A first step after good results of BOPREAL in the last tenders, was to allow access to the exchange market to nearly 10,000 companies, within the micro, small and medium category (MSMEs), that have debts so that they can cancel their commitments abroad in the short term. Now, the possibility of increasing the limit via courier is being analyzed, but, What is known so far and how would it impact reserves?
Official sources confirmed to Ambit that increasing the limit is being analyzed, but that the issue “is not closed” yet. Currently, the system known as “door to door” is US$1,000 per month and it is being evaluated to increase it up to US$3,000. This is a regime that allows you to make purchases on platforms such as Amazon, AliExpress or eBay, but it is also used by MSMEs to bring spare parts or supplies.
This Wednesday there will be a meeting between SME entrepreneurs and the Ministry of Commerce, and it is not ruled out that this topic will sneak into the conversation.
After the elimination of the SIRAs, and with the new Statistical System of Imports (SEDI) “goods entered under the Courier or postal shipment regime” were specifically left out, a pending issue.
Imports are opened: unfair competition?
In the sector there are still voices for and against this measure. Some maintain that it has a positive point of view because it would avoid Customs formalities so that MSMEs bring spare parts and supplies. But there are others who warn that the increase in the limit for Physical persons could generate a unfair competition for those who need to import.
The Economist Federico Vacarezza in dialogue with Ambit He stated that this increase in the limit would facilitate competition and lower prices in the domestic market: “As an idea, it is positive because it facilitates the purchase of overseas retail items and that also puts pressure on the decrease in internal prices. It is good, the normal thing is that there is competition and the Argentine economy is very closed so, in commercial terms, it is very favorable and puts us a little more on par with the rest of the economies in the region. The greater the offer, the greater the competition and that is positive.”
In principle, as is being analyzed, the changes would aim, first, to improve the situation of MSMEs before retail purchases and It will depend on the reserves situation.
Dollar and BCRA reserves: how would this measure impact?
Recently, the central bank reported that the demand for foreign currency necessary to normalize the commercial debt burden of imports It turned out to be less than half of the estimate. This information is what allowed us to start working on the “pending accounts” of the importing companies.
As reported, the Commercial Debt Register recorded a total of net debts of US$42.6 billion, of which US$8.5 billion were declared canceled without access to the exchange market. The Central Bank decided to address this situation through auctions of new instruments, such as BOPREAL. However, for Salvarezza a measure like the one proposed could raise concerns about reserves.
The analyst maintains that the currency shortage situation in 2023 has not yet been corrected and although the BCRA incorporated some US$6,000 million, It barely adds reserves of US$25,000 in gross terms. “If the measure has an annual cost of US$500 million there would be no problem, but if retail purchases have a boom and are going to cost the Central US US$3,000 annually, it would be a bit onerous. In my opinion, “It is positive to expand the quota and then regulate it.”
Source: Ambito
