The new Communication “A” 7897 from the Central Bank specified which investors are eligible to buy Lediv and replaces Communication “A” 7892 from last Thursday. According to official data, as of last Friday there was a Lediv stock of US$5,055 million.
So, this new regulation of the Central Bank determined that they can only subscribe dollar linked letters, banks that have deposits in linked dollars, oil companies that have increased their production and importing SMEs.
“Actually, that rule was already in forcewith other conditions, and had the meaning of granting exchange insurance for those qualified companies as SMEs to have a coverage given the impossibility of accessing the market to pay for imports, among other agents,” he told Ambit, Gustavo Quintanamarket operator.
And he explained this new change: “Now what they did is restrict the possibility of access to that mechanismsurely as a consequence of a significant increase in agreements, I think what they did is do something neater.”
What are Lediv
For its part, Salvador Vitellianalyst Romano Groupanalyzed: “They are dollar letters linked at 0% rate issued by the BCRA, redeemable at any time at 100% of its technical value. They are 180/365 days. And what does it mean? “It means that some sectors could give their pesos to the BCRA, so that those pesos follow the evolution of the official dollar and can also be collected at any time.”
In this regard, he exemplified, when There was a post-STEP devaluation, the exchange rate increased 22%, and those who had placed their pesos the previous day could later redeem their capital with a 22% profit.. That is, “pesos are dollarized at the official exchange rate. That of $359,” Vitelli explained.
Lediv’s stock had grown to US$5,055 million
Other operator Also in dialogue with this medium, he highlighted that “the million-dollar question is which companies accessed the dollar with the Lediv in that period while they had the window open. Now it is true that it is much more restrictive, but There was a period when it was not so restrictive and the balance increased a lot”.
As of last Friday, Lediv’s stock was US$5,055 million but weeks ago it was at the US$2,000 level.
To its turn, Amilcar Collantean economist at CESUR, explained to Ambit how the Lediv were functioning prior to this new regulation: “It was set up for importers since the SIRAS were stopped. Then, also companies that export and import of great weight that They had the benefit of, as an exporter, liquidating CCL, 50%, and then they had the possibility of covering themselves with linked dollars from $360“.
That is, “an exchange insurance,” defined the economist and exemplified: “They settled US$100. Of that amount, US$50 went to the CCL at $900 and with those pesos they could go to Lediv.”
Source: Ambito
