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
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
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.