In July, the Central Bank recorded its largest dollar loss of the year

In July, following the resignation of Martín Guzman, the Central Bank’s currency balance current account was at “Bright red”. registered on higher monthly deficit so far this year, and with a positive balance of $ 653 million a year ago, last month it closed with a deficit of $ 1,302 million.

What happened is that it was there higher energy imports. they focused payments to the International Monetary Fund (US $ 1,961 million equivalent to 1,488 million SDRs) and other international financial organizations. Higher interest and principal of foreign currency securities were canceled. More people bought the $ 200 per month allowance. And there has been less liquidation of soybeans. In short, the Central Bank’s international reserves fell by as much as $ 4.555 million last month.

According to the Central Bank Report (BCRA) “Evolution of the foreign exchange market and of the foreign exchange balance”, exporters established $ 7.24 billion and import payments totaled $ 6.55 billion. there was a surplus of only $ 689 million53% less than a year ago, when the positive result was 1,478 million dollars.

A key factor was the increase in energy imports. “37% of the total of the payments for the import of goods for the month of July corresponded to the “Energy” sector. Against a backdrop of rising international fuel prices, import payments from the energy sector for the month totaled $ 2,408 million, up nearly 200 percent year-on-year and 23 percent from the previous month. ‘last in line with the seasonality of the sector’s imports ”, states the BCRA Report.

On the export side, the domestic marketing of corn stood at levels similar to those of the 2020/21 seasons (about 35 million tons), while that of wheat showed greater dynamism and stood above the levels observed in the countryside. previous years (in the cumulative year to July of the current campaign, just over 21 million tons were sold, 46% more than in the same period of the 2020/21 campaign).

In the opposite direction, the marketing of soy continued to lag behind previous seasons: the 21 million tons sold up to the end of July represent 47% of the estimated harvest, when 58% had been sold on the same date of the previous campaign, valued at current prices, this difference is about 2,700 million dollars “, he says. the report.

On the other hand, the bill “Services” it recorded a deficit of $ 1,065 million against a red of $ 270 million a year ago.

Increases were recorded mainly due to net charges for “Travel, tickets and other card payments” and “Transportation and Insurance” for USD 757 million and USD 493 million respectively. There are also net expenses of USD 21 million from “Other services”. These movements were partially offset by net income from “Business, professional and technical services” of USD 206 million ”.

The interest account was also in deficit. The payments represented a net outflow of USD 934 million: USD 763 million were made by the “General Government and BCRA”, while the private sector totaled USD 332 million.

In July, however, 1.4 million “Human Persons” purchased bills of exchange for $ 260 million, an increase of 57% compared to the previous month as part of the payment of the average supplementary annual salary to registered workers and made sales for 4 million dollars. “