The Central Bank of the Argentine Republic reported that gross international reserves increased by 20 million dollars, reaching a total of 29.859 million dollars, according to official data. This significant increase in reserves has been recorded since Javier Milei took over the management.
Net purchases in the spot market amounted to 19.777 million dollars since December 7, 2023, contributing to a 40.8% increase in gross reserves, which rose from 21.208 million to 29.859 million dollars.
On the other hand, the capital amnesty promoted by the government, whose first phase recently concluded, has positively impacted private sector dollar deposits. In October, these deposits increased by 3.185 million dollars, with a cumulative increase of 78.8% in the months of September and October. However, in November, a slight decrease of around 560 million dollars in deposits was observed, possibly due to temporary adjustments following the conclusion of the first phase of the amnesty program.
This reduction in deposits has affected both foreign trade operations and transactions with securities, decreasing liquidity and the traded volume in the Argentine market. Despite this pause in the accumulation of foreign currency, the BCRA maintains a positive intervention balance in the foreign exchange market of 476 million dollars so far in November.
Regarding the local market, the holiday in the United States for Veterans Day reduced transactions, and the Central Bank of the Argentine Republic ended its interventions in the foreign exchange market this Monday without a positive balance, interrupting a streak of 18 consecutive days of net purchases.
