Last December, the exchange market showed less tension: the windows showed a surplus of $64.5 million. Compared to the deficit observed in the previous three months, the exchange rate was more stable, with an annual variation of 6.90%
According to the Central Bank, this allowed it to return at the end of the year part of the currencies sold to the Non-Banking Public Sector in the previous months, which, together with the liquidation of foreign currency by the Ministry of Finance, made it possible to reduce the shortage of foreign currency, covered with international reserves for operations of the rest of the System.
In this context, during 2018, foreign exchange intermediaries declined positions in foreign currency by $128.1 million, compared to 2017 when they accumulated $ 67.3 million.
The net flows of external savings meant that, at the end of 2018, the balance of international reserves stood at $7.4 billion, equivalent to 6.1 months of imports of goods from the definitive regime, 1.6 times the balance of the monetary base and 12.4% of the Gross Domestic Product.
In 2018, the net result in the windows of the financial intermediaries authorized to carry out foreign exchange operations was $988.6 million, higher than in 2017 ($ 254.3 million).
The Foreign Exchange Market (Monex) negotiated $3.7 billion ($14.9 million on average daily), less than in 2017 when it was $4.2 billion.
In the months prior to December, the Bank identified two more episodes in the foreign exchange market:
The first semester was characterized by relative stability, with a net offer of foreign currency at $ 928.9 million that allowed it to meet the requirements of the Non-Banking Public Sector, with stabilization sales of only $73.8 million and a slight tendency to appreciation in the exchange rate (-0.48% accumulated).
In the period between July and November, the private market deficit was $ 6 million.
This situation, together with other factors such as the position of net claimant of foreign currency by the Central Government as of July, higher oil prices compared to the first portion of the year, greater uncertainty in fiscal matters and exchange rate expectations for the rise in the increase in the exchange rate, favored the preference of economic agents to save in foreign currency.
This led the Central Bank to make stabilization sales of $341.7 million and moderate its purchases for the non-banking public sector. During this period, the exchange rate reached a maximum value of ¢628.9 (cumulative variation of 10.29%).