The Central Bank (BCRA) carried out today the largest reserve purchase in the last five and a half months, acquiring a total of US$193 million. This amount represents the highest figure since May 16, when they acquired US$263 million. With this operation, the BCRA has accumulated a total of US$1353 million in income through interventions in the foreign exchange market so far this month, placing it on track to close its best October in the last 15 years.
The gross or total reserves of the BCRA experienced a new increase of US$298 million at the end of the day, reaching a figure of US$29.666 billion, its highest level since July 5. This increase is due to the series of income from currency purchases and the growth of the reserves caused by the sustained increase in dollar deposits, especially related to the money laundering.
The strong reserve purchase made by the BCRA on this occasion may have been driven by the advancement of some settlements, considering possible logistical setbacks arising from upcoming union protests. This movement occurred on a day when transactions totaled US$321.6 million, with the central bank acquiring 60% of the traded currencies.
October is usually an unfavorable month for the BCRA in terms of reserve purchases, so the continuity of acquisitions made during this month has surprised the market. Financial analysts indicate that these actions contribute to maintaining controlled financial flows in dollars and have had a favorable impact on the reduction of the country risk rate.
As October progresses, there is a growing accumulation of reserves that, according to experts, is related to the inflow of financial capital and the money laundering process in the country. This trend is positively influencing variables such as the country risk rate and the dynamics of currency demand, indicating that the month could close with favorable results in terms of financial stability and capital flow.
