A new movement towards a currency competition scheme like the one sought by President Javier Milei saw the light of day yesterday with a move by the Central Bank (BCRA). In this way and in a step towards bimonetarism The entity, through Communication “A” 8027, changed the rules that banks have to follow to open a savings account in foreign currency to a client, with the same rules that were already in place for pesos.
The regulations say that to open and manage a savings bank in foreign currency “the provisions relating to the savings bank in pesos will apply” that are in the regulations on “Savings deposits, salary and special accounts”. I mean, From now on the steps are made easier and any citizen who wishes can open a savings account in dollars.
This movement repeals Communication “A” 7105 of September 2020, which had stated that “Before opening a savings bank in foreign currency – unless it is to credit transfers from abroad – banks must obtain evidence that the client has income and/or assets that justify saving in foreign currency”. This measure was one of many taken during the presidency of Alberto Fernández in conjunction with his then Minister of Economy, Martin Guzmán. At that time, efforts were made to restrict the purchase and sale of dollars as much as possible with the aim of preventing the US currency from rising, a fact that clearly did not happen: Alberto Fernández took office with one dollar at 60 pesos and handed over the mandate four years later. with a dollar at 1000 pesos.
The resolution also prohibited anyone who is collecting any social plan or assistance, including food subsidies, from opening a savings account in foreign currency.
Under the new rules, local banks can offer accounts in dollars, euros and yuan, among other currencies.
The new rule reminds entities that they must take precautions “both at opening and afterwards, during use” of these accounts, a recommendation that aims to “prevent these accounts from being used for illicit activities.”
