An increasingly low level of reserves, a regulation of the Central Bank (BCRA) that generated confusion and a message that was viralized by WhatsApp. Over the past weekend, this fuzzy information cocktail gave rise to a rumor about a supposed “undercover playpen” that provoked fear among not a few savers, despite the high levels of liquidity of the entities.
This uncertainty was present on Monday in the bank branches, the day in which the largest daily withdrawal of dollars from savings banks of the year. They were about u $ s 198 million, which also represented the fifth largest daily withdrawal for the past two years.
In the previous week, savers had withdrawn an average of US $ 10 million a day, with peaks of US $ 25 million on Wednesday the 24th and Friday the 26th.
The output of those $ 198 million, however, is well below the daily withdrawal levels recorded in other recent moments of currency turbulence. On September 23 and 24, 2020, after Tuesday 15 of that month the Central Bank (BCRA) announced a series of measures aimed at strengthening the exchange rate, there were respective withdrawals of US $ 220 million and US $ 241 million. . The delay It was due to the fact that, at that time, savers still had to take turns to go to the banks.
In the 20 wheels after the PASO of 2019, meanwhile, an average of US $ 475 million per day was withdrawn, with peaks of US $ 1062 million on August 30 and US $ 975 million on September 2 .
A hyper liquid system
If all these days of exchange uncertainty and mass withdrawals of dollars were of any use, it was, at least, to show the solid response from the financial system. Both banks and private analysts highlight this level of liquidity, which allows us to remove ghosts from the past just at the time when those bad memories turn 20 years old.
“Almost 80% of total dollar deposits are backed by cash and liquidity from banks. If we take out the public sector, this number is above 95%. A more liquid dollar financial system could not be achieved”, explains Juan Ignacio Paolicchi, economist at Empiria.
Between reserve requirements in the BCRA and cash in dollars, 82% of total deposits and 96% of private deposits are covered, explained, for his part, the economist Martn Polo on social networks.
From an entity, meanwhile, they agreed when marking that “the financial system is solid, with high levels of liquidity and well capitalized“.
This was also highlighted by the Central Bank itself on Monday through a statement, in which it marked that “all deposits in foreign currency have assets in the same currency that back them“The entity even recalled that there is a specific regulation with more than 20 years of validity that particularly requires that deposits in dollars are backed with assets in dollars.
Banks came out to import banknotes: the reasons behind the fake news that was spread by WhatsApp
THE MEASURE THAT UNLEASHED FEAR
Last Thursday, the BCRA Board of Directors had decided that since December the Net Global Position in foreign currency of financial entities may not exceed the amount equivalent to 0% of the Computable Patrimonial Liability of the month before the corresponding one.
Until then, said position could not exceed the equivalent of 4% of the Computable Patrimonial Responsibility. Faced with this modification, some entities would have to reduce their position -that is, sell their own dollars- and others could increase it.
“The resolution refers only and exclusively to the cash dollars that banks have above their net worth,” they explained from the sector. And in that sense they added “that deposits are not considered part of the banks’ net worth (they are liabilities and assets respectively)”.
“The measure affects only the banks’ own investment portfolio and does not affect customer deposits“, they emphasize.