The decision of the BCRA Board of Directors eliminates the restriction that prevented, since 2016, to financial entities to provide any sector made in foreign currency through foreign credit lines or through negotiable obligations.
With the aim of moving towards a Bimonary economythe Central Bank (BCRA) expanded on Thursday the use that financial institutions can give to their own dollars (not private deposits), and the He enabled to grant foreign currency to people and companies, despite having income in pesos.
The decision of the BCRA Board of Directors – through communication “A” 8202 – eliminates the restriction that It prevented, since 2016, financial entities provide any sector to anchor made in foreign currency through foreign credit lines or through negotiable obligations.
Who can now access the credits in dollars
With which, from now on, the banks They can give those liabilities to any sector, whether human or legal person, and not just those who generate dollars.
It is worth noting that the restriction established by article 23 of Decree 905/2002 is still valid by which Financial entities can only provide customer deposits to companies that have foreign currency funds from direct or indirectly foreign trade operations.
“The objective of the standard is to make credit in foreign currency always within the macroprudential framework established by Basel standards,” sources from the BCRA said Scope.
The decision is made in a context of expansion of credit and development of the capital market. Without going any further, in January, the total amount of loans in dollars granted registered an increase of 17.8% monthly. As for the year -on -year variation, it presented an important increase of 233.5%. The dollar loan stock is US $12,743 million, said First Capital.
76% of the total debt in foreign currency remains the line of commercial loans, which increased by 284% in the year and 17.4% compared to the previous month. During the first month of the new year, Entrepreneurs opted for foreign currency credit rather than for financing in pesos.
Source: Ambito
