International Reserves Variation Factors

The BCRA publishes a daily breakdown of which operations drove the change in gross international reserves. FX Purchases (Compra de Divisas) captures net spot dollar purchases from the private sector and government. Intl. Organizations (Organismos Internacionales) reflects disbursements and repayments to multilateral lenders such as the IMF. Public Sector (Sector Público) records national government foreign currency operations — e.g. debt service or dollar sales by Treasury. Minimum Reserve Req. (Efectivo Mínimo) tracks changes in the portion of bank dollar deposits that must be held at the BCRA. Other Operations (Otras Operaciones) is the residual: swap valuations, gold revaluations, and miscellaneous flows not captured in the other categories.