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 News

11/09/2017 0:00 - Capital Market
NICOLAS FERRER
Central Bank of Argentina Balance Sheet breakdown for August

As of August 31, the balance sheet of the Central Bank of Argentina shows a USD 1,862 million rise in foreign reserves over the last month. Year-over-year growth in total monetary liabilities (Monetary Base + Central Bank Notes) kept decelerating throughout August, falling to 40.3%, its lowest level since February.

Weekly reports of the Central Bank of Argentina’s balance sheet show that, as of August 31, the monetary authority held foreign reserves worth a total ARS 848,741 million, or USD 48,876 million at the current official exchange rate of ARS 17.3650 per USD. Expressed in dollars, foreign reserves have grown 4 % over the last month and 56.9% in a year-over-year basis.

If we deduct checking accounts in other currencies (ARS 276,232 million) and other liabilities (ARS 269,564 million), we arrive to net international reserves of ARS 302,944 million, or USD 17,446 million. Net international reserves grew 4.4% over the past month, mainly due to “other liabilities” increasing at a lower rate than foreign reserves.

As of August 31, monetary base was ARS 838,398 million, rising 0.75% over the past month. This relatively stable behavior led to year-over-year growth falling to 23.3% by the past month’s end.

 

The stock of debt securities issued by the monetary authority, which stands at ARS 1,030,682, is 2.1% above its level from one month ago. Total monetary liabilities (monetary base + debt issuance) have grown 1% during the same period. On a year-over-year basis, total monetary liabilities have grown at a 40.3% clip as of August 31. The ratio of total debt securities outstanding to monetary base, which reached its 52-week high of 132% on May, stood at 123% as of the most recent observation.

 

The ratio between international reserves to monetary liabilities has remained in the 44% to 47% range since July. Net foreign reserves represent 16.2% of monetary liabilities, unchanged on a monthly basis.

Federal government debt issuances held by the Central Bank total ARS 1,202,928 M, with a 0.4% month-over-month drop. To calculate total obligations from the Argentine government to the Central Bank, we must: add temporary loans by the federal government (ARS 471,530 M), contra account of the use of the reserve portion (ARS -12,991 M), contra account of special drawing rights (ARS -41,765 M) and deduct deposits from the argentine government and others (ARS 19,886) as well as contra account of Argentine government’s contribution to international organizations (ARS 51,282). As a result, we estimate total obligations from the Argentine government to the Central Bank equal to about ARS 1,548.5 billion or USD 89,176 million, with a 1.3% month-over month drop and a 3.5% year-over year rise in dollar terms.

The following chart shows the evolution of the foreign reserves to monetary liabilities ratio, as well as total Federal Government obligations held by the Central Bank.

 

 

 Institutional video


Institutional Video of the Bolsa de Comercio of Rosario (Rosario Board of Trade)

 Rosario Board of Trade

The Rosario Board of Trade is a centennial institution located in Rosario, in the most important agroindustrial zone of Argentina. Throughout its history it has created and boosted transparent, solid and reliable markets: the Grains Physical Market, the Futures Market, the Capital Market, and the Livestock Market.

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Bolsa de Comercio de Rosario Córdoba 1402 - S2000AWV
TE: (54 341) 5258300 / 4102600
TE: (54 341) 5258325 (Complejo de Laboratorios - servicioalcliente@bcr.com.ar)
Rosario - Santa Fe - Argentina

Oficina Buenos Aires Reconquista 458 piso 7° - C1003ABJ - Cdad. de Buenos Aires.
Tel: (54 - 011) 43280390/1484 43939391/9649- Fax: (54 - 011) 43939649
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