Saturday , August 24 2019
Home / argentina / In March, people bought 60% less dollars than a year ago – April 23, 2013

In March, people bought 60% less dollars than a year ago – April 23, 2013



[ad_1]

The purchase of dollars by physical persons in March amounted to one billion dollars, which is 60% less than in the same month last year, due to lower purchases for savings and tourism, the central bank reported.

This was pointed out by the subject, led by Guido Sandleris, when he published his report on the development of the foreign exchange market and the exchange rate for March.

In its work, the BCRA concluded that due to sales mainly by export companies and purchases of natural persons, energy companies and, to a lesser extent, other companies, the net result of US sales. 540 million dollars.

Look also

The Central Bank did not intervene because the price fluctuated far from the extreme limits of the exchange rate band, but Gross international reserves fell by 1,828 million USD due to the net cancellation of government securities by USD 800 million and interest payments to international organizations by approximately $ 400 million, among others. With this, the international reserves end in March to USD 66,187 million.

Companies in the real sector netted foreign currencies net of about 1,000 million USD. In this group, the main sector with net supply in the past, oil and cereals, had a net sales of USD 1,350 million, year-on-year reduction of 19%, which can be explained by the cancellation of obligations and / or the formation of funds abroad.

Other companies bought net for USD 330 million. The difference compared to the net purchases of $ 2,100 million in March 2018 continued with the explanation. T in recent months.

People bought 1,000 million dollars, of which $ 540 million were bought by individual bank customers.

Look also

"A reduction of 60% compared to purchases of USD 2,500 million in March 2018 can be explained by. T lower purchases for accumulation and travel abroad ", t the report explained.

Institutional and other investors, residents and non-residents netted approximately $ 900 million net, indicating a reversal of net sales revenues, observed in March 2018 by about $ 100 million.

Last week, Sandleris announced that restrictions on the stock market non-intervention zone would be set at $ 39.75 in the lower area by the end of the year and $ 51.45 in the upper part as a complementary measure to deepen the fight against inflation, which will allow the exchange rate to .

Look also

Sandleris admitted in a statement to the media that in Argentina, normal dollarization in the election years was normal, although it relativized the possible size. "It is unlikely that significant dollarization will be noticeable," as most have "already happened" in 2018 in the currency crisis.

According to his projections, in the remainder of 2019, dollarization could take place for more than $ 7,000 million. Facing this possible scenario, he ensured that "available dollars reach and exceed" and recalls that the Treasury will sell $ 9,600 million dollars with $ 60 million daily auctions starting in mid-April.

[ad_2]
Source link