Wednesday , November 25 2020

The decline in exchange rates and exchange rates does not stop the increase in peso and dollar deposits.



In the fourth month, which proved to be extremely tricky and shrinking only when the floating exchange rate with peso issuance and intervention for trading was outside the 30% intervention zone, We are observing beneficial actions in the way of Argentine salvation.

Partial data on the central bank deposits of the banking system on the third weekend of January showed a very dynamic growth of fixed-term deposits as pesos throughout the private sector. The nominal income of the private sector as a whole is 45% per year.

The growth rate is close to 10% compared to the average for the same period in December: almost four times inflation. More than twice monthly interest.

Until now, not only has the exchange rate stabilized, but I think it is a natural phenomenon for such interest rates even in declining scenarios. Monetary authorities have bought $ 390 million by this month, but currencies are traded below nonintervention regions.

However, it is not surprising and even unexpected that during this period A personal deposit of US $ 29.55 billion in average for three weeks in January. It is a record value that exceeds the average level of the same level in December by more than 4%.

The overall outcome of this move is that the total amount of personal savings accounts with savings accounts at pesos and dollars and at longer time rates reached an average level of approximately $ 5.68 billion. In just 30 days, $ 37 million

Come this way Total amount of USD 58,700 million last yearAs a strategy that once again showed its failure as an anchor of inflation, when the batch in the peso then represented a higher rate due to the backwardness of the observed exchange rate.

Although there is a strong roots in the dollar of the agent portfolio with the capacity to create surplus resources according to current needs, We continue to support the increase in foreign currency levies.Despite the fact that in the month they do not earn money or even lose nominal losses in the conversion to pesos.


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