Capital flight dropped to $60mn in January the lowest in almost a decade

The net formation of external assets of Argentine residents, known as ‘capital flight’, was $60 million in January, the lowest level in almost a decade, according to the last exchange balance of the Central Bank (BCRA). The ‘services’ account registered a currency outflow of $26 million, a sharp reduction compared to $686 million in the same month of 2019, thanks to controls on currency sale (cepo cambiario) and the 30% tax on the so called ‘tourist dollar ‘. Argentina capital flight broke the historical record in 2018 with an outflow of $27.3 billion that year.

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