Córdoba will claim before the Court for the BCRA regulation that forces it to pay with its own funds

The Central Bank limited access to the official dollar to 40% of maturities for provinces and municipalities. REUTERS/Agustin Marcarian/

The new measure of the Central Bank arranged this afternoon to force the provinces with foreign debt to pay with their own dollars opened a new battlefront for the Government in Justice, with a claim that will probably end up being resolved in the Supreme Court of Justice.

The decision of the BCRA to grant foreign currency to indebted jurisdictions in hard currency through the official market only for the equivalent of 40% of each maturity, obliges them to dispose of their own surpluses to face the payment of 60% or to restructure those obligations , an impossible procedure given the imminent validity of the measure that will come into force tomorrow.

In this scheme, Córdoba emerges as one of the most affected provinces and, above all, the first, along with Salta and the City of Buenos Aires. Between the three jurisdictions they were able to face today the payment for a total of USD 84 million. But in less than two weeks, the province governed by Juan Schiaretti will have to face a new payment, much higher than the USD 18 million that it disbursed today, when a maturity for a total of USD 145 million operates.

Predictably, the BCRA rule fell like a bucket of cold water in the Cordoba government, where they are preparing to appear before the Justice. The Minister of Finance of Córdoba, Osvaldo Giordano, confirmed it to infobae. “We are working on a court filing questioning the legality of the measure,” he said, stressing: “we are the first”. He thus referred to the fact that, in practical terms, the application of the new measure will begin on June 10, when the principal and interest are scheduled to expire.

The data is not minor since, in case of prospering a judicial measure, it could set a precedent for the following cases until the end of the year.


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