The other alternative contemplates a modification only for Argentine tourists who travel, since it would change the way of payment of the summary that, instead of being “pesified” at the official exchange rate plus surcharges (30% PAÍS tax plus 45% advance Earnings), should be paid directly in dollars, which would imply that the person allocates their own dollars to cancel the account or that they must buy them through financial operations, with a higher exchange rate than the one in force up to now. Beyond the implementation, both options imply an increase in the exchange rate for Argentines who decide to travel abroad.
According to the latest data published by the Central Bank, up to May 2022, US$2,207 million had gone out for “travel and other card payments”, almost the same amount as what was allocated to this same item throughout 2021. (about $2.3 billion).
Settlement
To stimulate the entry of dollars, the proposal submitted to the leadership of the Executive Power details three options. The first, a strong temporary drop in withholdings, which in practice improves the exchange rate at which exports are pesified in the agro-industrial complex. This option, recognizes one of the authors of the initiative, has little political viability.
Another possibility would be to recognize a “partial” differentiated dollar for exports through a mechanism that allows producers to collect 50% of what is exported in dollars, which could then be sold in the financial market with the MEP exchange rate. The third alternative contemplates issuing a Central Bank bill tied to the exchange rate that cannot be traded in the secondary market, something that would work in a similar way to the futures market, but would allow it to be decompressed.
All these alternatives that reached the desks of Fernández and Batakis, in addition to other important figures in the Cabinet, were rejected at different times by the Central Bank. In fact, on Sunday night, sources from the monetary authority assured that “the BCRA is not working on any exchange rate splitting scheme.”
“It is to be hoped that as of this week the extra pressure on the market that has been registered in recent weeks will begin to loosen,” they said, at the same time that they clarified that the BCRA has “the intention of perfecting the regulatory regulations based on resolve unintended results that affect the production process”.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
