatic departure of former Minister Guzmán, the advent of Batakis and the announced arrival of Massa took their toll in July: not only did private deposits in dollars fall by almost US$900 million, the BCRA sold reserves for US$1.284 billion, but also Hoarding also reached the highest level of the year with US$164 million. The Exchange Balance of the BCRA shows that last month the Net Formation of foreign assets of the non-financial private sector (FAE), also called capital flight in market jargon, totaled US$164 million, which implies an increase of 163%. monthly and 31% year-on-year, as a result of net ticket purchases of US$185 million, and net foreign exchange earnings of US$21 million. In this way, the accumulation of the first seven months of the year shows a hoarding of US$602 million (US$884 million from the purchase of tickets less US$282 million from the repatriation of investments), when in the same period of 2021 there was a repatriation of capital for US$74 million. This reversal of flows speaks clearly that something has changed in the mood of savers and investors.
Source: Ambito
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