The dispositions take place at a time when an exchange rate run triggered the values of the US dollar in the alternative markets, with the blue at $337, and the CCL, at $330 (although it exceeded $340 on the day), which leaves a gap with the official segment close to 160%, maximum in 40 years.
The Cedears are financial assets with local operations, which represent ordinary shares of companies listed abroad. They are traded both in pesos and dollars, although it is worth noting that currently the largest volume of operations is in pesos.
They are a financial vehicle that, both savers and companies, they use to dollarize their portfolios (adjusted by the CCL dollar, in addition to the variations that the share they represent has in the market of origin), and that They have gained great prominence since the tightening of the exchange rate in October 2020. In fact, for almost two years they have exceeded local shares in BYMA in volume.
Measure for foreign tourists
On the other hand, earlier, the Government announced that will allow foreign tourists to change their dollars in the financial marketat a price above the common foreign exchange market exchange rate, the Economy Ministry said on Thursday.
The official decision aims to capture the dollars from the tourism sector that the central bank urgently needs to increase its reserves, preventing those who visit Argentina from going to the marginal market to exchange currency, where they obtain a more favorable price than in banks for their dollars.
“The measure that the BCRA will adopt will allow the sale of foreign currency in entities authorized to operate in the exchange market with the presentation of the identification documentation used to enter the country”said the statement. “The maximum amount allowed by this mechanism will be up to 5,000 dollars. The exchange rate will be the one that arises from operations in the financial market,” he said.
The exchange traders “They must require a sworn statement from the non-resident human person stating their status as a tourist and that, in the last 30 calendar days and in the group of entities, they have not carried out operations that exceed the equivalent of 5,000 dollars”the central bank said in a statement.
On Wednesday, the Minister of Tourism of Argentina, Matías Lammens, had announced that the Government was looking for alternatives to capture dollars that enter the country for tourism.
“Argentina needs the dollars that tourists bring. Today, due to the exchange rate gap, many of those dollars do not enter the central bank,” he explained to journalists.
“We are working so that tourists effectively liquidate those dollars (…) to the formal exchange market.”
On the other hand, actions were also decided to improve the conditions of access to the exchange market for the payment of imports of inputs for strategic sectors and thus guarantee the continuity of different production processes.
“The measure that the BCRA will implement will allow the payment of supplies in transit, which were shipped at origin, until June 27, 2022, and have arrived in the country with SIMI (Comprehensive Import Monitoring System) in force until said date”, the purse said.
Source: Ambito
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