The objective of the monetary authority is to prevent companies from canceling the CCL dollar with currencies previously acquired by its members in the Mulc, an anticipated maneuver by scope.
The Central Bank (BCRA) imposed this Thursday New exchange restrictions for directors of financial companies authorized to operate in the official change market. It is with the aim of stopping the “rulo” that many companies were making To cancel debt to the CCL dollar from currencies acquired by “human people”, a maneuver that had already been advanced by scope.
Cross restriction implies that those investors who went to the free market (MLC), cannot buy dollars in the CCL for the three months later.
Through the “A” 8332 Comunction, the Monetary Authority ordered that financial entities and change operators must have an affidavit in which they record that their shareholders with participation greater than 5%, directors, trustee or members of the surveillance council, and/or close relatives To the people mentioned above, who buy “green ticket” at the MLC, they commit not to buy dollars in the bag for 90 days.
This partial hardening of the stocks arises from the identification that, Since the flexibility of the stocks in April, 47.5% of the formation of external assets (FAE) was due to operations against exterior accounts. As explained by different specialists, those dollars were those who guaranteed the offer in the CCL dollar and allowed many companies to operate in that market at a price very similar to that of the official exchange rate.
Market sources that dialogued with scope interpreted that this new standard is mainly aimed at directors of stock societies That, having great heritage and accounts abroad, many times they are those that put their own cuit for this type of “ruling.”
Dollar alert: the cost of the null gap and the difficulties of the BCRA to defend the band’s roof
“In many cases these currencies are used to pay debt or make payments outside companies that legally operate outside the official market. Keeping the gap at 0% has a high cost in terms of currency demand”, Had indicated the PXQ consultant in a recent report.
BCRA himself acknowledged that “In July, importers would have canceled import obligations for US $ 1,400 million through alternative markets to the officer and Bopreal “.
Within this framework, PxQ had warned that the government was going to find it in serious difficulties in defending the band’s roof, “since the price of the parallel dollar does not work as a adjustment valve.” “In a running situation, The US $ 14,000 million of the IMF so not only must face the lawye in the officer, but also the free demand in the parallel”He said.
Analysts saw little chances for the application of new exchange restrictions, since it means a signal weakness on the part of the government. However, the adverse electoral result in the province of Buenos Aires, the strong exchange instability that has been seen since then and the strong intervention of the BCRA to contain the climb of the dollar modified the stage.
Source: Ambito
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