The exit of the exchange rate brought an ace under the sleeve. The suppressed regulation benefits both the ALYC (liquidation and compensation agents) and the portfolios managers.
With the Exit from exchange rate, Both natural and legal persons were reached and benefited by a series of measures that completely transformed the operation of dollars. However, one of the most significant changes for the financial market was the elimination of the restrictions imposed by the A7340 communication of the Central Bank.
With the beginning of the “phase 3”, the BCRA announced the news forcefully: “Both the restrictions contained in the A7340 communication like the ‘Cross restriction’ will cease to be applicable to human persons. “Although this statement was given in the middle of a series of modifications to the change market, it is worth noting the Elimination of one of the most controversial regulations.
A7340 communication: they eliminate the most anticipated regulation
The A7340 communicationissued on August 12, 2021 during the presidency of Alberto Fernándezreinforced regulations on access to dollar In a delicate economic context, with a difficult reservation situation and a strong demand for foreign exchange just one month from the step elections. This measure hardened the exchange ratelimiting access to financial dollars through stock operations.
The most relevant point of communication was the incorporation of the article 4.3.3 In the regulations of the “exterior and changes regime”, which established the conditions under which the purchase and sale operations of securities in foreign currency should be settled, seeking to limit indirect access to the dollar through the use of the stock market.
Main provisions of the A7340 communication:
-
Transfers between local accounts in customer name: The operations had to be carried out from and from bank accounts of Argentine entities, always in the name of the owner who performed the stock market operation.
-
International transfers: Transfers were allowed from or to accounts abroad, provided that they were in the name of the client and located in countries that comply with international standards against money laundering (GAFI), excluding “fiscal paradises” or non -cooperative jurisdictions.
For natural persons, this regulation implied that, if they bought MEP dollars through a Liquidation and Compensation Agency (ALYC)the dollars obtained had to be transferred back to a bank account. However, with the modification of the regulations, it is no longer necessary for those dollars to be returned to a bank account; Now, it is possible to keep the funds within the ALYC. This flexible the operation, simplifying the process for those who perform these transactions. As a source of the Central Bank to the field, “Now it is not necessary for dollars to transfer to a bank account again, they can be maintained in the ALYC”.
Dollar: What can be done with the tickets in the Alyc
During the 2024within the framework of the money laundering promoted by the Ministry of Economy, two Conservative investments They positioned themselves as the favorites. One of them, however, emerged specifically due to the asset regulation regime: Money Market funds in dollarsknown for his High liquidity and low risk. These funds stood out for their strong volume of investment and competed almost equitably with the Fixed income funds in dollarswho invest in sovereign bonds and low risk corporate.
Beyond the instruments in which Invest the dollars With the elimination of the stocks, the lifting of the restrictions implies a change for customers who avoid a more cumbersome process of sending the money from one platform to the other, and on the other hand, it allows the acquired tickets to be invested to be invested returns greater than a fixed term in dollars.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
