End of the stock: The BCRA gives access to the dollar to non -resident investors and emits another Bopreal for US $ 3,000 million

Within the framework of the Phase 3 of the economic program, The Central Bank of the Argentine Republic (BCRA) announced a series of key measures to facilitate access to investors not residing to the change market and advance in the normalization of the financial system. Among the most relevant novelties, the FLEXIBILIZATION OF THE FREE MARKET ACCESS RULES (MULC) For new investments, as well as the issuance of a New series of bonds for the reconstruction of a free Argentina (Bopreal).

Opening for foreign investors

From now on, Non -resident investors can access the MLC for repatriate capitals without having a prior compliance of the BCRAprovided that the funds have entered through that same market and comply with a minimum permanence period of six months. This permanence must be verified by the intervening financial entity.

According to the official statement, this measure seeks to attract productive capitals and discourage the entry of speculative funds, the so -called “swallow”, while It generates more stable and predictable conditions for the operation of the local capital market.

In addition, the possibility of channeling these investments through the MLC also enables The use of coverage instrumentslike the futures market.

Bopreal Series 4: New instrument to order the BCRA liabilities

The BCRA too announced the issuance of a new Bopreal series, destined to face the commercial debts prior to December 12, 2023. This series 4 of the Bopreal, which had already anticipated the BCRA, will have a Time of three years, will be nominated in dollars and may be signed in pesos.

The bonds will accrue semiannual interests -the rate will be announced in the first tender- and capital will be amortized in a single payment at maturity. The initial emission amount will be up to US $ 3,000 million and will be awarded through adhesion tenders, whose dates will be communicated soon.

This new section of the Bopreal It is incorporated into previous emissions, that pointed to Regularize accumulated commercial debts and that, over time, managed to consolidate as instruments with liquidity in the market.

It is important to note that the 4 Breop It will have three years expiration, which implies that their payments will extend beyond the current presidential mandate of Javier Milei. It accrues semiannual interests in dollars, a characteristic that has aroused the interest of certain market segments that prioritize low risk alternatives.

Dollar: The look and debate between economists in relation to ads

This announcement, beyond that it represents an advance towards the elimination of exchange restrictions makes it clear that the stocks will continue more.

On these measures, the economist Jorge Neyro He pointed out to the scope that the initiative is in line with the lifting of capital flow restrictions. “By putting the stay above six months, the term of the legislative elections will exceed and increases the investment possibilities for foreigners who want to bet on Argentine assets locally”he said.

In relation to the Breop, he said that it constitutes a “Intermediate solution” between keeping companies with immobilized dividends and granting full access to the exchange market. The same discussion in relation to this issue was raised by the economist Luciano Laspinathrough his X account. “It is” strange “(bizarro) to release the MLC for non -resident firms while the resident firms are forbidden. If we want dollars to enter to appreciate the FX against the band of the band (and” tame apes “) would begin by repealing the Criminal Law Exchange and release everything.”

In turn, Pablo Repetto, Head of Research from Aurum Securities, He contributed that this announcement can also be linked to the possible recategorization of Argentina by the MSCI, which would allow many foreign funds to invest in Argentine actions. “We were in ‘Standalone’ because we had those change control restrictions and obviously they will have told them that they need this to reclassify Argentina,” he said.

In that sense, he remarked that it is an “opportunity” for the entry of currencies to the Argentine Equity. “In principle it could be good for actions, unless they have been incorporating those actions before,” He added.

MeanwhileGabriel Caamaño, from Outlier, He stressed from his gaze that these measures aim to add offer of private dollars within the framework of the new exchange scheme, to try to “force” the exchange rate towards the floor of the flotation band. “They are beginning to implement measures in that regard, such as putting a high rate in pesos ”he added that the Bopreal, on the other hand, acts as a kind of “substitute” for Remove private demand to the dollar.

Pablo Moldovan, Director of CP Consultor, considered that “the measure linked to non -residents shows that the external adjustment was insufficient and that the program needs more financing.” In that sense, “very short -term capitals are used to cover the pressures derived from the partial opening of the CEPO. Thus, a fragile scheme is re -built, exposed to a messy exit. The background of the economic team, financing escape with swallow capitals and dilapidating IMF resources, are still fresh and aggravate the problem,” he said.

Finally, Alfredo Romano, director of Romano Group He stressed that the period of permanence of assets in six months is good for “Avoid Autoshock as generated in 2018, that before the exit of capital flow you ended with a devaluation and then in an economic debacle. ”