Argentines living in the country continue to hoard hard currency, despite the current government’s changing expectations.
The amount of Argentine dollars outside the financial system was reduced. It happened after the exchange rate calm that occurred during the first part of the year.
According to official data from INDEC in its report Balance of payments, At the end of the first quarter of the year, Argentines residing in the country They had US$257,857 million outside the local financial systeml, a reduction of US$323 million compared to the US$258.18 billion they had at the end of last year. The amount arises from the concept “Other investments” in the international investment position of the report of the official statistical agency.
Includes funds stored in safe deposit boxes, bills kept “under the mattress”, both in dollars and in other currencies, and the money that Argentines keep in bank accounts declared abroad.
The reduction in stock observed during the first quarter of the year, although it was a moderate proportion, implied a change from what I saw showing. Due to the accumulation that was generated, even with this reduction, the stock for the first quarter is still higher than that of the same period of the previous year, which was US$243,676 million.
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Thus, the data from the official statistics agency coincide with those of the Central Bank, which also showed a re-entry of dollars into the financial system in the first months of the year, with the change of Government.
According to the organization led by Santiago Bausilli, In April, the net formation of foreign assets of residents of the non-financial private sector showed a surplus result of US$133 million, made up of net sales of “banknotes” by US$78 million and net foreign exchange earnings of US$56 million.
Source: Ambito
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