2023-09-08 23:10:00
He Central Bank of the Argentine Republic (BCRA) implemented a squeeze exchange turnstile by announcing that companies will not be able to access the official foreign exchange market if their directors or shareholders carried out foreign exchange operations public securities in foreign currency in the last three months.
“The current rule establishes that if a firm accesses the exchange market, that firm, its subsidiary or controlling parties, its directors and shareholders They cannot carry out asset liquidation operations in foreign currency, for a period of 90 or 180 days, depending on the instrument, before and following access to the exchange market,” the monetary authority explained in a brief statement.
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In this way, the companies are forced to clarify in a sworn statement that none of these actors that make up them acquired dollars through the purchase and sale of sovereign bonds. This mechanic is popularly known as cash with settlement (CCL) and MEP.
The experts’ view of the Central Bank’s measure
For the financial analyst Christian Butler, the measure introduced by the Central Bank “was already in force” and “is nothing new.” “Simply, It’s regarding putting a little more pressure to really make it happen.. “I don’t think it will have too much of an impact on the market,” she said.
For his part, the market specialist Franco Tealdi stated that through the resolution of the entity chaired by Miguel Ángel Pesce “The fence continues to close for those companies that access the MULC“.
“Now the limitations of operations linked to the dollar are transferred to controlled companies, directors and shareholders, directly or indirectly of that same company. to avoid ‘curlers’ and use of those official dollars in parallel marketsbe it MEP or CCL,” he argued.
At the same time, Tealdi maintained that “It is one more restriction to continue closing potholes, distortions and arbitrariness that generate the amount of exchange restrictions that the country has”.
Regarding the exchange rate “roller”, the financial advisor Gaston Lentini He explained that it consists of obtaining the official dollar through official channels and then selling it through alternative channels. “Whoever achieves it wins close to 100%,” she said.
“The flip side that remains under the radar is that More and more importers are paying abroad via CCL, passing on that new exchange rate to prices.. The effect known as pass through It will be noticeable in inflation. “Whoever imported at $350 now imports at $700 and that will be reflected in the prices,” Lentini judged.
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The doubts generated by the announcement of the Central Bank
On the other hand, the reinforcement of the controls provided by the Central Bank raised doubts regarding its validity. A law firm found discrepancies between the regulations published by the entity and its subsequent communication.
From the financial area of Bomchil they stated that the statement posted on the BCRA website “deviates noticeably” of the text Communication “A” 7838, where the measure itself is established.
The difference is that the officially released document establishes that the Affidavits that companies must present to demonstrate that they did not carry out CCL or MEP operations “refer to the agreement carried out directly or indirectly or on behalf of and by order of third parties”.
According to lawyers specialized in the matter, this determination does not cover operations carried out by directors and shareholders, as announced by the Central in the publication of its digital site and its social networks.
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In dialogue with PERFIL, the partner of Bomchil’s Financial Services and Capital Markets department, Fermín Carideconsidered that the released statement lacks “legal value” because it is not a rule itself.
“The current rules say that a company that wants to access the MULC has to show that it did not make CCL and that it did not deliver pesos to any person outside of payments in the ordinary course. If it did, it has to present a detail of all the linked companies and They all have to declare that they neither did nor are going to do CCL. “That rule is already in force,” she explained.
And he added: “If the BCRA extends this to directors, it has to say so. It has to have a type A standard that says so. The press release is not the norm. “It is talking regarding a writing and not regarding the concrete normative reality.”
Following this line of argument, Caride pointed out that “a judge would never have to give importance to what the Central Bank says in a press release but rather to what the norm says.”
Finally, the interviewee’s law firm stated that “would be notably illegal that the activity or responsibility of a person (who accesses the Free Exchange Market) is affected by the acts of another (its director, shareholder or related party) with whom he or she has not acted in concert or, in the specific case, delivered funds. “.
MF / You
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