Even this was determinant to meet the goal of the second quarter on the international holdings of the entity agreed with the IMF. The key was the impact of the measure ordered by the monetary entity. Since then, the BCRA remained for the time being the almost exclusive claimant in the official market and this It allowed him to acquire around US$1.5 billion on just four wheels. This Friday, with the renewal of the savings dollar quota, and demand for energy, it had to sell some US$190 million.
However, prior to the official measure, the outflow of foreign currency had accelerated due to a sharp jump in imports. In May, purchases abroad jumped 53.1% year-on-year, to US$7.87 billion, the highest figure in history for a single monthwhich reduced the trade surplus to US$356 million, according to the National Institute of Statistics and Censuses (INDEC).
Much of this record figure was due to exogenous issues, such as the spike in energy prices, but also due to local variables, such as the higher demand driven by economic growth, and especially the exchange rate gap close to 100% that made the business of forward purchases more attractive.
With great speculation, many weighty firms sought to “overstock” to access the official exchange rate. The subject had repercussions when he took it up again Cristina Kirchner in the act for the 100 years of YPF: “It seems that it has become a national sport to take the dollars out of the reserves of the Central Bank,” the vice president ironized.
Far from slowing down, imports rose sharply again in June, given that some US$2 billion were demanded in energy payments alone, which would contribute to the total figure for last month breaking a new record.
With which, the question that many ask themselves in the market and in politics is: Were the increased exchange controls late? Is there a certain inefficiency of who is in charge of the BCRA?