Almost at the end of the first half of April came into force Phase III of the economic program of the Government of Javier Milei, in parallel with the new agreement with the International Monetary Fund (IMF)that among other things implied The modification of the dollar’s flotation exchange scheme with mobile bands and Restrictions. This resulted in a significant increase in exchange operations volumes.
The data of the Central Bank Exchange Balance (BCRA) show that The volume operated in the change market was US $ 33,586 millionwhich implies a monthly increase of 27% (+US $ 7,479 million) and of 61% year -on -yearwith a Average daily amount of US $ 1,768 million (+22%).
On the other hand, the Negotiated volume in term markets Also increased almost a 9%reaching a total of U $ 26,164 millionequivalent to U $ S1,377 million daily. Operations arranged in Matba Rofex They continued to predominantly, with the 94% of the total term volume.
Besides, 93% of exchange negotiations Between financial entities and its clients it was channeled through private entitieswhile Public banks represented 7% remaining.
Financial Sector: Fall of holdings and position sold
The operations of the financial financial account of the financial sector resulted overlaps at US $ 2,598 millionmainly by The fall in the possession of assets in foreign currency of the entities in U $ 2,669 millionthat make up the General change position (PGC).
Entities also had Net loans and titles subscriptions for US $ 71 millionending the month with a PGC stock of US $ S6.922 milliona 28% decrease Regarding March. According to the BCRA, this was explained by the Fall in currency possession (US $ 2,335 million) And in the one of tickets (US $ 334 million).
At the end of April, the Tenure of foreign currency tickets sumo U $ S5.326 millionrepresenting the 77% of the total PGCused to meet deposits and market needs movements.
As for the Future marketthe entities closed April with a Net -sold position of US $ 686 millionreducing it in U $ 285 million Regarding the previous month. The foreign entities increased their position sold by US $129 millionwhile nationals reduced it at US $ 414 million.
Increases treasurement: record since 2019
A key data of the exchange balance was the abrupt jump in the formation of external assets (FAE)that exceeded US $ 2,000 milliona reversal of the 14 -month tendency. This level It was not seen since October 2019and represents the First negative record since January 2024.
According to the BCRA, One million people bought tickets In April, not seen in the last three years. The Elimination of exchange and tax restrictions Human people (A8226 communication) encouraged this behavior. Now, individuals can buy foreign currency in the market of changes or values without limits or perceptions.
The breakdown of the FAE shows Net tickets for $ 1,839 million and Other expenses for US $171 million. The treasure was largely explained by natural persons (US $ 1,938 million)while legal persons sold purely less than US $ 100 million.
This flow remained within the financial systemwhich helped the Private deposits in foreign currency will increase by more than US $ 1 billion In the month.
Non -financial private sector: strong deficit
The Non -financial private sector financial account closed April with a U $ 2,198 million deficitproduct of:
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Net External Assets Training: US $ 2,010 million
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Direct foreign investment of non -residents: US $ 659 million
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Net transfers for exterior exterior: US $ 281 million
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Cancellations by cards abroad: US $ 221 million
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Portfolio Investment Expenditures: US $ 7 million
These expenses were partially compensated by Net income from debts and outer titles (US $ S910 million)local financial loans (US $ 56 million), sales of titles (US $21 million) and income of international organizations (US $ 9 million).
For its part, the direct investments of non -residents registered net expenses by U $ 659 millioncovered in the New BCRA regulation (A8230) which allows to repatriate new investments without prior compliance, after a minimum of permanence of 6 months.
Source: Ambito
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