The drainage of reservations continued last February via the services sector reaching levels not seen since the crisis of 2018, and being the highest in the historic series of the Central Bank since 2003.
The services sector registered a exchange deficit of US $ 1,038 million last February, being the highest since 2018 for that month. This is reflected in the last exchange balance of the Central Bank (BCRA) that shows that the Services account showed one of the greatest deficits of the historical series published by the monetary entity, not only for February but also for the first two -month period of the year. As can be seen from the official data, the deficit was explained by the Net expenses for “trips, tickets and other card payments” for US $ 941 million, other services for US $ 197 million and freight and insurance for US $171 million. This negative net flow was, partially, compensated by the Net income for professional and technical business services for US $ 271 million.
In this regard, the BCRA explains that around 55% of trips for travel, tickets and other card payments are directly canceled by customers with foreign currency funds, which reduces the deficit impact of these consumptions on the market of changes and international reserves. In addition, remember that, like what happens with exports of goods, up to 20% of service exports charges can be admitted to the country through the stock market within the framework of the export increase program, so that said portion of the income does not appear in the statistics of the exchange balance balance (except for those charges that enter and are deposited in local accounts in foreign currency for its subsequent liquidation in the stock market. of exchange).
On the other hand, the operations for primary income represented a net exit of US $ 1,047 million explained by net interest payments for US $ 1,037 million and net expenses of profits, dividends and other income abroad for US $ 11 million, while secondary income operations represented a net discharge of US $ 15 million.
Services: Debt payments
As for the government and the BCRA, the service account shows that they made gross interest cancellations for almost US $ 1 billion, composed of turns for US $ 593 million to the International Monetary Fund (IMF) equivalent to 454 million DEG, gross cancellations for public titles and other concepts for US $ 289 million yu $ s104 million turned to international organizations (The IMF excluded). On the other hand, the gross cancellations of interest in the private sector amounted to au $ 83 million.
Comparing the performance of the first two -month period of 2025 with the one of the previous year, it arises that the strong increase in the service deficit was mainly the result of the increase in gross travel, passages and other payments with cards and business, professionals and technical services. Let’s see.
In two months, expenditures increased 191%
Total income, January and February of this year, added US $ 1,918 million, which represents an year -on -year increase. The greatest increase came from business, professionals and technical services that added US $ 1,200 million, growing 61% year -on -year followed by trips, tickets and other cards with cards for US $ 657 million (increased 37% year -on -year) and for US $ 61 million freight and insurance (48% intelndual grew).
While, On the side of total expenses, there is an year -on -year increase of 191% to levels of US $ 4,143 million. In the first place, the increase in trips, tickets and payments with cards with 185% year -on -year at U $ 2,709 million levels, then business services, professionals and technicians with US $1,002 million (growing 161% year -on -year) and finally insurance and insurance that increased 376% interannual au $ S432 million.
In such a way that The net result was an imbalance of US $ 2,225 million, which implies an increase of 1,399% with respect to the deficit of the first two -month period of 2024. Therefore, What is seen throughout the first two -month period of the year not only shows the impact of the greatest flow linked to international tourism but also to the highest imports and even the payment of professional services. Years ago, some mischief and maneuvers of the importers hit the deficit of the services sector, today, in the hand of the stability of the official exchange rate and speculation about the future exchange regime, the opening of the economy and the highest level of activity, not only the tourism sector shows an important negative net flow but also the payment of freight and insurance, and even, of the contracting of professional and technical services. Anyway, the result is similar, a greater exchange deficit of the services sector with the consequent negative impact on BCRA reserves.
Source: Ambito
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