He central bank (BCRA) reported a partial relaxation for one of the obstacles that are still in force for the dollar stocks.
In this case, it refers to communication “A” 7340 of the BCRA, which determines that transfer dollars obtained in the stock market to a bank account.
Dollar stocks: new provision of the Central Bank
With the new resolution, as of July 1, the requirements established in said standard “will not be applicable to purchases of securities made by clients with funds in foreign currency received within 15 (fifteen) business days prior to the collection of capital and/or interest of debt securities issued by residents,” says the Central Bank statement
This determination “will be applicable to the extent that the reinvestment of the funds by the beneficiary is neutral in tax matters with respect to the operation of accreditation of the funds in a demand account of the beneficiary in a financial institution and its subsequent debit to the purchase of securities,” he concludes.
This relaxation of the dollar stocks will take place for collections of capital and interest on bonds in foreign currency, but there will be no modification when the purchases are of MEP and CCL.
This measure is a decision that has been requested from the financial institution for a long time and that the new member of the BCRA board of directors, Federico Furiase, ordered as soon as he took office.
A new BCRA regulation will come into force as of July 1, which will give partial flexibility to one of the obstacles that the stocks still have.
Javier Milei explained why he did not release the dollar trap as soon as he took office
Yesterday, the president Javier Milei He questioned the legislative timing and implied that if its approval had been achieved “the adjustment would have been less painful“and stressed that the previous Government was betting that he was going to release the exchange rate and imports from the first day after the inauguration, “but that was going to generate monstrous hyperinflation which would have led to a brutal crisis and in January they returned to power.
Milei began his speech with a review of the numbers of the indicators that he received from Alberto Fernández’s management and then highlighted that with his economic plan, the financial surplus was achieved in one month. “We thought we were going to achieve it in a year and in January we achieved it; also in February, March, April and May.”
“They said we wouldn’t be able to sustain it.“, he added and the audience applauded him after emphasizing: “When they adjust the seasonality of the first semester we are going to have a tight surplus. “They are going to have to take me dead from the Casa Rosada to break the fiscal deficit.”
“I am not going to deliver the zero deficit. If the initial conditions were worse than in 2001, in social and activity terms it should be a catastrophe. We made a bigger adjustment and it was only a 7% drop. “Everything should be blown up and they are complaining about (Sandra) Pettovello’s management,” the president developed during the opening speech of the Economy, Finance and Investment (ExpoEFI) event taking place in La Rural.
The President spoke of how when he took office he received the country immersed “in one of the most important crisis in Argentine history“, with a monetary imbalance more than double that of the previous Rodrigazo and an imbalance in the Central Bank worse than that of the beginning of 1989.”
He explained that the country was facing twin deficits equivalent to 17 points of GDP, a number he described as “quite intimidating.” “Not only did we have the problem of paid liabilities, but also that of trapped siras and dividends,” she explained.
