INDEC statistics body reveals how many dollars Argentines have stashed away

Dollarising savings and keeping them out of the reach of the taxman has long been seen as a safeguard against inflation in Argentina, but it seems some of that stashed money is being put to work as the country continues to get more expensive.

Recent data from the INDEC national statistics bureau estimates that the amount of cash stashed outside the traditional financial system fell by more than US$3 billion in the first quarter of the year compared to the preceding period.

According to the most recent update of the International Investment Position (IIP), published each quarter by INDEC, deposits, banknotes and liquid assets held outside the local financial system by Argentines totalled US$266.8 billion in the first three months of the year.

The figure represents a decline from the fourth quarter of 2024, when it stood at US$270.42 billion. It also extends an ongoing trend that has seen holdings fall amid greater fiscal openness and expectations of economic improvement.

A recent report by the Centre for Political and Economic Studies (CEPEC) consultancy firm estimates that Argentines' liquid foreign assets fell by almost US$10 billion from an all-time high recorded in the third quarter of 2023 (US$ 276.64 billion).

Beyond the recent reduction, the current level remains high when compared to the last decade. “Current levels are double those observed in 2016, when the stock of ‘other investment’ was approximately US$ 167 billion,” the CEPEC report highlights.

– TIMES/PERFIL