The Central Bank (BCRA) again established the “Cross restriction” which prevents Operating Dollar MEP for 90 days if you previously bought the official exchange rate through the banks. In other words, accessing the official binding market implies that it will not be able to acquire instruments in dollars through the market, with the currencies acquired in the banks.
What about the official dollar after the new measures of the BCRA
“On Friday, the Central Bank of the Argentine Republic (BCRA) reintroduced the cross restriction through communication to 8336: Those who buy official dollars may no longer use them to operate in financial markets. The measure aims to stop the arbitration they made savers buying at the official exchange rate and then reluctant in the bag at a higher price, “he explained Lucas CaldiPersonal Portfolio Analyst investments.
The decision came at a key moment when the government expected a strong liquidation of the agriculture after the brief elimination of retentions, which lasted just three days until it reached the top of US $ 7,000 million. “The official objective is clear: absorb as much currencies as possible in the single market and limit the pressure of the speculators. The measure was taken in response to the first numbers that ignited the alarms,” Caldi added.
What investments make with the official dollar
As detailed in the regulations, those who buy official dollar can Bet on Common Investment Funds (FCI). Fortunately, in the local capital market there are dozens of options for this class to “Put to work” money.
“The most risky can go to a FCI that has Argentine sovereign bonds and negotiable obligations (ON). The moderate ones, to Latin American corporate bond funds with null or very little local risk and conservatives, to Money Market funds with very short Latin America bonds, “ The financial consultant commented Mariano Pantanetti. Subsequently, he clarified that investing through funds provides More diversification, more liquidity and access to external marketslike those of On Regional.
For Martin Mazza, director of MM Investments, it is key to prioritize dollarized assets, through common funds with short -term fixed income instruments, which allow tactical diversification. In that line, from MM Investments together with Parakeet Capital they launched the “Parakeet Balanced Fund”, A fixed income FCI “designed to preserve heritage and reduce exposure to market volatility.”
For its part, Leonardo Anzalonedirector of the Center for Political and Economic Studies (CEPEC), said that, given the current context, a good option to invest official dollars is to bet on ON OF THE ENERGY SECTORalso through funds so as not to violate the norms.
“Another alternative is to look at the energy sector, where Vaca Muerta continues to concentrate interest and the companies linked to hydrocarbons show potential even in volatility scenarios. In this way, instruments of hard currency are combined in hard currency with exposure to a strategic sector that maintains investment flow,” pointed out.
In this way, experts agree that the official dollars that are bought through banks have to go to Common investment funds, fixed income instruments, and dollar shares to generate an income and revaluation over time.
Source: Ambito
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