The purchase of dollars beats records | Acquisitions …

The purchase of dollars for hoarding reaches the $ 16.676 million in the first half, the highest level of the series published by the Central Bank since 2003. The figure exceeds the capital flight of the first half of 2008, when the lockout of the bosses of the agro-industry who protested by resolution 125 who fixed the mobile retentions and made the government of Cristina Fernández de Kirchner falter. In addition, the last months of May and June saw the highest hoarding output for these periods since 2003. Since December 2015 (two years and seven months), $ 50 billion of horticulture escaped, either almost half of 13 years ago. But unlike this period, the output was not financed by the trade surplus and foreign investment but by the external debt.

The lifting of controls and economic mismanagement gained by a landslide to the ideological sympathy of the "market" by Mauricio Macri. Paradoxically, the government of Cambiemos generates an obvious mistrust of the markets whose costs will weigh on the companies for the next decades.

"From the opening of the stock market, levels in the market have increased and the creation of net foreign badets The non-financial private sector (ie net purchases of foreign exchange sales for hoarding purposes) reached $ 9,807 million in 2016 and $ 22,148 million in 2017. In the first half of 2018, hoarding foreign exchange proceeds amounted to $ 16.676 million ", explains the Center for the Argentine Political Economy (CEPA) in its report on capital flight.

Since December 2015 came out 50.799 million dollars, nearly 90 percent of the international reserves currently owns the Central Bank. The data contrast with the 12,750 million that escaped in 2012, 2013, 2014 and January-November 2015, when restrictions on the purchase of dollars were in effect. During the first presidency of Cristina Fernandez, which saw the bursting of the subprime bubble and the crisis in the field, cash outflows for hoarding amounted to 70.135 million. Meanwhile, in 2003-07, the dollar output was $ 17,250 million. But unlike previous efforts, capital outflows during the Cambiemos government were financed almost exclusively by the issuance of the external debt of some $ 66 billion by the state-owned state.

Controls over the sale of dollars allowed the increase in the participation of "big shots" on the foreign exchange market. As compiled by CEPA, in 2016, 49% of ticket purchases were transactions of less than $ 10,000 per month, a number that dropped to 43% in 2017 and 39% in the first half of 2018. Note purchases in excess of $ 5 million per month in May and June represented 16% and 13%, respectively, of the 9% average for the first half of the year.

In June, the production of dollars for hoarding was 3074 million. The 39% of the gross ticket purchases were transactions of less than $ 10,000 per month and were made by 96% of the customers who purchased tickets (there were 1,114,000 customers in total). This means that 4% of customers (44,560 people) concentrate 61% of gross ticket purchases.

To have a more accurate idea of ​​the total output of dollars, the purchase of dollars for hoarding will add the decline in currencies by the remittance of profits and dividends, which in the first half gives a total of 818 million. Meanwhile, foreign exchange demand for tourism amounted to $ 5544 million over the January-June period. In total, during the first half of the year, dividend payments, tourism and hoarding of the non-financial private sector totaled $ 23,038 million, according to Central Bank data.