As a result of the flexibility of the stocks, One million people bought dollars for treasury in April, for US $ 2,048 million, record since 2019. The formation of external assets (FAE) thus transformed into the main dollar output factor during the fourth month of the year.
The figure represented a extraordinary jump regarding the values that were observing. According to the data that arise from the Evolution Report of the Changing Market and Central Banking of the Central Bank (BCRA), between January 2024 and March 2025 U $ 27.8 million per month.
From this increase, the FAE (sometimes called “capital escape”) of the non -financial private sector was US $ 2,010 million, considering the net result between the income and expenses of bills and currencies. The amount was the highest since October 2019, before the Mauricio Macri government tightened the headboard when establishing a quota of just US $ 200 to access the official change market.
On April 11, the BCRA ordered through the communication “A” 8226 the lifting of these restrictions For human people, which can now acquire foreign currency without limits of amount or destination. Additionally, in coordination with the monetary authority, the Customs Collection and Control Agency (ARCA) eliminated the existing tax perception for this type of operations.
Was this leap in the purchase of dollars for treasury?: The opinion of the analysts
“Given the story, the purchase of dollars was predictable. Part of the departure today is sought by the BCRA to be able to arbitrate in the financial markets“The director of the Consultant Ecogo, Sebastián Menescaldi, said in scope.
For Pablo Moldovan, macroeconomist and head of CP, April’s FAE was “in the expected values given the level of dollars in dollars.” In addition, he added that this component “It is absorbing the purchase of foreign exchange for other reasons “such as card payments abroad, which still contain the perception of 35%, or the operations called” Purés “, which consist of buying at the cheapest exchange rate and then selling in a more expensive market.
For his part, Milagros Gismondi, from Cohen, said that “While the purchase of dollars was high, it must be considered that before they were not bought, but that the financial ones were made via“
For many companies, the stock is still valid
It should be remembered, however, that still They are still valid The limits for companies (except exporters, importers and banks, which already had freedom) in purchases for treasure and parking, as well as the obstacles to buy official and financial dollar simultaneously.
This segment was only allowed to turn Dividends Without prior notice for exercises started from 1/1/25, so only in 2026 would begin that flow to demand currencies. In parallel, for retained dividends prior to 2025 and for the debt of importers prior to December 2025, Bopreals will be issued.
FAE became the main BCRA dollars output tap
From the relaxation of the stocks and the new exchange scheme of flotation bands, the FAE was the component that caused the most net dollars in April. Behind him the balance of Services (-u $ 1,161 million)the interventions in financial exchange rates to contain the exchange gap (-U $ S711 million) and the Net negative balance in foreign direct investment (-U $ S659 million).
Regarding the result in services, again it was the tourism The main cause of the deficit, since it generated a graduation of US $ 863 million, which implied an interannual growth of 157.5%. This is explained a bit for the greater macroeconomic stability that a year ago, but in large part also for the exchange rate appreciation, although in April there was a dim correction in the value of the dollar.
Unlike the previous five months, in April The balance of goods managed to compensate for the “red” in services. It occurred from a good export settlement (the highest since May 2023), in the context of removal of retentions for agricultural products, which for soybeans and corn will be reestablished from the second semester, according to the Government.
On the negative variation in foreign investments, Moldovan explained to this medium that “it is something that has been giving a few months ago with specific operations of sectors such as telecommunications, energy or banks, in which International companies sell their position in the market to local signatures“
The strong accumulation of reservations of the month in question, for almost US $ 14,000 million, was a consequence of the financing received by international organizationsmainly for the International Monetary Fund (IMF). Regarding the indebtedness of companies in foreign currency, a Versus March rise was verified, although far from the values that were seen between October 2024 and February 2025, derived from the dollars of money laundering and the growth in the deposits.
Source: Ambito
