They assure that since 2016, they have escaped $ 40,000 per minute

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Development of UNDAV based on BCRA data.

University of Avellaneda.

A report from the Avellaneda University (UNDAV) noted that between January 2016 and July 2019 – before the recent exchange rate – they had left the country for $ 40,000 per minute. During this period, foreign exchange purchases by the non-financial sector amounted to US $ 73,160 million, exceeding the IMF's historical disbursements in 2018.

The Institution's Public Policy Observatory has indicated that capital flight from the official channel could be explained first and foremost by the financial deregulation implemented from the first year of management of the institution. Mauricio Macri at the head of the national executive. In this sense, they reported that in three and a half years, they reached an annual average of 20,500 million US dollars, with a monthly output of 1,700 million US dollars.

They also stressed that the dividend and profit rebate carried out by multinationals abroad explained the production of US $ 7.270 million In three and a half years.

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Development of UNDAV based on BCRA data.

University of Avellaneda.

Another aspect badyzed by the UNDAV This has to do with the "rain of investments" that the government initially promised for the famous "second half" of 2016, but that never reached the amount planned by the national administration. The average of Foreign direct investment (FDI) between 2016 and 2019 it was just 27 thousand million dollars over the period 2012-2015.

In regards to dollar buyers, the report gives an account of up from more than 600,000 in 2016, to exceed 1,500,000 in 2019, the highest of the period badyzed, even exceeding the peak of July 2018, which had closed at 1,400,000.

The capital flight and the return of profits and dividends, as well as the purchase for treasury purposes, partly explain the rise in currencies and the rise in the resulting BCRA interest rate – it is above 85% today – to try to stop the bleeding.

This free movement in the capital market due to increased demand for dollars has led to a sharp rise in the exchange rate over the last three and a half years: in January 2016, it was less than $ 16 per dollar. up 205% to $ 60.

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Development of UNDAV based on BCRA data.

University of Avellaneda.

After the STEP, the defeat of the ruling party ensued in an acceleration of the previous crisis. From August 12 to 29, a against deposits in dollars totaling $ 4,746 million. In addition, the decline in reserves increased between August 12 and August 25 with a drop of 10 265 million US dollars, which raises the concern of the government and the main candidate of the government. opposition, Alberto Fernández, who, after his overwhelming victory in the primaries, he was on the verge of being the new elected president.