In the fourth month of the year, what happened during the first quarter was confirmed: Argentines who sold their dollars through official channels were more than those who bought hard currency.
Until the fourth month of the year a trend arose that for a long time was the opposite: in the official exchange market there were more dollar sellers what buyers. A phenomenon that finds its sustenance in the adjustment and recession that Argentina is going through.
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The data is derived from Exchange Balance published by the Central Bank (BCRA) in which it details the operations of natural persons for the month of April. According to the official document, the “Human Persons” made sales in April for US$14 million and bought tickets for US$9 million, 12% less than in March and 94% less in interannual terms. Regarding the number of people who operated in April, 208 thousand individuals sold tickets, while about 51 thousand bought them.
Thus, the trend extended to the fourth month of the year and confirmed what happened during the first quarter: Argentines who sold their dollars through official channels were more than those who bought hard currency, which was barely 51,000.
The BCRA sheds light on the crisis
In this way, the BCRA Exchange Balance states that savers were forced to sell their dollars to meet current expenses, especially in the harshest months of adjustment and high inflation. However, analysts consider that this measure will be sustained over time despite the moderation of inflation, Well, according to private consultants, the May figure will be close to 5%but the increases, such as in rents, exceed 100% for the same month.
Retail activity in the official market suggests the possibility that many have chosen to sell their notes on the black market or in financial instruments to balance their finances. This reinforces the notion, repeated on several occasions by the Government, that the country does not lack dollars to exit exchange restrictions and begin a process of economic reactivation.but it is necessary to ensure that the treasured dollars enter the financial system.
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It should be remembered that the data received from the entities includes, for each of the operations in the exchange market, information on those who operated (human or legal persons, and the sector to which they belong according to their declaration of main activity before the Federal Administration of Public Revenue), lThe amounts traded, the denomination of the currency, and also the reason behind the exchange transaction (concept)whether income or expenses from exports or imports of goods or services, hoarding, financial obligations, among others.
For this reason, I raised the question of why these people did not sell these currencies at a higher price in the blue market or through a broker, but the truth is that the Central Bank’s balance sheet puts figures on a situation that is already happening. giving during most of the year: more people buy dollars than surely sell them to pay their bills.
