In the AFIP they pointed out that the decision “is part of the different measures taken by the Government aimed at guaranteeing fiscal balance.” Although it is also added to the combo of provisions taken to discourage consumption in dollars in a context of strong shortage of reserves, such as the prohibition of financing in installments of trips abroad and purchases in free shops or “door to door”.
As explained by the Government, the measure will not have a considerable impact on the exchange balance, but it is about “making clear what the incentives are.” Something similar to what he sought last week when financing in installments in pesos for products purchased in duty-free stores was cut.
For its part, the Ministry of Economy and the one of Tourism analyze a mechanism for foreigners who travel to the country to settle foreign currency in the local market. “Today there is very little left in the legal market, most of them are exchanged at the tree. You have to look for them to be changed in the official market, ”explained a source. This would imply recognizing a more attractive formal exchange rate, with simple mechanics.
Flexibility
Seeking to provide signs of stability, the Government will announce a scheme to alleviate the restrictions currently in force for importers who want to access the Single Free Exchange Market. The news could be communicated after today’s meeting of the Central Bank’s board of directors. The focus will be on the merchandise that was ordered before the current limit began to apply and on low-cost products with a high impact on value chains.
Although fine-line details continue to be discussed, the entity recognized Ambit that “we have been working in an articulated way” with the Ministry of Productive Development and Economy to make the current system more flexible. “The idea is to do it during the second half of July and the first days of August. By September we should already be in a more normal scenario,” they explained.
as far as he could tell Ambit, The first steps point towards the merchandise that was ordered before June 27, when the Central officialized Communication 7532, and is currently in transit. At the same time, they seek to improve the conditions for access to low-cost inputs and high incidence in value chains. These two issues were specific requests from industries with weight in mass consumption to guarantee supply.
Yesterday, agrale, a manufacturer and marketer of trucks, buses and minibuses, notified its suppliers that it will put its production on hold: “Our financial area is in contact with several public and private organizations trying to unblock payment operations abroad, since during the last 10 days all the presentations were rejected by the Central Bank. We are awaiting a formal response on when this situation will be normalized”he maintained in a letter that was spread through social networks.
The financing of imports has been growing, but in any case, industrialists from various sectors still find it difficult to access credit. With this scenario, the economic cabinet analyzes a series of measures that could be announced imminently. According to official sources told this medium, the confirmation could arrive today after the BCRA board meeting.
Fees
This afternoon, the consumer price index for June will also be released. With this parameter and with the analysis of the result of the auction of debt in pesos carried out yesterday by the Treasury, the board of directors of the monetary entity will define whether to specify a new rate hike. So far in 2022, in every month the BCRA raised the reference rate (that of the 28-day Leliq) and that of fixed terms. But this time, although it is not a possibility, it is not certain that the same thing will happen.
It is that the intention of the economic cabinet, after the departure of Martín Guzmán and the assumption of Silvina Batakis in the Ministry of Economy, is to focus the rate increases on Treasury bonds to support the debt placements of the Ministry of Finance, one of the key objectives of the financial program. Yesterday there was already a sample in that sense, when the TNA of the Ledes to October increased 4 points.
Currently, the reference rate is 52% annual nominal and 66.5% annual effective.
Source: Ambito
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