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Unstoppable saving dollar: in July almost 4 million Argentines bought banknotes to treasure

Additionally, the figures multiplied by 10 compared to February and March, prior to the arrival of the Covid-19 pandemic, when the purchase of “dollar saving had added a total amount of around US $ 70 million, distributed among about 450,000 buyers.

Dollar purchase

In net terms, hoarding operations totaled US $ 740 million and accounted for most of the net purchases made by “human persons”, which reached US $ 876 million in the seventh month of the year.

Due to currency transfers received from abroad, Net Formation of Foreign Assets was US $ 452 million. As reported by the BCRA, the “oilseeds and cereals” sector registered net income of US $ 1,976 million, almost exclusively for the concepts included in “goods” (export charges net of payments for imports), in line with its status as the main exporting sector of the economy.

However, the rest of the “real sector” presented a negative net result equivalent to US $ 1,367 million, mainly explained by imports of goods and services and cancellation of financial debt.

The increase in demand for dollars, compared to an offer that does not react in the same way, generated, both in July and August, a significant pressure on BCRA reserves.

Despite the optimism generated after the agreement for the debt swap, So far this month the monetary authority had to sell more than US $ 900 million to support the official exchange rate, while gross reserves decreased by US $ 472 million.

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