The prudential provision of the Central Bank seeks to ensure the solvency of the financial system in the scenario of credit growth, accompanying the growth process of the activity that the economy started after recovering from the consequences of the Covid-19 pandemic.
The entities must comply with the capital integration established by the Basel committee and request the authorization of the BCRA before the distribution of profits, indicated the monetary authority in a statement.
Let us remember that the BCRA had decided to suspend the distribution of profits on March 19, 2020, in line with the measures taken by central banks around the world to reinforce the capitalization of the system due to the economic context that generated the Covid-19 pandemic.
From the Central Bank they explained to Ambit that “The banks, like the rest of the companies, cannot transfer profits to their headquarters. And they cannot buy dollars with the profits either.”. That is, they have the same exchange restriction as the rest of the companies: If they buy CCL or MEP dollars, they cannot go to the MULC for 90 days.
What they can do is have the pesos for investments within the country, they clarified from the BCRA. But the shareholders, if they are majority or members of the board of directors, They cannot do CCL operations, with which, they have the same restriction, they emphasized.
Finally, the same sources remarked that “Foreign shareholders are going to charge in pesos in the country. And if they have no restriction, they can have those pesos to make CCL.”
Source From: Ambito
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