BCRA extended the validity of the rule that limits changes in banks’ dollar positions

BCRA extended the validity of the rule that limits changes in banks’ dollar positions

This was established through a brief communication issued after the weekly board meeting that was held this Thursday and which establishes the extension of the provisions of Communication “A” 7863 until November 30 of this year.

It is worth remembering that this rule sanctioned on October 13 It was in effect until October 31 in principle and was taken within the framework of the concerns that the pre-election tension aroused, with a blue dollar that reached over $1,200although it later moderated and this week it is going down.

The rule establishes that financial entities will not be able to buy foreign currency until the end of November. And it is that The Central Bank established a restriction on the dollar position that banks have: they could not increase their daily cash position in foreign currency without your permission until October 31 (date that now moves to November 30).

Bank dollars: what the BCRA regulated

“The same measure is resumed as in the 2021 electoral process (when the same decision as now was implemented). Banks are told to maintain their cash position in foreign currency without variation until the electoral process ends,” he explained. at the time the measurement was taken, a source at Ambit. And remembered that What is being limited is the expansion of the banks’ holdings (the net global position), which is what they can invest in.

In addition, It was established that they may cover (totally or partially) that position with non-transferable internal bills (LEDIV) of the Central Bank in pesos. liquidated in the official dollar (reference Communication “A” 3500) or with national public securities in dollars or tied to the dollar.

However, as stated and as official sources emphasized to Ámbito, the rule refers to bank dollars, “it has nothing to do with those of savers,” which are all included in the BCRA. “No one can touch those,” they emphasize.

In fact, there have already been several runs and savers never had problems withdrawing their assets. It must also be remembered that many investors buy the MEP dollar on the stock market without access problems.

Source: Ambito

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