- What is the main objective of this regulation?
The central idea of this regulation is that non-resident tourists who visit the country can use electronic means of payment for greater security and convenience. Argentina has been developing a national digital payment system with great success.
- How is the exchange rate calculated?
The exchange rate to be used will be the MEP dollar with the most liquid bonds. Until today the BNA was used. The card companies may charge a commission for said operation
- Since when will it be valid?
The rule will come into force on Friday 4.
- Have you already talked to the banks so that they can implement it?
This regulation is not implemented through the banks but through the card companies. Banks intervene in the expenses of Argentines abroad and not in those of foreigners in Argentina.
- Are all the card holders involved in the measure?
The card companies will be able to sell the dollars in the financial market. They have the obligation to enter and settle them in the MEP dollar. It’s not mandatory.
- Is it for all tourists, from any country?
Yes, for all people who have a card from abroad.
- How do you identify that the card is from a foreigner?
Just as it is already done. The chips and routing of the cards indicates which side and in which country it was issued.
- What happens to Argentines who have cards issued abroad?
If they pay with cards from abroad, they have the same benefit.
- What happens to Argentines with dual nationality?
If they pay with a card from abroad, they acquire the same benefit.
- Is it only for credit cards or also debit cards?
It is for credit, debit and also for prepaid.
- Does the conversion do the business? Or the bank?
The business does not change anything. The bank does not intervene. The conversion is done by the card holder.
- Is the BCRA going to meet tomorrow on this issue?
The Board of Directors of the BCRA will approve this regulation tomorrow.
- Is this going to affect BCRA reserves? Is the BCRA going to pay the price difference?
The BCRA will stop receiving the -minimum- amount that the card companies until now sold in the MULC. The advantage is that the dollars that enter the card cases to sell now in the financial market will increase the reserves when they are deposited in the sellers’ accounts.
Source: Ambito
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