Dollar deposits touched maximum from laundering in the face of a strong coverage demand

So, Dollar deposits marked in July the highest increase since October 2024the last full month for which the benefits of the first phase of bleaching were available. In this way, This rise in US $ 1,755 million in the month, so the deposit stock closed at US $ 32,597 millionaccording to the consultant LCG. In addition, from Alaria They contributed that deprived of dollars from private, From the leaving of the stocks, US $ 3,495 million increased.

“This rise was due to the increase in the purchases of dollars by savers in the Mulc, reflecting the greatest uncertainty around exchange stability”they revealed from LCG about the reasons and added that The volatility of the rates affected the dynamics of deposits in pesos and encouraged the flow to the dollar.

They also recalled that The search for coverage happened after the elimination of the Lefis, that at the beginning implied a Strong increase in market liquidity, which ended up pushing rates strongly towards declinebut then was reversed by the subsequent absorption via passes and tendor tenders.

Dollarization with change of trend on treasurement

One of the trends that can be detached from the recent numbers on the increase in private deposits is that there is not only a growing demand for coverage but also These currencies acquired by retailers remain within the system and are not removed to be stored “under the mattress.”

For the financial analyst Christian Butertoday people consider that “it is cheaper to leave them in an account in dollars than in a security box” and pointed out: “You do Home Banking for the purchase of dollars and you are not going to withdraw them. What are you going to withdraw it for? To have them at home with the risk that implies?”

“Much of growth is explained by the purchases that natural persons do every month”the expert agreed. “The truth is that today there is no distrust in the financial system. In fact, many of the people who bleached it, ended up leaving it in their account”he said.

It should also be noted that as an incentive Banks began offering dollars paid accounts, which implies that they pay a fixed rate for having foreign currency savings In the savings box. The TNA they pay is currently at 2%.

Dollar: how the demand will continue during August

During July the wholesaler flew 12%. “If you have to look for explanations for such a sudden acceleration, perhaps you have to think that the macro is not always linear. The extraordinary liquidation of the agro -export complex between June and mid -July did not hold the dollar “explained from the consultant 1816.

According to this same report, The largest commercial currency supply did not result in greater demand for pesos because there was dollarization by other roads; However, the virtual stop of the liquidation (averaged US $ 39 million daily in the last 5 wheels of the month) did coincide with the strong acceleration of the wholesaler, they revealed since 1816.

“If this is a good explanation, the permanent reduction of retentions, which began to rule since August, It should normalize the commercial flow and avoid sudden movements of the dollar with low volumes in the wholesalerlike the ones we saw last week, “they added.

For his part, for the economist Gustavo Ber The growing bets towards the “Carry Trade” take pressure from the currency. “While there was a decrease in LECAPS yields would still be high in real terms, and that is combined with the expectation that such tactical financial flows could feed back a quieter currency in the short term,” he said.