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In 6 years, the Argentine dollar increased by US$86.4 billion abroad or in the mattress

In 6 years, the Argentine dollar increased by US$86.4 billion abroad or in the mattress

Argentina’s private assets total US$359,259 million.

In just 6 years, the dollars – bills that Argentina and Argentine companies keep in foreign accounts or in safe deposit boxes or under the mattress, mostly undeclared, an increase of US$86.4 billion.

In total, they add up to June 30 of this year a total of US$ 243,308 million when it was US$ 156,900 million in Quarter II of 2016 and in the same period of 2019 it has already climbed to US$ 200,738 million.

If portfolio investments (financial assets) and direct investment, such as assets, are added to the US$ 243,308 million, properties and real estate – in the case of Miami, Uruguay – or other holdings abroad, the total of Argentina’s private “assets” amounts to US$ 359,259 millionaccording to the Balance of Payments and International Investment Situation report for the second quarter of INDEC.

A year ago, those same items amounted to US$350,131 million. US$ 9,128 million is more, almost entirely due to the increase in bills and deposits in foreign accounts, which went from US$ 235,685 million to US$ 243,308 million.

A year ago, the president of the Central Bank, Miguel Pesce, said that Argentina “They have 400,000 million dollars in overseas assets” and added: “Our estimate is that we have 100,000 million dollars in bank notes in our territory, more liquidity than some regions of the United States Federal Reserve handle and we have a net investment position abroad of 130,000 million dollars . We need our capital. market to be able to expel internal savings, and convert them into investment”.

Although the public debt of the National State has reached a record of US$ 381,070 million and that increases if we include the public debt of the Central Bank, the Provinces, entities and public companies – the dollars and other assets are private and outside the scope of most of the taxation. of the State, among other reasons because the so-called “external assets” are not declared.

Precisely for these reasons, The Government seeks to reach an agreement with the US to access Argentina’s account details in that country.

These “assets” correspond to the outflow or flight of capital that has accumulated over the years outside the local financial system due to the depreciation of the Peso, lack of confidence in the economic management of the various governments in office, and speculation regarding change.

These numbers show the outflow or flight of capital, a process that has increased year after year amid the depreciation of the peso, low growth and economic recession, high inflation, the stoppage of economic activity exacerbated by the pandemic and restrictions on activity. , increased informality and increased poverty. Also because of the sudden devaluation of the peso, the pesification of deposits, mandatory exchanges for bonds, corralito, corralón, stocks, etc.

These figures, the Indec explains, arise from foreign currency buying and selling movements in the banking and financial system, from the entry and exit of funds and capital processed through the Central Bank and from data provided by banks and entities. • abroad regarding the properties, placements or assets that Argentines have in their countries and estimates of the movements of funds, as in the case of foreign tourism.

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