Greater control to the dollar: the discomfort among the banks for the constant regulatory changes of the BCRA grows

Greater control to the dollar: the discomfort among the banks for the constant regulatory changes of the BCRA grows

August 29, 2025 – 16:04

The BCRA surprised the City again with new restrictions to control bank liquidity and try to contain the dollar before the elections.

The Central Bank (BCRA) launched new restrictions, which again took the City by surprise, in order to control the liquidity of the financial entities and get pressure to the dollar in the prelude to two key elections. The measure, implemented through communication “A” 8311 published this Fridayrevived the criticism of the financial system: in the bank they warn that the constant change of rules prevents planning, generates losses, which deepens the Sector discomfort.

It should be noted that, among the ads, two of the modifications established by this regulation will govern as of December of this year, but another began to govern this Friday, coincidentally end of the month. This third point establishes that each entity You cannot increase your net negative position in foreign currency during the last business day of the month With respect to what I had the day before.

Specifically what is sought is that they limit themselves the “synthetic” positions that banks close the last days of the month, when future dollar contracts overcome. Specifically, The operation consisted of selling dollars in the cash market (“shortage”), place the weights at the rate of “carry trace” and buy exchange coverage with a future dollar contract (This is always and when the futures rate is lower than the rate in pesos).

As he could collect Scopeamong the first repercussions, the banks deepened their discomfort for the new surprising changes of the BCRA, which are seen as signs of a management with management with “Total unpredictability”, which hinders any planning and generates losses. Operationally, they point out that these measures complicate the exchange of end of the month, because They must now choose between being barefoot or validating the high rates of the futures market.

Until Friday, the BCRA operation was to sell in the futures market an amount equivalent to the contracts that overcome, so that banks their positions at convenient rates could “roll” and avoid demanding currencies in the cash market. The other alternative was that the entities reduce their exposure in futures, with the risk of transferring greater pressure to the Mulc and thrusting the wholesale price of the dollar. The latter was what happened at the end of July.

In the City they calculate that, on the last wheels, the BCRA came to have sold contracts for the equivalent of US $ 6,100 million, staying just a few U $ 2,800 of the allowed limit. In fact, The open interest in the dollar futures market marked a record on Thursday and closed in a maximum from at least 2020, of US $ 7,949 million. That is why Banks also say that these regulations respond to an attempt of the BCRA for “makeup” their position sold the last day of the month.

BCRA vs Banks: A dispute that has been

The discontent of the banks with the highest monetary authority did not start today, but simply added one more chapter to a book of complaints that the entities opened several weeks ago. The first meeting was held on August 14 and more than 200 people participated, mostly representatives of financial entities, and was in charge of Darío Stefanellimain manager of BCRA regulatory applications. In the second meeting, the entity’s president himself, Santiago Bausili, and only the great players participated.

In both meetings, The officials had to listen to the complaints of the entities for the strong impact of the new lace regulations, especially in the change of measurement that became daily. It is worth remembering that in August the BCRA three times its policy in the matter. The last provision establishes that, from next Monday, Remunerated lace will rise 3.5 percentage points (up to 53.5%) both for deposits in sight and for fixed deadlines and common investment funds Money Market.

This additional percentage can be integrated with Tamar letters, placed by the Treasury in the tender last week. Besides, The requirements of cash lace will be reduced by 2 percentagewhich were also integrable in the tender. From the BCRA they explained that this point was the result of the Attention to the claims made by the banks In the last meetings after the volatility generated with the change of monetary policy.

Source: Ambito

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