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
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.