The Central Bank, through the Communication “A” 8055 published in the Official bulletin, enabled entities to provide access to the dollar to its customers for cancellation in the country or in the exterior of the capital and interest quotas of the debt securities in foreign currency, to the extent that the securities have been fully subscribed abroad and all payments obtained have been settled in the exchange market. Thus, the BCRA takes another step towards relaxing the exchange restrictions.
The two main points of the standard are:
1. Access to the foreign exchange market (MC) for the cancellation of foreign currency debt securities subscribed abroad and settled in the MC.
2. When BOPREAL is acquired and primary subscription is made (sale with obligation to repurchase) and you have it in your possession again, they will have the same treatment as in primary subscription.
In the event that payment must be made abroadaccess to the exchange market may be carried out up to 3 (three) business days before the due date of the principal and/or interest.
This eliminates obstacles that exist in the secondary market and not only facilitates the operations of companies but also takes a step closer to eliminating the exchange rate restriction.
New Bopreales are being analyzed to channel dividend payments
The Government is considering issuing a New series of Bonds for the Reconstruction of a Free Argentina (Bopreal) exclusively for profits and dividends, with the aim of eliminating the exchange rate restriction as soon as possible, reported Bloomberg Línea.
According to calculations by Sebastián Menescaldi, director of Eco Go, the potential expenditure on dividends and profits would be around US$6.9 billion.
In the eyes of the government, the issuance of new Bopreal would be a way to organize andl profit turnaround Once exchange controls are removed, albeit for the time being It is not clear whether companies would be interested in subscribing to these BCRA debt securities.
The Minister of Economy, Luis Caputohas made it clear on more than one occasion that the cepo will be lifted when there is certainty that it is the best for the Argentines and without taking unnecessary risks.
Go probing companies and gradually unravel the multiplicity of controls and limitations That the exchange market has one at a time seems to be the most sensible option that the Government takes
Source: Ambito
