The decision was made by the BCRA board of directors “considering the higher seasonal demand from importers with a lower presence of normal exporters at this time of year, aggravated by a strike decreed at the Rosario port terminal”, explained a source from the monetary authority.
The measure is adopted at a time when the exchange gap between the official exchange rate and the blue dollar climbed to 100%, after the parallel bill reached $ 200 on Thursday.
Technically, “Financial entities will have to maintain their global position in foreign currency until the end of the month at the same level as the monthly average of daily balances registered in October or the one in force as of today (Thursday), whichever is lower”, the BCRA said in a statement.
“They are asking banks for a favor so that they do not buy foreign currency and stay in pesos, even though they have free space to take positions in foreign currency,” A forex trader opined, who expanded: the measure is “Due to the classic imbalance of foreign currency inflows from exporters, in the face of the constant purchase of importers, who do not yield in advance payment abroad to continue receiving inputs so as not to stop production.”
Source From: Ambito
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