In order to reduce the volatility of the parallel exchange rates, the Government resolved to implement new limits to the weekly operations admitted for the stock dollar.
Within the framework of the new measures that the Government took for the dollar and the decision to contain the parallel exchange rates that it has been implementing in recent times, the National Securities Commission (CNV) announced this Monday the implementation of new limitations to operate the MEP dollar.
through the General Resolution 971 of the financial regulator established a limit of 100 thousand face values (the equivalent of about $40,000) for operations in this financial dollar market. Thus, this is the new ceiling for the sale of negotiable fixed-income securities nominated and payable in issued dollars and under local and foreign law with settlement in foreign currency that the NVC apply for the PPT trading segment from now on.
Andres ReschiniF2 Soluciones Financieras analyst, gives his opinion in dialogue with Ambit that “it was very clear with the market under pre-electoral pressure that the measures taken such as the tax devaluation and the CNV 969 triggered more to the financiers” and points out that it is necessary to see how the market to these measures, but he hopes that “with more uncertainty, the same thing is likely to happen.” Thus, he doubts the effectiveness of the measure and points out that you have to wait and see how it evolves.
CNV: what is the objective of the measure
However, according to official sources, the objective of the measure is “reduce volatility of the financial market and its impact on the normal functioning of the economy, accompany the efforts to avoid imbalances in the calls financial dollars and discourage speculative movements”. All this, without affecting the vast majority of people who carry out this operation in a genuine way.
The validity of the measure is indeterminate, since it was explained that “the resolution will apply while the circumstances last that make its implementation necessary and will be applied to each principal sub-account”, for the set of principal sub-accounts of which the same subject was the owner or co-owner and for the set of operations with settlement in foreign currency.
Source: Ambito
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