Although several steps fell with respect to the previous month, where a seasonal factor operates, the people and companies (no banks) maintained a high level of dollars of dollars bills and currencies, which reaches so far this year a very significant amount.
After the avalanche recorded in July, in the midst of the seasonal effect of the bonus medium and exchange and financial turbulence, Last month the level of treasure led the march, but so and everything added US $ 3,188 million. In this way, the Argentines, since in April restrictions were eliminated to natural persons, demand dollars bills and currencies, on average, for US $ 3,584 million per month. It is worth noting that, if the month of July was excluded, The average would still be elevated by being at more than US $ 3,120 million per month.
The official numbers show that so far this year, The treasury, which in the market they call “escape” and that the Central Bank (BCRA) historically called net external asset formation (FAE), adds nothing less than more than US $ 17,387 million. A non -negligible number, especially, in a low stock of international reserves of the BCRA.
But what happened in August: The financial account, the other leg of the BCRA exchange balance, in relation to the operations of the non -financial private sector registered a deficit of US $ 1,136 million in Augustwhich is explained, precisely, for those now called by the BCRA Net Purchases of tickets and foreign exchange without specific purposes (formerly FAE) for US $ 3,188 million, which were barely compensated by the net income of financial loans and credit lines for US $ 1,072 million and by the records under the concept operations of exchange for transfers with the exterior for U $ S748 million (these movements are Contribution of transfers of local deposits in foreign currency of residents to their own accounts abroad).
How were the movements of families and companies in August
How was the former FAE in August?: Families and companies (no banks) made net ticket purchases for US $ 1,597 million and net expenses for foreign exchange for US $ 1,591 million, of which US $ 633 million were exchange operations (transfers of local deposits abroad).
Both the outcome of currencies and tickets are mainly explained by the operations of individuals and familiespoints out the BCRA who argues that “part of the funds acquired and registered in the bills are deposited in local accounts or They can be used later for the cancellation of consumption with foreign currency cards and not necessarily constitute formation of external assets as the final destination of these funds. The same indicates in terms of currency expenses that, in part, can be destined to cancel liabilities with the outside (for example, for external commercial and financial debt payments or profits and dividends).
Regarding the purchase and sale of tickets by individuals and families, the transfer of holdings that there were, much linked to the famous “rulo” between the official market and the dollar stock market, since there were gross purchases for US $ 2,422 million and sales for US $ 562 million. While buyers exceeded 50% the registration of the first months of the end of the stocks, the most striking thing is that sellers climbed more than 840,000 when they barely exceed 550,000 on average in recent months. That is, it went from a relationship between vendors and buyers of a third to almost 60%.
On the other hand, The direct investments of non -residents in the non -financial private sector registered net income through the change market for US $ 182 millionwhile net expenses of portfolio investments for US $ 58 million were recorded.
What happened to the banks?
The operations of the financial account of the financial sector were overcoming at US $ 1,322 million Thanks to the net income from financial loans and credit lines for US $ 871 million and for the fall for US $ 498 million of the possession of foreign currency assets of the entities that make up the general position of changes (PGC), barely compensated by the net subscription of securities with foreign currency for US $ 48 million.
This way, The banks closed August with a PGC stock of US $ 7,527 million, which implies a drop of almost 8% compared to the closing of the previous month. This is explained by the combo between the fall in the possession of currencies for US $ 538 million and the increase of US $ 240 million in ticket possession. In this regard, Official numbers show that the possession of foreign currency tickets of the banks totaled US $ 4,674 million at the end of the monthstock that represented 62% of the total PGC and that the entities keep in their treasury to meet the movements of local deposits in foreign currency and the needs of the gear market.
Future dollar: the volume in August was twice as last year
With respect to the dollar futures market, The financial system closed August with a position bought at foreign currency of US $ 499 millionraising its position bought compared to the closure of the previous month at $ 455 million, which speaks of the climate that was lived last month, and the level of intervention of the BCRA. In addition, during August, the entities bought US $ 2550 million in institutionalized markets YU $ 205 million directly to “Forwards” customers. Foreign capital entities bought US $ 454 million in August And the US $ S576 million, closing the month with a net buying position of US $ 59 million YU $ S413 million, respectively.
Another fact of how the exchange market operated in August reflects it The negotiated volume that amounted to Au $ S39,785 million, almost double that in August last year. This total was equivalent to an average daily volume of US $ 1,989 million. “The interannual increase in the volume was explained by a 100% rise in the operations of the entities with their customers (US $ 14,617 million more) and 94% in the operations between the entities (US $ 4,917 million more), partially compensated by the lowest volume of the BCRA by not intervening in the market during this month (US $ 1,102 million less U $ S407 million, ”explains the BCRA.
While The negotiated volume in term markets totaled US $ 41,127 million in Augustequivalent Au $ 2,056 million daily, on average, where the operations arranged in the A3 Matba-Rofex market continued to predominate, grouping 79% of the total term to term.
Source: Ambito
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