Savers who buy solidarity dollars add another restriction: they will have to wait 90 days to operate with a stock dollar. The details
Savers who want to purchase the $ 200 per month allowed by the Central Bank must present from Monday a sworn declaration to finalize the operation.
The monetary authority ordered new measures to access dollars for both companies and human beings amid the fall in international reserves and in a context of growing demand for foreign currency due to the uncertainty regarding the definition of debt and the economic impact of the coronavirus.
Through communication “A” 7030, the agency established that the human people who want to access the quota of foreign currency allowed per month, will have to present an affidavit, as it happens with companies.
Through this mechanism, the savers will record that “on the day they request access to the market and in the previous 90 calendar days, they have not arranged sales of securities with settlement in foreign currency or transfers of them to depository entities abroad ”
You must also commit not to carry out such operations “for the subsequent 90 consecutive days.”
What changes in home banking
Sources from the Central Bank stressed that it is a “very simple” process that financial institutions already have implemented in “homebanking” and insisted: “It is just a click”.
In the latest regulation, the monetary authority also ordered that companies that have dollars outside the country must use those funds to meet the payment of their commitments abroad, while announcing new restrictions on companies’ access to the Single and Free Market. of changes.
Given these changes, some banks suspended the sale of dollars on Friday, arguing that they were “adapting” their system to the modifications.
Thus, those who waited for the last business day of the month to acquire foreign currency, ended May without specifying the intended monthly savings.
This Friday, the retail dollar was offered at an average of $ 70.75, although if the 30 percent surcharge corresponding to the Country Tax is taken into account, the value amounts to $ 91.98.
According to data released in the last report on the Evolution of the Exchange Market and Exchange Balance, in April, people bought about 248 million dollars, which gave rise to 42.5 percent compared to March.
During this period, the number of individuals that demanded banknotes for possession also grew, since 1,200,000 acquired foreign currency with an average purchase per capita of $ 185. ”
So is the stocks for human persons
Over the months, the monetary authority has been adjusting the exchange stock by announcing different measures that have gradually reduced the freedom of savers to acquire dollars.
The BCRA seeks to prevent individuals from acquiring more than $ 200 a month.
First, individuals are limited to buying $ 200 a month from banks. And to do so, they must also pay the PAIS tax, which adds 30% to the official price of the currency. The result is the price of what is known as the “solidarity” or “tourist” dollar, since the tax also applies to expenses made in dollars with a credit card.
June comes with new restrictions. The Central Bank banned this Friday that people who buy their dollars in banks can acquire more currencies via the MEP dollar or “in cash” for 90 days.
If you choose not to buy solidarity dollar, you can buy an unlimited amount of stock dollar, but its price is much higher (the cash settlement is around $ 110).
However, this week a restriction was added that places a five-day “parking” for operations with stock market dollars. The acquisition of dollars in the stock market is done through the purchase of a bond or a share in pesos, which is then sold in exchange for dollars. With parking, between buying and selling, assets must be retained, which entails risks in a volatile market such as Argentina.
The government has also spun fine-tuned to prevent those who receive state aid from turning to buying dollars. In this sense, monotributistas and self-employed who take loans at zero rate can not buy solidarity dollar in banks or operate with MEP or CCL. This, until they finish repaying the loan completely.
Dollar: the limits for companies
The companies are the ones that really “move the ammeter” of the foreign exchange market, and that is why other restrictions apply to them.
Legal entities cannot buy dollars for hoarding: they only have access to foreign currency for the payment of imports, money orders or the payment of debts in foreign currency.
The The BCRA’s board reported this Thursday that the Business that have liquid assets originated in the formation of external assets must first have these resources for the payment of obligations abroad.
In addition, they noted that it extends to 90 days before and 90 days after the restriction to perform operations of sale of Titles public in local currency with settlement in foreign currencies for companies that require access to the official exchange market.
And the companies that access the stock market dollar will be affected by the aforementioned “parking“, which also affects private individuals.
The Central Bank’s board of directors also established other measures for the access of companies to the Single and Free Exchange Market (MULC) “with the purpose of ordering the payment of obligations for the importation of goods”, among which it was established that companies should request authorization prior to the BCRA to access the exchange market for the payment of commercial obligations abroad if they reduced the amount in force as of January 1, 2020.
On the other hand, companies that receive state aid to pay their employees’ wages (ATP program) will not be able to buy dollars on the Exchange for up to two years (one year if they have less than 800 employees). These companies total some 280,000 registered so far.
Companies that received subsidized loans with a rate of 24% cannot access the stock market dollar.
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