The relaxation of the purchase of dollars is a measure that collaborates to alleviate the restrictions on the exchange markets that operate in the stock market through bonds. The decision was published this Friday in the Official Gazette and was coordinated between the technical teams of the CNV, the Central Bank and the Ministry of Economy. Analysts consider that it is a measure that is in line with the agreement with the International Monetary Fund.
This new measure that begins to ease the regulations in the dollar financial markets repeals previous regulations that imposed a weekly quota of 50 thousand dollars for the operations that were made with Al30 and GD30 bonds in the Settlement and Compensation Agencies (Alyc).
On the other hand, the MEP dollar or stock dollar is the exchange rate resulting from an operation that consists of the purchase of bonds in pesos and their subsequent sale in dollars. This allows you to buy unlimited dollars per month and at a good price, since this operation is not covered by the 30% tax.
In detail, these operations are the stock dollar or MEP, which consists of buying a bond in pesos and then selling it in its dollar version, and the Cash with Liquidation (CCL), which requires an account abroad to be able to realize the dollarization of assets.
From the National Securities Commission they detailed that “the agreement and liquidation of sovereign debt securities denominated in dollars under local legislation in foreign currency will not imply restrictions on other operations in regulated markets.”
In turn, they added that the repealed resolutions “had been issued in response to exceptional circumstances and on a temporary basis, in order to avoid elusive operations, reduce the volatility of financial variables and contain the impact of fluctuations in financial flows. regarding the real economy.
The flexibility of controls occurs at a time of lower tensions on the external front. The progress of the agreement with the IMF together with other elements of the situation such as the sharp rise in the prices of soybeans and cereals, the proximity of the period for liquidation of the thick harvest and the increase in the interest rate in pesos they were key to reducing exchange rate pressures and the gap between the official and financial exchange rates.
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In addition to the blue dollar that fell from 223.50 pesos in January to 201 pesos this Friday, the cash with liquidation and other financial prices traded on the stock exchange also showed a significant decline. Currently the CCL stands at 201.23 pesos, when at the beginning of this year it had reached peaks close to 240 pesos. In other words, it fell by almost 20 percent. This allows greater flexibility to the market to operate with financial dollars.
The Securities Commission ordered on Monday the restrictions to buy dollars through the MEP and cash with liquidation.
Financial analysts from the city explained that the measure of restrictions on the MEP and cash with liquidation had been taken to prevent interventions with public securities from causing greater falls in the reserves of the monetary authority. “As the Central Bank no longer intervenes, it was not very logical to continue maintaining this measure”, said Christian Buteler.
For his part, Diego Martínez Burzaco, head of Research & Strategy at Inviu, argued that “the dissolution of this regulation (due to the repealed resolutions) is going in the right direction.” He added that the new regulation “is in line with the agreement with the IMF and is a step towards disarming all regulations in the capital market.”
The free dollar fell $3 and closed at $201, its lowest price in two and a half monthshttps://t.co/dBFbBOcNrF
– missiononline.net (@misiononline) March 5, 2022
The regulations that expire on Monday had generated new markets for financial dollars, since they increased asset transactions between individuals without a reference price. This was called in the city of Buenos Aires in recent months the Senebi dollar, since they were armed exchanges in a segment of bilateral negotiations.
From the economic team, beyond loosening controls on cash with liquidation and the MEP, easing the operation for investors seeking to dollarize their assets through the stock market, they maintain a strong control over the official dollar market. The objective is to avoid leaks in this segment and safeguard these currencies so that they can be applied to imports that allow sustaining the increase in production and the growth of the internal market.
The 10 key points of the agreement with the IMF: what it says regarding the dollar, tariffs and inflationhttps://t.co/gCknMVBXt5
– missiononline.net (@misiononline) March 5, 2022
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