February 29, 2024

Brighton Journal

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The number of Argentines buying savings dollars is declining

The number of Argentines buying savings dollars is declining

In April this year, 799,000 Argentines purchased a total of $ 470 million in savings (official and 65% tax), according to the Central Bank of India (BCRA) Exchange Market Evolution Report, published monthly. Company. Of that amount, US $ 301 million was used to offset consumption costs with non-resident providers, 12 million US dollars less (7% less) than the total for March, US $ 138 million used for hoarding, 16% less than the previous month (16%). Fall MoM).

Therefore, there is a slight drop in the number of buyers (with fewer than 134,000 people) compared to March, a 23 per cent reduction, which – according to analysts – is in response to lower storage capacity. And, at the same time, the loss of competitiveness of the savings dollar against other exchange rates (especially informal and financial). In fact, the average purchase per month was $ 179 per person and $ 201 per person, with a total of 26,000 sellers.

According to Iprofesional, the total cost of travel, tickets and other card payments is US $ 507 million, and according to the BCRA, this is happening in the context of a “gradual recovery of tourism from the COVID-19 epidemic”.

Export collections stood at US $ 7,393 million and import duties at US $ 5,990 million. Imports of goods total US $ 5.99 billion, an increase of 25% over the same month last year, and in the context of rising international prices for the country’s imported fuels, the sector’s imports from energy grew by US $ 796 million per annum to 85% per annum, 85% per annum. Shows an increase, however, with a 42% drop compared to the peak seen in March.

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Also noteworthy from the report is the result of the “Oilseeds and Grains” sector, which basically refers to commodity exporters. Thus, the total foreign exchange reserves for the export of goods through the foreign exchange market stood at US $ 3,909 million, with an increase of 3% per annum on the back of higher international prices for agricultural commodities.