Hear
The Central Bank (BCRA) took the first formal step towards bimonetarism or currency competition, objective that Milei management aims at. It did so by equalizing, through the approval of Communication “A” 8027, the conditions that banks must meet to open a savings bank in foreign currency to a client with those that were already established for the opening of savings banks in pesos. .
The recently published standard in question provides that For the opening and operation of the savings bank in foreign currency “the provisions relating to the savings bank in pesos will apply” contained in the regulations on “Savings deposits, salary and special accounts”.
Thus, it repeals Communication “A” 7105, of mid-September 2020.which had established that “prior to opening a savings bank in foreign currency – unless requested to prove transfers coming from abroad – financial entities must obtain evidence from which it appears that the client has income and/or or assets consistent with savings in foreign currency.”
Besides, excluded from that possibility any person who is a beneficiary “of any plan or program characterized as social assistance.” –including food subsidies–”, which was not an obstacle for, as official audits showed and Justice remains under investigation, some of them have even gained access to the local exchange market to make purchases of the quota of the so-called “savings dollar”. ” for a long time.
The current reference to the regulations on “Savings deposits, salary and special accounts” mentioned above refers to the regulations that determine that the opening of a savings bank in any regulated entity of the local financial system “may not be conditional on the acquisition of “no other financial product and/or service nor integrate any multi-product package.”
Also to the reminder that is made there to the entities in relation to the precautions that they must adopt “both at the opening and later during their use” of these accounts, a recommendation that is aimed “at preventing these accounts from being used in activities illicit.”
For this reason, for example, it provides that banks “must adopt internal standards and procedures in order to verify that the movement recorded in the accounts is reasonable with the activities declared by the clients.”
Current rules allow banks to offer their clients deposits in US dollars, euros and renminbi yuan, in addition to those that facilitate deposits in local currency.
But they leave open the possibility that, “at the request of the entities,” the BCRA may authorize the taking of deposits “in other currencies.”
