Due to late payments of checks of two SGRs, the market disarmed SME FCI for $3,300 million in one day

Due to late payments of checks of two SGRs, the market disarmed SME FCI for ,300 million in one day

In the midst of the uncertainty that the Argentine economy is going through in recent weeks, this Monday another factor was added to the moved local financial panorama. In a statement sent by BYMA, the market was informed that the negotiation of checks endorsed by Interavales SGR was interrupted after having detected “obvious signs” that the collection of these instruments “is delayed or affected”. On Tuesday, he made the same decision with the checks endorsed by SGR interguarantees. This motivated the Fund Schroeders inform through the CNV that it had decided, due to the “principle of prudence” provide for a loss of 75% of the value of the checks in their possession guaranteed by the two SGRs, both owned by the same owner, a well-known local market man. Due, SME FCIs reduced their holdings by about $3.3 billion on Mondayaccording to market data to which Ámbito had access.

Source: Ambito

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