(May 31, Buenos Aires Chinese Community News, Huang Dong) According to data released by the Central Bank of Argentina, after re-opening exchange rate controls for more than five years, it triggered a dollar purchasing trend through banks.
Data shows that since the opening of exchange rate control on April 14, in just 11 working days, the total amount purchased by individuals reached 2.048 billion US dollars, setting a new high since October 2019.
In comparison, the data from April also formed a striking contrast. In March this year, when exchange rate control was still in place, the amount purchased by individuals was only 6 million US dollars.
The central bank report pointed out: "In April this year, natural persons bought 2.048 billion US dollars and sold 111 million US dollars. In terms of the number of people, 1 million people bought US dollars, and 309 thousand people sold US dollars." While in March, only 34 thousand people purchased US dollars through banks, with another 219 thousand people selling US dollars.
In this situation, the net purchase amount of individuals in April was 1.938 billion US dollars, while the net sales amount from enterprises was 99 million US dollars.
The central bank emphasized that the US dollars purchased by individuals in April did not flow out of the financial system, thus becoming the main reason for the significant increase in private US dollar savings (exceeding 1 billion US dollars).
According to bank reports, in the initial days after the lifting of exchange restrictions, there was a surge in demand for purchasing US dollars through online banking, including some people buying small amounts of US dollars as a test. Over time, the official exchange rate and the financial exchange rate tended to converge, the public's enthusiasm for purchasing subsided, and online banking returned to calmness. "On the first day of lifting exchange control, there were 170,000 currency exchange transactions, most of which were purchases. Now, there are 20,000 transactions per day, and selling transactions are also increasing. Some people who initially bought are now selling," the report said.
Original article: https://www.toutiao.com/article/7510870217325691403/
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