After the announcement by the Minister of Economy, Luis Caputoof the elimination of the stocks on most restrictions, Banks will seek to readjust the system to adapt to the new regulations. They hope to have conversations with the Central Bank of the Argentine Republic (BCRA) throughout the weekend. The government, meanwhile, denies a exchange holiday from Monday.
Surprise announcement. The market discounted a exchange jump from next week, but He assigned a low probability at the extent of the stocks.
However, Disruptively Caputo announced: (The recapitalization of the BCRA): “It will also allow us from Monday to end the exchange rate. That exchange rate that has done so much damage, which was put in 2019 and that limits the normal functioning of the economy so much. Finish with the exchange rate within this macroeconomic context of fiscal and monetary order. What will inevitably generate is that investments begin to enter, ”the official celebrated.
The announcement was made this Friday night, already with the regulated markets closed until Monday. Now, the turn will be of the banking entities. It remains to define how banks will readjust the system so that the possibility of acquiring dollar saving by home banking It can expand to the universe that was restricted after the prohibitions that arose in the pandemic.
Given the doubt about the time they will take these modifications, the version of a possible exchange holiday determined by the entity led by Santiago Bausili began to circulate. From the government they categorically reject this idea: “Absolutely no possibility (sic). ”There are those who understood that That holiday will occur anyway, Almost de facto, precisely for operational reasons.
To avoid that, financial sources explain that “Banks will work all weekend so that this can be operational as of Monday. ”In turn, they understand that”It is not easy“Since the changes are not only of systems but also”Operations for checks“That is, corroborate that the dollars buyer can demonstrate their economic capacity. It is so that they ask the BCRA that there are meetings” for the first leg of doubts. “
In its communication “A” 8226, the BCRA establishes that entities may give access to the change market to resident human persons, without prior compliance of the agency for the purchase of foreign currency bills for their possession or for the constitution of deposits (concept codes A07 and A09) to the extent that all the requirements are met:
1.1. The operation is cured with debit in the client’s account in local financial entities or the use of local currency cash by the client does not exceed USD 100 equivalent (US dollars one hundred) in the calendar month in all entities and by set of the concepts indicated.
1.2. The sales entity You must deliver the tickets in foreign currency or prove the funds in an account in foreign currency of the client in local financial entities or in a bank account of the client abroad, as appropriate.
1.3. The entity has registered the operation in the online system implemented for this purpose by the Central Bank of the Argentine Republic.
1.4. In all cases, The entity must obtain evidence that the client has income and/or assets consisting of savings in foreign currency.
Partial End of the Cepo: The opinion of the banks
The main institutions that bring together the banks that operate in the country already expressed their opinion on the measure.
“The Banks Association of Argentina (ABA) underlines the importance of approval of the agreement of extended facilities by the Board of Directors of the International Monetary Fund (IMF), An important guarantee that will accelerate the process of reorganization of the economy and generation of conditions to achieve sustained growth, ”says the agency in a statement.
In addition, he adds: “The support for the management of the Executive represented by the US $ 15,000 million free availability, will contribute to stability and predictability for the whole company and foreign investorswhile the lifting of the announced exchange restrictions mean a strong step to the normalization of the international economy and trade necessary for the sustained development of the country ”.
For its part, Adeba Consider “timely and convenient“The agreement reached.” On the one hand, it contributes to consolidate public credit by extending the deadlines of commitments to the IMF. On the other, It will allow to correct an abnormality with which the BCRA has operated too much time: negative net international reserves”, Concludes the statement.
Source: Ambito
