Dollar: field sales fell 28% in May, the month in which the BCRA tightened the stocks

The Central Bank (BCRA) reported this Friday that the “Oilseeds and cereals” sector recorded in May foreign currency sales for export collections of US $ 2,086 million, a figure that represents a 28% year-on-year drop. Through its report on the Evolution of the Exchange Market and Exchange Balance, the monetary authority considered that said level “was about $ 400 million below the exports of goods estimated at $ 2.5 billion” and argued that the fall responded to the early settlement registered between November and December.

The early settlements made during the last two months of 2019 had already been identified by the monetary authority as causing the deterioration of foreign exchange sales by the sector in the previous exchange report, corresponding to April. And just like a month ago, the BCRA recalled that in the last two months of 2019 sales reached US $ 4,600 between November and December, an amount that represented an increase of 84% year-on-year.

The level of income registered in May, completed the entity chaired by Miguel Ángel Pesce, would imply that the sector continued “paying off debt due to advances and pre-financing of exports contracted in previous periods.” And in that sense, he recalled that “the external sales records for all of 2019 were above the exports of the year by about $ 8.5 billion.”

The exchange report published this Friday also showed that net sales of the sector –That is, the dollars that the sector sold minus the ones it bought– during May they totaled US $ 1,709 million, so the year-on-year decrease amounted to 37%.

Regardless of that, the work highlighted that the companies of the “real sector excluding Oilseeds and Cereals” made net purchases of US $ 1.685 million. They were destined to make payments for imports of goods and services. “This level of net purchases for the sector was not observed since August 2019”, the BCRA noted in the report.

Another of the salient points of the report on the Evolution of the Exchange Market and Exchange Balance showed that during May, the international reserves of the Central Bank decreased by US $ 980 million, ending the month with a stock of US $ 42,588 million.

Before said trickle, the monetary authority stressed that it managed to reverse the trend “as of the entry into force of Communication” A “7030”. In other words, the restrictions it imposed on companies to access the foreign exchange market. “A reversal was generated in the result of the operations of the clients of entities, a situation that allowed the BCRA to accumulate international reserves in the following weeks.“Stressed the Central. AND He emphasized that on that last business day in May, he recorded net purchases of $ 279 million. The trend continued during the first fortnight of June, in which the entity accumulated another US $ 772 million.

According to the report, Clients of financial institutions bought in May $ 755 million in the exchange market, which were covered by net sales of the BCRA and entities for $ 679 million and $ 76 million, respectively.

The “Human persons”, who buy foreign currency for hoarding, travel and other consumption abroad, they net acquired u $ s 534 million, of which US $ 438 million corresponded to hoarding. While the “institutional investors and others”, both residents and non-residents, made net purchases in the month for $ 12 million.

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