Hear
The Central Bank (BCRA) today relaxed a series of rules that limited access to credit, both in pesos and dollars, for companies classified as “large exporters.”
And it also partially repealed another norm, Communication “A” 7340, which the market had a close eye on transfers to banks per MEP dollar. This will prevent, for example, investors who collect income for instruments they have in that currency in client accounts opened at Casa de Bolsa or ALyC from having to transfer that holding to their own bank account.
The first was resolved by approving Communication “A” 8043, on “credit and financing policy for Large Exporting Companies (GEE) of the non-financial private sector” and with the objective of advancing in the normalization of financial activity.
The aforementioned circular eliminates “restrictions on financing in foreign currency”, since these are companies that, by selling abroad, have income in foreign currency (that is, in the same currency) while “increasing the amount of financing available for financing in pesos.”
The rule comes in a context in which the demand for credit in dollars is very firm (the stock disbursed by banks grew from US$3.5 billion to US$6.3 billion, that is, by 80% since the Milei administration began), what is leading to some banks -the most active in these placements between companies- to increase the rates offered to obtain fixed terms in foreign currencywhich had been between 0.25% and 0.50% annually for a long time given that the entities had no interest in raising placements in that currency due to the high level of immobilization through reserve requirements without any remuneration (that is, at a rate of 0 %) that have.
In fact, today there are “US$9 billion from depositors” in BCRA accounts as part of compliance with these prudential regulations. “It is a sum that represents a third of the BCRA’s gross reserves and that are at a 0% rate,” the president of the Association of Argentine Banks (Adeba) noted, just a few hours ago.
The step forward, regarding the offer of rates, was taken today by Banco Galicia, with a strong incentive for long-term placements by maintaining the rate offered for fixed terms in dollars at 30 at 0.5% per year. days, but increase them by 1 to 3% annually for depositors who dare to immobilize their “greens” for 60 or up to 360 days.
Meanwhile, the new relaxation of the stocks, second after the provision that facilitated the purchase of the MEP dollar for those who access a mortgage loan, arises from Communication “A” 8042, which repeals a rule established on August 12, 2021 by which prohibited “the settlement of purchase and sale operations of securities with settlement in foreign currency through payment in bills in foreign currency, or through their deposit in custody accounts or third-party accounts.”
“7340 no longer applies″celebrated on networks the economist Felipe Nuñez, coincidentally appointed today as the new director of the Investment and Foreign Trade Bank (BICE).
The removal of this circular was in all the roadmaps for the disarmament of the stocks that different consulting companies published in recent months. It was one of the nine that are needed to stop hindering foreign currency movements within the local financial system.
