“In light of the prevailing economic and financial context and continuing with the process of normalizing the capital market in terms of operations purchase and sale of negotiable securities with settlement in foreign currency, the regulations issued in due time, on a temporary basis, by the CNV are readjusted,” the agency explained in an official statement.
Dollar: what changes did the CNV make?
- The limitation for processing and/or settling sales operations of negotiable securities with settlement in foreign currency -both in local jurisdiction and in foreign jurisdiction- is relaxed, when clients maintain, in foreign currencypositions taking precautions and/or passes and/or any type of financing through operations in the capital market.
This measure had been taken in May 2023when the previous Government prevented stock exchange companies from carrying out trading operations CCL or MEP to clients who have bonds or passes, regardless of the settlement currency. At the time, the measure was aimed at preventing investors from leverage collateral to obtain pesos and then buy financial dollars.
- The second change is linked to the scheduling regime: the need for Five days’ notice for operations exceeding 200 million pesos for residents and in general operations for non-residents.
The president of the CNV, Roberto E. Silva, highlighted thatand “we are working daily to lift restrictions on the capital market“and that “it is very important for this Board to remove the obstacles that still exist in operations.”
The BCRA modified the projections on the end of the exchange rate restrictions
The opening of exchange controls, or more precisely the date on which the Government will decide to carry it out, is the topic that obsesses the market. The signals from the economic team seem to convince more and more City representatives that “there is a blockage for a while“Although after this measure, the Government is giving small signs of easing restrictions in search of reaching that goal.
In a recent document by the Vice President of the Central Bank, Vladimir Werning, It was noted that the process of regulating the pesos, considered essential by the Milei Government to lift the exchange rate restriction, would be completed only in 2027. A chart included in those presentations gave analysts and investors the impression that the removal of restrictions on accessing the dollar had been postponed.
And the presentation that Werning gave on Friday, August 23 before the US-Argentina Business Council, entitled was published on Tuesday, August 27 on the BCRA website. In said document, A chart showed that the remonetization process would be completed in December 2026. However, the document was modified the following Thursday, Deleting the dates contained in the chart.
Similarly, the paper Werning presented at the 19th Annual Conference of Economic Studies of the Latin American Reserve Fund (FLAR), held on August 9 in Cartagena, Colombiawas also altered. Although both documents are still available on the BCRA website, They now lack the dates that previously suggested when the restriction could be lifted.
The change in the charts, which removed the projection until December 2026, caused the market to, which had interpreted that date as the possible moment for the lifting of exchange restrictions, to reconsider its expectations.
Source: Ambito
