The accumulated of 2025 is the highest level since 2020. Banks also increased their currency possession. Foreign entities lowered their position sold to futures and the public increased their buying position in May.
The latest official data market data showed a highly valid May of phase III and the flexibility of the restrictions of mid -April, where the level of treasury climbs AU $ S3.226 million. In two months, the so -called “leak” or treasure In market jargon, in reference to what the Central Bank (BCRA) calls net external asset formation or FAE, He added a negative flow of no less than US $ 5,247 million. In this way, so far from 2025, the FAE level totalizes US $ 4.716 million, being the highest since 2020 when it registered US $ 3,118 million with pandemic and super stocks. What happened in May?
According to the BCRA exchange balance data, the exchange financial account was deficient for US $ 2,054 million due, mainly, to the deficits of the non -financial private sector (companies and families) for US $ 1,433 million, and to a lesser extent by the financial sector for US $ 584 million and that of other net movements for US $ 530 million. This negative flow was barely compensated by the net income of the government and the BCRA for US $ 493 million. But when focusing on the deficit of the financial account of the non -financial private sector it is observed that this result is mainly explained by net expenses per FAE for US $ 3,226 million, which were partially compensated by the net income of financial loans and credits for US $ 1,247 million.
With regard to FAE expenses, the BCRA report realizes that Almost half and half corresponded, net purchases of tickets and net expenses for foreign exchange, for US $ 1,747 million YU $ 1,479 million, respectively. However, of net currency expenses, US $ 324 million corresponded to exchange operations, that is, transfers of local deposits abroad. It should also be noted that the currency result was mainly explained by the net expenses of individuals and families for US $ 1,526 million. While the ticket result was explained by the net purchases of individuals and families for US $ 1,954 million, barely compensated by the net sales of non -financial companies for US $207 million.
Dollar output: BCRA explanations
Before such exit of dollars, the BCRA said that, “Part of the funds acquired and registered in the bills are deposited in local accounts or can be used later for the cancellation of consumption with foreign currency cards and not necessarily constitute external FAE as the final destination of these funds.” The same for the case of currencies, “that could then be traveled in the stock market and be destined to cancel liabilities with the outside, such as, for example, external commercial or financial debt payments or profits and dividends.” And about the exchanges that “they are explained mainly by the counterpart of the income from consumption of non -resident tourists with cards and the income from the outside to local accounts in foreign currency of external assets of free availability.”
Regarding financial debt movements of the non -financial private sectorincluding loans from international organizations and local financial loans, They resulted in net income for US $ 1,395 million, highlighting the net income of the Energy Sector for US $ 438 million. “This total was explained by net income from local loans for US $ 824 million and financial debts with the outside, titles in foreign currency and loans with international organizations for US $ 571 million.” For its part, The direct investments of non -residents in the non -financial private sector registered net income through the change market for US $ 109 million, while registered net expenditures in portfolio investments for US $ 2 million.
The behavior of the financial sector
What happened to the financial sector?: The operations of the financial financial account of the financial system were deficient in US $ 584 million due Values with foreign currency (all partially compensated by net income from financial loans, credit lines and other credits for US $ 140 million). This way, The banks closed May with a PGC stock of US $ 7,389 million, 10% more than in April. “The result was explained by the increase in currency possession of US $ 930 million compensated for the fall in bills for US $ 271 million.” Regarding the possession of foreign currency, the BCRA reported that it added US $ 5,107 million at the end of the month, stock that represented 70% of the total PGC and that the banks maintain to meet the movements of local deposits in foreign currency and the needs of the gear market.
In reference to the futures market, which in May was very active, the BCRA report indicates that The set of entities closed May with a position sold at foreign currency for US $ 99 millioncutting the position sold at US $ 565 million. In May, the entities bought US $ 595 million in institutionalized markets and sold US $30 million directly to “Forwards” customers. While foreign capital entities closed May with a net sold position of US $ 341 million, decreasing it to US $ 288 million, national entities went on to have a buying position of US $ 242 million, having bought US $ 277 million in the month.
Source: Ambito
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