The economic team explained that since next week The limit of US $ 200 will no longer run of access to the official change market, and all access restrictions linked to government assists received during the pandemic will be eliminated.
Both the restrictions contained in communication to 7340 and the “cross restriction” will cease to be applicable to human people. Additionally, in coordination with the BCRA, Arca will eliminate the tax perception existing to the acquisition of foreign currency in the MLC (remaining only about tourism and credit card payments).
Changes in the dollar: flotation between bands of $ 1,000 and $ 1,400 and elimination of the “blend”
The Minister of Economy Luis Caputo announced exchange flexibility included in phase 3 of the economic program. The official exchange rate will float between a $ 1,000 and $ 1,400 band, whose limits will be extended at a rate of 1% monthly. Likewise, the exchange rate for exporters will be completely eliminated: “Dollar Blend”.
“We have reached a new agreement with the IMF,” said the head of the Palace of Finance. The new agreement is for the US $20 billion, as provided, with about US $ 15,000 million free availability in 2025.
“This implies that we are going to start with stage 3 of our economic program, the recapitalization of the Central Bank, which allows to support the weights that the BCRA issued,” Caputo explained.
Although the official dollar closed on Friday at $ 1,078 for sale, the Minister of Economy said that this rate of exchange will float between a band of $ 1,000 and $ 1,400, which implies that this exchange rate will fluctuate freely according to the forces of supply and demand. “Both the lower value and the upper value of the band will evolve in time gradually and foreseeable: -1% and +1% per month, respectively,” they said from the BCRA.
Flotation between bands
The Central Bank will promote free exchange rate between the limits of $ 1,000 and $ 1,400. However, the monetary authority will intervene in the case that the official dollar operates on its floor or ceiling.
“Every time the exchange rate operates in the free market of change (MLC) in the lower value of the band, the BCRA will proceed to buy dollars to defend the value in the same and, in the process, accumulate international reserves. The issuance of pesos resulting from the purchases of foreign exchange by the BCRA will not be sterilized, facilitating the economic remumination that may result from increases in the real demand of money. From the BCRA.
Meanwhile, if it reaches the roof of the $ 1,400 band, the monetary authority will proceed to sell dollars to defend the value in it. “Currency sales by the BCRA will quickly absorb leftover liquidity that can result from reductions in the real demand for money,” they said.
Source: Ambito
