The excess debt of importers would be less than half of what was previously estimated

Summary:

The Report on External Private Debt by the Central Bank of Argentina (BCRA) reveals a stock of commercial debt owed by importers of goods and services amounting to USD 53.365 million as of September 30, 2023. After incorporating the difference between the value of imports and payments made in the foreign exchange market up to December 12, the total debt would have reached USD 57.800 million. The debt has increased by USD 27.400 million since December 31, 2021, representing a 90% increase. The BCRA attributes this increase to the incentives provided by the exchange rate regime, which encouraged importers to declare debts while awaiting a favorable exchange rate. The debt poses a significant challenge for the BCRA's goals, given the extraordinary demand for foreign exchange and the risk of payment instability. The BCRA aims to resolve this situation through normalized exchange rates and optimized economic policies.