The Government relaxed restrictions by eliminating the obligation for people who invest in dollars to send their currencies to the bank.
After the approval of the Bases law and the fiscal package, the disbursement of US$800 million by the IMF and the currency swap renewal with China for almost US$5,000 million, the Government decided take another step on the path of lifting the exchange rateby eliminating the obligation of people who invest in dollars to send their currencies to the bank, established in 2021 by BCRA communication ‘A’ 7340.
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By means of the Communication “A” 8042 dated June 13, 2024, one of the regulations that make up the stocks is very specifically modified. Starting today, heMarket agents will be able to reinvest the foreign currency received from capital and interest collections on debt securities without first going through their bank account.
The new BCRA measure establishes that this restriction ‘will not apply 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 on debt securities issued by residents.’
And he adds that this ‘will be applicable to the extent that the reinvestment of funds by the beneficiary “is neutral in tax matters regarding the operation of accreditation of funds in a demand account of the beneficiary in a financial institution and its subsequent debit for the purchase of securities.”
The advance payment of the Ministry of Economy on the exchange rate
In a joint statement released this Thursday by the Ministry of Economy and the BCRA, it is confirmed that the Central Bank “considers advance in the liberation of exchange controls and greater exchange flexibility”but points out that it will do so “as long as these measures do not imply excessive risks for the process of reducing inflation and strengthening its balance sheet.”
The process of elimination of exchange controls “It will be defined by the Argentine authorities themselves, contemplating the evolution of the relevant economic variables, who will share with the IMF the parameters that will be monitored, without including commitments of specific dates or measures,” the official statement expands.
