The Minister of Economy, Sergio Massa, leads a meeting with representatives of banks, insurance companies and investment funds to provide details of measures to reduce pressure on financial dollars.
The package includes an exchange of U$S 4,000 million, in bonds, under foreign law (global or GD) that are in the power of national public sector organizations for titles in pesos and the incorporation of bonds in dollars under local law ( bonars or AL) in the CCL dollar operation.
In this way, it seeks to give greater depth to the market with which the CCL dollar is operated -which is currently exclusively enabled for GD29, GD30, GD35 and the rest of the global series- and, at the same time, provide instruments to the Treasury and to the Central Bank to act in the financial exchange market to avoid jumps in the gap.
Massa’s new measure: use dollar bonds
The new regulations will be made effective through resolutions of the Central Bank, the National Securities Commission (CNV) and the National Insurance Superintendence, which will be published in the Official Gazette, according to official sources confirmed to Télam.
The Government launches a package of measures
The Ministry of Economy announced a series of measures to reduce the pressure on financial dollars, which includes an exchange of 4,000 million dollars in bonds under foreign law (global or GD) that are in the hands of national public sector organizations for titles in pesos and the incorporation of bonds in dollars under local law (bonares or AL) in the CCL dollar operation.
The measure seeks to give greater depth to the market with which the CCL dollar is operated -which is currently enabled exclusively for GD29, GD30, GD35 bonds and the rest of the global series- and, at the same time, provide instruments to the Treasury and the Bank Central to act in the financial exchange market to avoid jumps in the gap.
dollar pressure
Currently, the Government cannot act on the price of the CCL dollar with dollars from the reserves -it was expressly prohibited in the last review of the agreement with the IMF- and might only do so with its holdings of bonds under foreign law, which was a minor portion of the securities in your portfolio.
From now on, the Ministry of Economy will be able to dispose of close to US$ 35,000 million in nominal titles under local law – AL29, AL30, AL35 and the rest of the series of bonaers – held by the entire national State in different public bodies, and serve as an offer in the financial dollar market, which would help reduce volatility without affecting reserves.
“Our objective is that the CCL does not rise above the rest of the variables in the economy. We want to bring peace of mind and avoid that with an operation volume of 30 million dollars in one day, the price will skyrocket ”, the sources told Télam.
The measure aims, on the one hand, to reduce uncertainty in the market regarding the supply of financial dollars and, on the other, to absorb excess pesos that go in search of exchange rate coverage and that, by doing so, might put pressure on inflation. if this implied the rise in dollar prices.
In summary: the objective is to avoid that a disarmament of positions in pesos -such as fixed terms or remunerated accounts- causes a jump in the exchange rate gap and triggers the rest of the variables in the economy.
“If you analyze the jump in the CCL dollar in January, that rise went directly to prices the following month. We want to avoid repeating scenarios like that,” the sources added.
Regarding the nominal US$ 4,000 million in global bonds in the hands of more than 100 centralized entities, the Treasury will offer them a basket of bonds in pesos adjusted by CER, dollar and/or dual.
As explained by the sources, what is sought is to “order the debt within the public sector” and pesify debt in dollars that today have organizations with expenses in pesos.
In addition, once the exchange is done, the Treasury will delist the global bonds that the organizations gave it, which they hope will have a positive impact on the value of the remaining global bonds that were issued.
The combination of both measures, they trust the Government, will reduce the gap between the MEP dollar and the CCL dollar and calm the prices of both.
The measures will be detailed tomorrow at the working breakfast that Minister Sergio Massa and members of his cabinet will have with representatives of banks, mutual investment funds, insurance companies and stock brokerage firms (alycs).
The CCL dollar operated today with a decrease of 0.4% in the stock market and closed at $400, while the MEP fell 0.3%, to $386.33, in the final leg of the wheel.
For its part, in the wholesale market, the US currency ended with an increase of 49 cents compared to the previous closing, at an average of $205.02.
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