The purchase of dollars by small savers collapsed – 12/20/2018



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The demand for dollars by retail savers fell again in November, according to the exchange report prepared by the Central Bank.

According to this document, "net purchases of dollars by human persons were reduced for the fourth consecutive time, reaching a new US $ 450 million. "

According to the Central Bank, this is mainly explained by lower net demand for debt securities (US $ 128 million), as a result of an increase in gross sales and a reduction in the gross purchase of tickets.

This marked the fourth consecutive month with a decline from the previous month and a new low since the loosening of exchange regulations in December 2015. "This decline in net purchases of individuals was observed in the net demand for hoarding invoices, with the particularity that again increased the number of individuals who sold and decreased the value they bought compared to what was seen in October. "

Along with sales volume, the number of operations also fell. In relation to October, the number of buyers decreased by 19.7% (212 thousand people) and the number of sellers increased by 7.7% (49 thousand people).

As usual, operations with people's notes are concentrated in the lower strata of the amount: in November, 69% of gross sales and 63% of gross purchases were less than US $ 10,000. Sellers had gross sales per capita of $ 1,260, while gross purchases per capita were $ 1,170.

On the other hand, flows related to personal services totaled net disbursements of US $ 328 million, with net outflows of "Travel expenses and other cards", which recorded a net outflow of US $ 338 million, similar to that observed October and showing a year-on-year drop of 48%. In other words, exits to the exterior fell to squeeze for shopping.

These numbers explain several things: on the one hand, that the dollarization of savings has already reached a limit and, given the stability of the exchange rate or even the fall, people (and also companies go out to sell foreign currency, which in the jargon is called of "pop the canuto".

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