Chau Ledivs: BCRA eliminated the possibility of subscribing bills tied to the dollar

The financial regulator replaced the Communication “A” 7898, which limited the possibility of subscribing to these instruments to some categories of companies, due to “A” 7899 in order to close the possibility of subscribing these instruments to all types of entities and companies. Although the current stock is maintained, which adjusts for the evolution of the official dollar, which implies a high cost in the event of a possible strong devaluation, it will not continue to increase in the future.

“The universe that could subscribe to them had already been greatly reduced and this is only the knock out blow“says Joel Lupieri, economist at Epyca Consultores, Ambit.

And, as explained by Economist Federido Glustein“the decision seeks to put an end to a problem that could become much bigger in the future”. And the thing is that, in recent times, the increase in the stock of Internal Bills in Dollars of the Central Bank (Ledivs), which rose to $5.14 billion, had a strong impact in the City.

Chau Ledivs: what the BCRA regulation provided

“In recent days there has been a lot of repercussion about how these bills adjusted to the official exchange rate were working,” says Lupieri. And he points out that, surely, the BCRA, already in transition to a new government, took note and preferred to cancel them.

Through the communications “A” 7897, some categories of companies that could subscribe to them were eliminated. They were only open to certain sectors, such as SMEs and oil companies, since financial entities and companies that provide mass consumer goods participating in the voluntary agreements of the “Fair Prices” Program were excluded.

However, this Thursday, it was resolved nip this problem in the bud and repeal all the rules that regulated its operations: communications “A” “A” 7557, “A” 7774, “A” 7788, “A” 7803, “A” 7829, “A” 7842, “A” 7885 AND “A” 7892 and “A” 7897 .

It was also established that financial institutions are not obliged to offer new deposits in demand or time accounts whose remuneration is based on the variation in the exchange rate of the US dollar.

And, on the other hand, it was reported that, as of December 7, 2023, for the purposes of determining the amounts that may correspond, each of the Importing Companies of Mass Consumption Products who entered the “Fair Prices” Program and they maintain stock of Lediv must present to the financial entity that subscribed the species, prior to requesting payment, a certificate issued by the Ministry of Commerce regarding the date up to which the agreements signed by it within the framework of said Program were in force and fulfilled. “Fair Prices”.

Glustein explains that, initially, and as was proven in the facts, “it did not make much sense to enable these instruments for the exporters because it was giving them a gift for no good reason“More than avoiding, perhaps the use of financial dollars to control possible exchange runs.”