The decrease in the level of purchases for hoarding is notable in the exchange market, but card spending continued to grow strongly in the eleventh month of 2023.
In November, About 789,000 people bought tickets, while about 114,000 sold them in the official exchange market. (MULC). Total, Argentines acquired US$688 million netof which US$481 million (70%) went to travel expenses and others consumption made with cards with non-resident suppliers, yu$s192 million were allocated to hoarding. This was reported by the Central Bank (BCRA) in its report on the evolution of the MULC for the eleventh month of the year.
For its part, Gross income from trips and tickets totaled US$142 millionwhat represents an increase of 133% compared to the same month of the previous year. This increase occurred within the framework of what was established by Communication “A” 7630 of November 3, 2022, where, in order to boost foreign exchange earnings from inbound tourism, it was resolved to exclude from the settlement requirement in the foreign exchange market the income of funds with non-resident cards, charges for tourist services contracted by non-residents and charges for transportation services of non-resident passengers. This allows recipients to apply a higher exchange rate to card consumption in the country by non-resident tourists.
Dollars: the details of travel and tourism expenses
While, The net expenses for “Travel, tickets and other card payments” were recorded and operations amounted to approximately US$833 million. for “Freight and Insurance”, US$59 million and others was equivalent to US$40 million. In the accumulated to November, the net expenses of 2023 for payments of services totaled US$6,176 million, a result 19% lower than that observed in the same period of the previous year.
Government expenses and BCRA reserves
On the other hand, Regarding the operations of the foreign exchange financial account of the Government and BCRA, they were in deficit by US$510 millionexplained mainly by the capital payments to the International Monetary Fund for US$796 million (608 million SDRs).
In addition, Net cancellations of financial loans were equivalent to US$29 million and the net expenses from exchange operations for transfers abroad were for US$20 million of securities, partially offset by net income from loans from international organizations (excluding the IMF) for US$260 million and by net income from asset sales. external from the public sector and financial debt for about US$72 million.
Consequently, in November, The BCRA’s international reserves decreased by US$1,046 million and ended the month at a level of US$21,513 million.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
