INDEC estimates the amount of cash stashed outside the traditional financial system fell by more than US$3 billion in the first quarter of the year from the preceding period. 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. 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.
SOURCE: BUENOS AIRES TIMES