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 News

14/11/2017 0:00 - Capital Market
NICOLÁS FERRER
Central Bank of Argentina Balance Sheet breakdown for October
As of October 31, the balance sheet of the Central Bank of Argentina shows a USD 1,573 million rise in foreign reserves over the last month. Year-over-year growth in total monetary liabilities (Monetary Base + Central Bank Notes) accelerated slightly throughout October, rising to near 45%
Weekly reports of the Central Bank of Argentina’s balance sheet show that, as of October 31, the monetary authority held foreign reserves worth a total ARS 915,549 million, or USD 51,810 million at the current official exchange rate of ARS 17.6713 per USD. Expressed in dollars, foreign reserves have grown 3.1 % over the last month and 39.2% in a year-over-year basis.

If we deduct checking accounts in other currencies (ARS 223,476 million) and other liabilities (ARS 243,185 million), we arrive to net international reserves of ARS 448,888 million, or USD 25,402 million. Net international reserves grew 20.2% over the past month, mainly due a significant drop in checking accounts in other currencies in the Central Bank sheet.

As of August 31, monetary base was ARS 870,103 million, rising 0.2% over the past month. However, this relatively stable behavior does not prevent a slight acceleration in the year-over-year growth towards the 29% mark.
 
The stock of debt securities issued by the monetary authority, which stands at ARS 1,182,241 million, is 7.7% above its level from one month ago. Total monetary liabilities (monetary base + debt issuance) have grown 4.4% during the same period. On a year-over-year basis, total monetary liabilities have grown at a 44.9% clip as of October 31.

 

The ratio between international reserves to monetary liabilities has remained in the 44% to 47% range since July. Net foreign reserves represent 21.9% of monetary liabilities, 3 percentage points more than by the end of September.

Federal government debt issuances held by the Central Bank total ARS 1,229,591 M, with a 2.5% month-over-month rise. To calculate total obligations from the Argentine government to the Central Bank, we must: add temporary loans by the federal government (ARS 472,230 M), contra account of the use of the reserve portion (ARS -13,138 M), contra account of special drawing rights (ARS -42,240 M) and deduct deposits from the argentine government and others (ARS 16,427) as well as contra account of Argentine government’s contribution to international organizations (AR 53,550). As a result, we estimate total obligations from the Argentine government to the Central Bank equal to about ARS 1,576.4 billion or USD 89,210 million, with a 1% month-over month drop and a 4.6% 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
contacto@bcr.com.ar