Due to the exchange delay, the continuity of the Blend dollar and other official measures, last month exports and import payments showed a red of US $ 39 million for the BCRA.
He Impact of exchange appreciation month by month is accentuated in the flow of dollars In Decemberthe Central Bank registered its Seventh consecutive deficit in the current accountwhich this time did not be compensated by the net income of the financial account. The main novelty is that, For the first time in a year and a half, the balance of goods threw a negative balance for the coffers of the BCRA.
Specifically, The exchange balance of goods (Export charges less import payments) last month marked a U $ S39 million deficit. This happened Although Indec recorded an important commercial surplus of US $ 1,666 million For December.
Dollar “blend” and property deficit
The reasons? The main one is the continuity of the dollar “blend”which makes 20% of export settlement be carried out in the CCL market and, therefore, It submits offer to the official market. For example, In December, INDEC registered FOB exports for US $ 7,035 million, but only US $ 587 million arrived at the BCRA. There was also a Import payment jumpwhich totaled US $ 5,926 million (10% more than the revenues of merchandise of the same month) and almost US $ 1 billion were located above the November payments.
The BCRA stressed, in its report of the exchange balance, which also influenced a series of measures implemented by the entity at the end of November, which established “that exports of goods had broader deadlines for currency liquidation.” In addition, in terms of services imports, the general period for payment to companies not linked in cultural, personal and recreational sectors was reduced.
Strong output of currency by tourism
As for many months, the impact of Cheap dollar policy is reflected in a strong red in the services balance. In December, the deficit was US $ 526 million.
The main factor is the Tourism boom abroada phenomenon that was accentuated in January and will be reflected in the next monthly report.
Specifically, last month of the country left US $ 897 million for expenses in “trips, tickets and other card payments”. If the income that was for the same concept is discounted, The deficit in the tourist front was US $ 567 million.
Reservations
Thus, December was the seventh consecutive month of Exchange current account deficit. This time, it totaled U $ S1.114 million. But, unlike the previous months, this time the financial account surplus (U $ S749 million) failed to compensate for it. This way, Bruta Bcra international reserves fell US $ 603 million in December and ended the year at US $ 29,612 million.
“This result was mainly explained by the fall in foreign holdings of the entities in the BCRA for US $ 1,306 million, capital cancellations of national public titles for US $ 328 million, for the fall in the dollar price in dollars Americans of the assets that make up the reserves for US $ 244 million, net expenses for Operations of the BCRA for US $ 232 million and for the net payments made by the BCRA through the local currency payment system (SML) for some U $ S80 million.
The aforementioned movements were partially compensated for the net income of capital and interest of loans from international organizations (excluding the IMF) for US $ 1,366 million and for the Net Purchasing Liquidations of the BCRA in the change market for US $ 700 million, “the central said in a statement.
Source: Ambito
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