The initial rise in hard currency deposits had been driven by the regularization of assets. However, there was a strong subsequent drainage.
In recent months, the Argentine banking system suffered a Strong drop in dollar deposits of the private sector. From November 8, 2024 – when the first stage of the money laundering ended – until April 3, 2025, US $ 480 million were withdrew, according to data from the Central Bank. The stock went from a peak of US $ 34,235 million au $ 29,455 million.
Since the peak reached on October 31, 2024, dollar deposits fell $ 5,268 million. If this exit with the total funds entered during laundering (US $ 22,165 million) is compared, it is observed that 23.76% of that amount has already left the system. In other words, Almost one in four dollars declared within the framework of the asset regularization regime was already withdrawn from the banks.
The initial rise in hard currency deposits had been driven by laundering: the system started the year with just US $ 15,783 million and doubled that amount in a few months. However, The posterior drain reversed the trend. In other words, one in four dollars admitted by laundering has already been removed.
A constant dripping
The LCG consultant defined this phenomenon as a “sustained drip.” Only in the last month, Almost U $ S950 million came out. Since the completion of money laundering, they have already left the US $ 4,813 million system, almost a third of the total entered by that road.
The report attributes this dynamic to a context of growing uncertaintyfed by versions about a possible turn in exchange policy within the framework of negotiations with the IMF. In this scenario, Many savers look for better yields in pesos while trusting some exchange rate stability. But if that perception weakens, the dollar is positioned again as a refuge of value, which could stop the outputs … although it also discourages new income.
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Dollar credits: strong growth, but with deceleration signs
Foreign currency behavior also offers signals of change. According to First Capital Group, loans in dollars total US $ 14,307 million, with a monthly rise of 2.4% and an impressive year -on -year growth of 190.3%. 77.5% of these lines were allocated to commercial financing, with a jump of 218.2% in one year.
Even so, in the last month a Moderation in that rhythm. Guillermo Barbero, partner of First Capital, said that financing in pesos again gaining strength, while the expectation of a exchange rate adjustment moderated the debt in dollars and boosted the preference for the national currency again.
Source: Ambito
