MercoPress. South Atlantic News Agency

Argentines hold 122 billion US dollars in overseas assets

Argentines had assets overseas equivalent to 122 billion US dollars at the end of 2005, according to the country's Statistics and Census Institute.

The sum includes direct investments in companies, businesses, real estate and all type of bonds, shares and foreign currency which are held overseas.

If the Argentine Central Bank international reserves, 28 billion US dollars at the end of December 2005, before cancelling all debts with the IMF, are added overseas assets totalled 156.6 billion US dollars which leaves Argentina with a net international investor creditor position of 17.9 billion US dollars.

"Having a creditor position when countries are facing international turbulences makes us less vulnerable", said sources of Argentina's Economy ministry, adding that the change from a deeply exposed debtor position "begun in 2001, when Argentina's investment position was clearly negative".

Until 2002 the change in tendency can be linked to the drop in liabilities because of the devaluation of the currency and the massive default, but "in 2003, 04 and 05 started a period of healthy current account surplus".

In related news the Argentine Federal Revenue Office reported that tax revenue last June jumped 25.1% compared to a year ago totalling 13.9 billion Argentine pesos. However the sum is slightly below the previous month, May 2006, but above market estimates that were anticipating 13.3 billion Argentina pesos.

According to the Revenue Office in the first six months of this year taxes collected reached 70.3 billion Argentine pesos, up 21.6% over the same period last year, which is equivalent to 52.8% of estimated annual revenue in the federal budget.