One of the campaign promises of the president, Javier Milei, was the uprising of the dollar stocks when the economic situation permitted it. Last week, the Government obtained a battery of good news: the approval of the Bases Law, the disbursement of the IMF, the renewal of the swap with China and the resounding decrease in inflation in May. In this framework, the Central Bank of the Argentine Republic (BCRA) considered that it could advance one step further on the path of removing restrictions on the exchange rate.
Through communication “A” 7340, the BCRA partially relaxed one of the obstacles to bond operations, by eliminating the obligation for those who obtain Dollars in it capital market They must transfer this money to a bank account. The measure was made official by the Government, this Tuesday in the Official Gazette.
There it is established: “To leave without effect the tariff established in point 1.b) of Communication “A” 7996. Therefore, both in ‘pull’ transfers with express consent and in those with tacit consent, the entities financial institutions or PSPCP that provide the accredited account must not pay any fees to the debited entity.”
And it clarifies that “the ‘pull’ immediate transfer service for the same holder will not be applicable to the current accounts of legal entities provided for in the rules on the ‘Regulation of the bank current account’, nor to the special current accounts for legal entities included in the regulations on ‘Savings deposits, salary and special accounts’”.
In what cases does flexibility apply?
To understand, and as detailed by the central bank In its official communication on June 13, “they will not be applicable to purchases of securities made by clients with funds in foreign currency received in the 15 (fifteen) business days prior to the collection of capital and/or interest.” of debt securities issued by residents”.
Furthermore, this “will apply to the extent that the reinvestment of the funds by the beneficiary is neutral in tax matters with respect to the operation of crediting the funds in a demand account of the beneficiary in a financial institution and its subsequent debit for the purchase of securities.
This means that the Dollars obtained from the purchase of MEP or CCL will still need to be transferred to a bank account before they can be reused in the capital market.
