The modifications exempt these operations from April 1, as well as the BOPREAL, regarding compliance with the minimum portfolio holding period to transfer them to foreign depository entities and the limits and prior information regime required both to process said transfers and to arrange their sale with settlement in foreign currency abroad (cable). These modifications They are complementary to the BCRA regulations which exempts said operations from those that They exclude importers from the official exchange market.
In this sense, the president of the CNV, Dr. Roberto E. Silva, highlighted that “With this resolution we come to grant the same conditions to CCL operations complementary to the sale of BOPREAL, in such a way as to be able to “pay foreign suppliers their entire credit and thus facilitate the operation.”
In this regard, the Agents must verify the compliance with the conditions provided prior to managing any of the aforementioned operations, keeping the supporting documentation in the respective client files.
25% of industrial companies bought BOPREAL and delivered them to their suppliers
Data from member companies of the Unión Industrial Argentina (UIA), indicate that 25% of the firms managed to deliver it to their supplierwhich indicates quite an achievement and even a surprise.
The Bonds for the reconstruction of a Free Argentina (BOPREAL) are issued by the Central Bank and can be subscribed by companies that were registered in the special registry of importers that declared their commercial debt abroad.. The Government has already issued a first series of US$5,000 million and it is to that first batch that the study refers. Now it is going for the second batch of US$2,000 million.
According to a survey carried out in January by the UIA Study Center (CEU), when asking companies why they had subscribed to the bond, 38% said that they did so to be able to maintain access to the Single and Free Exchange Market (MULC) in the case of having to pay for new imports.
While, 32% of the firms subscribed the title in order to later sell it on the secondary market and thus access dollars through the financial market, which was one of the options open to those who subscribed. 29% of those consulted said they entered to avoid paying the PAIS Tax.
The interesting thing is that 25% of those consulted said that they gave it to their foreign supplierr, who could sell the title on the secondary market or wait for its cancellation, which would not record any loss. In addition, a 7% of the companies stated that they subscribed to it to endure it until the end, when the BCRA pays the dollars.
In fact, among brokers and financial market operators it is considered that the debt of the Central Bank is safer. It is stated that the entity has never defaulted on a bond.
Source: Ambito
