In this tender, participation was enabled for the first time to legal entities that wanted to distribute profits and/or dividends to non-resident shareholders.
He central bank placed this Thursday, in its seventh tender, US$1,709 million of Series 3 of the Bonds for the Reconstruction of a Free Argentina (BOPREAL), after applying a sweetener to transfer profits and/or dividends abroad.
The total accumulated amount of the species thus reached US$2,905 million.
As previously communicated, in this tender For the first time, participation was enabled for legal entities that wanted to distribute profits and/or dividends to non-resident shareholders.a concept that required prior approval from the BCRA for access to the Free Exchange Market (MLC) since September 2019.
Positions were received for US$69 million from companies with debts for imports and US$1,640 million for profit transfer.
With this auction, the BCRA placed almost the maximum amount of the three Series: Series 1 had completed the quota of VN USD 5 billion and Series 2 that of VN USD 2 billion. In this way, outstanding foreign debts have been significantly reduced through a novel instrument that allows, in turn, to absorb a significant amount of pesos in circulation, contributing to the reduction of endogenous money issuance.
Next week there will be a new auction of Series 3 for the remaining US$95 million.
Source: Ambito
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