From January to November, the BCRA managed to accumulate a total of US $ 5,500 million in net purchases that, as of November 26, placed international reserves at US $ 42,182 million. It is worth clarifying that in 2021 the country received US $ 4,334 million in SDRs (Special Drawing Rights) from the IMF, but at the same time Argentina had to face debt payments that, had it not mediated the recovery of reserves , could have generated an indentation.
In the analysis, the UNDAV researchers pointed out that “net purchases of foreign currency on business days from July 1 to November 26 of this year were 51, while the days with a neutral balance registered 15 days. Finally, it is worth noting that in 36 days net sales of foreign currency were computed ”.
In addition, they stated that at the end of the year “the exchange gaps showed an upward behavior mainly due to the uncertainty generated by the adverse result obtained by the ruling party in the legislative elections” since “the Central Bank has the capacity to maintain the value of the North American currency “.
In a post-electoral scenario – they said – during the first 11 months of the year “the international reserves of the Central Bank are on the rise as well as deposits in dollars have increased, thus collapsing the fake news of the last weeks that generated fear among some savers “.
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With respect to public financing, stated that in 2021 the Executive Power achieved a 116% refinance. In this way, “it made it possible to reduce devaluation expectations on the official exchange rate, by renewing maturities above the totality”. The maximum refinancing peak occurred in June with a percentage of 165%.
Due to the economic recovery, which by the end of the year could culminate in a 10% increase in activity, the researchers pointed out that there was an increase in tax collection that “allowed less assistance to the treasury” by the BCRA.
The volume of the dollar deposits It is another of the outstanding factors when it comes to talking about economic stability. During 2021, they showed a 5.4% increase.
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In this sense, the report released this afternoon by UNDAV gives an account of three moments. The first took place between September and October 2020, when there was pressure on the exchange market and an outflow of deposits from the private sector was generated for US $ 2.506 million.
The second moment refers to an increase in deposits in December of last year, for a total amount of US $ 1,259 million, which made it possible to recover more than half of what was lost in the previous period.
The third and last moment, which occurred between February and October, is characterized as “a period of stability with growth in private sector deposits for US $ 492 million.” Regarding this, they highlight that between August and October there was an outflow of US $ 299 million.
In January 2021, lThe private sector deposits in dollars reached an amount of US $ 15,733 million. Taking into account that as of November of this year the figure was 15.907 million, the evolution of the variable allows us to affirm that there was no fall but rather growth, even in an electoral year and with strong pressure due to negotiations with the IMF.
Source From: Ambito
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