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Dollar stocks: they partially relax one of the obstacles to bond operations

Dollar stocks: they partially relax one of the obstacles to bond operations
Dollar stocks: they partially relax one of the obstacles to bond operations

This is communication “A” 7340 from the BCRA, which requires the transfer of dollars obtained in the capital market to a bank account. As of July 1, the rule will no longer apply to capital and interest collections on bonds in foreign currency. It is still valid for MEP and CCL dollar purchases.

The Central Bank arranged a partial relaxation of one of the many obstacles that are still in force in the stocks to the dollar. Is about BCRA communication “A” 7340, which requires transferring dollars obtained in the capital market to a bank account. Starting July 1st, The rule will no longer apply to capital and interest collections on bonds in foreign currency.. The restriction remains in force for MEP and CCL purchases.

The decision was implemented this Thursday through communication “A” 8042 issued by the BCRA. The measure specifically modifies one of the multiple regulations that make up the stocks, which for the most part continue without modifications. Specifically, market agents They will be able to reinvest the foreign currency received from capital and interest collections on debt securities without first going through their bank account..

It is a Surgical flexibility (and not total) of one of the regulations constituting the stocks most questioned by the market: 7340, which establishes that, every time dollars are received for operations with a title denominated in foreign currency, these must be transferred to a bank account . The same for transfers abroad via cable, which must be made to own accounts in commercial banks.

The new BCRA resolution now establishes that these restrictions “will not be applicable to purchases of securities made by clients with funds in foreign currency received in the 15 (fifteen) business days prior to the collection of capital and/or interest.” of debt securities issued by residents”. And he adds that this “will be applicable to the extent that the reinvestment of the funds by the beneficiary is neutral in tax matters with respect to the operation of crediting the funds into a demand account of the beneficiary in a financial institution and its subsequent Debit for the purchase of values ​​”.

This implies that, For the rest of the operations, the measure remains in force. For example, the dollars earned by purchase of MEP or CCL They will still need to be transferred to a bank account before they can be reused in the capital market.

Opening of the stocks?

Thus, the government seeks to send a new signal to the market that shows that its objective continues to be to open exchange control, despite the fact that at the moment The bulk of the restrictions remains standing (both for the official dollar and for financial ones) and the date for a complete opening is increasingly uncertain.

“Clearly the objective is to get out of the trap, there is no doubt about that. The issue is that it takes us longer than we would all like,” Roberto Silva, the president of the National Securities Commission (CNV), said this Wednesday during a talk at Expo EFI.

President Javier Milei emphasizes that before doing so he needs to clear the stock of remunerated liabilities of the BCRA and that of puts (liquidity insurance on public securities that the Central Bank sold to banks) to reduce possible sources of pressure on the dollar. Although different voices in the market point out that the strategy used to reduce remunerated liabilities (the migration from repos to Treasury debt) does not completely pave the way for the lifting of the stocks since it increases the short-term maturities of the treasury, which transfers the risk towards the renewal of those commitments in the future.

Furthermore, Minister Luis Caputo acknowledged in his latest public presentations that they still do not have a sufficient level of reserves to face a smooth opening. According to calculations by Marina Dal Poggetto, net reserves are still negative by more than US$2.3 billion. And the Central Bank faces increasing difficulties in adding foreign currency. Thus, the Government once again positions expectations in the negotiation with the IMF to obtain more financing and reinforce reserves.

Source: Ambito

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