In addition, in the entity they remarked that deposits in US currency are part of the BCRA’s Gross Reserves but “cannot be touched”. That is, these dollars can hardly be loaned, except to exporters, although this type of operation is not so usual.
It should be remembered that last Thursday the Central determined that as of December 1, the cash position provided for in the regulations on Global Net Position of Foreign Currency of banks “may not exceed the amount equivalent to 0% of the computable equity liability. (RPC) of the month prior to the corresponding one “.
Based on this measure, in recent days a WhatsApp audio has circulated about an alleged “undercover playpen” that aroused unfounded fears since the information was false.
The monetary authority issued a statement clarifying that “the decisions it made last week regarding the exchange position of financial entities have no effect on dollar deposits in the system or on the assets that back them.”
Since 2003, as of the well-known events of December 2001, the BCRA established macroprudential regulations so that deposits are absolutely backed by loans to companies that generate dollars. What is not lent to these companies must be embedded in the coffers of the banks and the monetary authority.
Even opposition leaders recognized that the liquidity of the Argentine financial system is very high and that recent rumors are absurd.
Source From: Ambito
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