Private deposits in dollars fell in August for the first time in five months: Does pre -electoral alert?

Although the Central Bank (BCRA) It comes, since the exchange rate flexible for individuals and families, pointing out that Part of the dollars demanded by people (in tickets and currencies) are deposited in the financial system, which are even used to face expenses and consumptions abroad, it would not seem to be what happened, at least, last August.

While the data of the treasurement last month, July was just known that exceeded the U $ S5.4 billionso they show official statistics in August, when it still remains to compute the last business day of the month, the Stock of private deposits in dollars (argyn) records a fall of more than U $ S316 million.

It is just a decrease of almost a 1%. Irrelevant. But in addition to interrupting a series of growth resumed last April, in the middle of the Pre -electoral eggplant It is still a attention call.

Official data shows that on August 28 the stock of the argen U $ 32,267 millionalthough still, in the accumulated of what goes from 2025 records a favorable balance of some U $ S824 million.

Of bleaching to the present

Since November last year, the exit of Argundolic was notorious and remained firm until March of this year. It should be remembered that the argyn stock recorded a leap thanks to the Lighting of capital.

In this regard, the BCRA records that under the “Asset regularization regime”the argyn grew more than US $ 12,000 million in September 2024, and then after an extension others US $ 3,200 million.

“The high degree of interest was reflected in the volumes of deposits in dollars, which towards the end of September even exceeded the U $ 1 billion per day”, Said the BCRA at that time. Thus, the argyn stock was located near the U $ S31.5 billiona level similar to the maximum reached in 2019.

But then, as of November 2024 there was an exit of more than U $ 2,000 million and others US $ 1,100 millionso last December it turned to the level of September with the laundering boom.

Since then they continued to fall, with swings: U $ 2,340 million In January, U $ S860 million in February and US $1 billion In March. But in April, already in the midst of the flexibility of the stocks for individuals and families, which resurfaced in a resurgence of treasury for more than U $ 2,000 millionthe argyn raised again, on that occasion in little more than US $1 billionthat is, recovering just those who left a month ago.

Then in May they hardly grew U $ 39 million When the treasury exceeded the US $ 3,200 million And a month later they increased in more than U $ 440 million with a level of treasurement of more than U $ 4,050 million. While, last July, with an amount of treasurement of more than U $ S5,430 millionthe argyn stock recorded an increase of almost US $ 1,740 million.

Now, apparently in August, not even knowing how much the treasure was, in the midst of the financial and exchange rate after the disarmament of the Lefi And the rarefied of the pre -election climate, the argyn stock is closing the month barely for U $ 32,260 million.

At the moment, it would seem that the vast majority of the holders of the argening maintain their holdings. It is worth noting that, of the total of private deposits in dollars, there are some 135 million in accounts in viewof which some 11 million They are deposits of more than one million dollars, and others 6,765 million in fixed term depositsof which there are some 2,589 million placements of more than one million dollars.

In this regard, of the total fixed deadlines in dollars there are some 3,617 million placed 30 to 59 daysothers 849 million 60 to 90 dayssome 950 million more than 90 daysand 1,186 million to more than 180 days Already more than a year some 165 million.

So that the large part of the argyn are placed in Savings box depositsthat add some some U $ 25,000 million. These have not only been traditionally used as a safety box at no cost beyond the depreciation of the dollar, but as a way of parking liquidity in dollars that, if no black or corral swallow, is of immediate availability.

It should be remembered that Laces of the argyn They are computed within the stock of the gross reserves of the BCRAso that any movement, positive or negative, has direct influence on the currencies of the monetary entity.

If it is confirmed that in August only less than 1% of the argening should not disturb. But if the political noises and pre -electoral scandals It would be necessary to monitor how the headlines of the argening, especially with a view to October.

Nor can it be given that these argening are the raw material for dollar financing localfor exporters and linked companies, so if the deposits stock is restricted, the credit capacity.