Without a doubt, the libertarian government started with the approval of savers and investors, who in the first month of office injected a good dose of funds repatriated to the domestic market and that was reflected, in part, in the behavior of informal dollar quotes. Were US$330 million net of capital that Argentines brought back to the country. This is the largest amount in absolute terms since December 2016 when, at the advent of the Cambiemos administration and in the midst of money laundering, Argentines repatriated more than US$2 billion.
On the one hand, the result of banknotes was explained by the net purchases by individuals for US$55 million (the lowest of last year) minus the net sales made by legal entities for US$19 million. In this regard, we must not ignore that General Resolution of AFIP 5463 that modified the rates of income and personal property tax that are collected on the purchase of foreign currency for hoarding reasons and on expenses in foreign currency with a card ( became 30% and 0%, respectively) came into effect on December 13; In this way, the total surcharge on these consumptions is currently 60%: 30% via PAIS tax and the remaining 30% as income tax or personal property tax, as appropriate.
Besides, Net income was recorded from own accounts abroad for a total of US$366 million. This result is mainly explained by the net transfers received by individuals for US$198 million, by Institutional Investors and others for US$102 million, by the Real Sector excluding Oilseeds and Cereals for US$47 million and by Oilseeds and Cereals. US$20 million.
In addition, direct investments by non-residents in the private sector (including the financial sector) recorded net income through the exchange market for US$90 million.
Although there were other periods of capital repatriation such as December 2019 (198 million) and between 2012 and 2013, and the end of 2022, without a doubt December 2023 is one of the most significant, only surpassed by June 2005 (454 million) , August 2005 (1,322 million) and December 2016 (2001 million). Also without, for now, any money laundering.
Financial sector operations
Regarding the financial sector, last December The operations of the foreign exchange financial account resulted in a deficit of US$ 1,555 million, fundamentally due to the increase in the liquid external assets of the entities that make up the General Exchange Position (PGC) for US$ 1,484 million and the net expenses for financial loans for US$ 71 million. According to BCRA data, entities closed last year with a PGC stock of US$7,312 million, which meant an increase of 26% compared to the end of November. How is it explained?: by increase in the possession of banknotes for US$ 1,407 million dollars (linked to the growth of the argendollars and the effect imposed on personal assets) and foreign currency for US$ 83 million dollars.
The holding of banknotes in foreign currency thus totaled US$6,070 million at the end of the last month of 2023stock that represented 83% of the total PGC and that is kept by the entities to meet the movements of local deposits in foreign currency and the needs of the exchange market.
For their part, the group of entities closed December with a forward sold position in foreign currency for US$72 million, reducing their sold position compared to the close of the previous month by around US$187 million. During December, the entities purchased US$104 million in institutionalized markets and another US$82 million directly from “forward” clients.
The BCRA numbers show that foreign capital entities closed December with a net sold position of US$22 million, reducing their sold position compared to the previous month by US$97 million, while national entities bought US$89 million. million and decreased their net sold position from the previous month to US$50 million.
Source: Ambito
