Dollars deposits in Argentine Banks are growing back

Source: LinkedIn
By: Aldo Leporati
09.20.2018

The exchange rate tension that accelerated in the last days of August had generated distrust in many savers, fed in chains of WhatsApp and some publications in networks that stoked a supposed return of the corralito and called to retire the deposits in dollars of the banking system.

The dollar deposits of private companies in the local financial system reached a maximum of us$ 28,563 million on August 29. The following days showed successive declines, amid the increase in the price of the currency, although with a mild trend that most analysts did not consider too worrying, given the high starting point.

The first fortnight of September maintained the downward trend in the total volume, although with movements that were slowing down with the passing of days, approaching neutral terrain. The data on total private deposits, which the Central Bank (BCRA) publishes daily and published 72 working hours later on a consolidated basis, shows that last Friday the negative streak was cut and the daily variation returned to positive territory, with growth of us$ 39 million in the volume deposited.

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