BCRA urgent measures: bank clearing returns

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The monetary authority led by Miguel Pesce decided to advance the measures in response to the claims of business chambers. The details

The Central Bank will advance this Thursday 26 the resumption of bank clearing. The measure, which was only scheduled for Wednesday April 1, hastens to the claim of the business chambers, which saw in the suspension of clearing a problem for the payment of wages, in the first days of next month.

Along with the return of the accreditation of checks and the funds deposited in banks – which also hurt the companies’ operations – the Central Bank will take another relevant measure: it will suspend penalties for the uncovered checks.

The latter means that banks will not impose fines or inhibit the accounts of companies or individuals that have issued “bad” checks.

Precisely, the suspension of the clearing had been taken to avoid a collapse in the payment chain, in the face of the virtual paralysis of economic activity. But with the passing of days, several companies claimed that if the clearing and the accreditation of funds were not restored, then they would not have the backs to pay wages.

The measure that will benefit those who write bad checks will run until at least April 30. In the BCRA they analyzed last night if the decision will come out through a provision of the entity or if, in addition, a decree of “necessity and urgency” was needed to put it into practice.

The third initiative to be launched in the next few hours has to do with the liquidity of the economy: banks will not be able to renew a total of $ 130,000 million in Leliq due this week.

They will be required to keep those funds in their portfolios, thereby inducing them to lend that $ 130 billion. The idea is for financial institutions to lend to companies -especially SMEs- that have difficulties paying their salaries this month, in the midst of the deepening of the crisis, due to the coronavirus.

Those special lines are granted at 24% per year.

Coronavirus at the BCRA

The president of the Central Bank, Miguel Ángel Pesce, affirmed this Tuesday that there was “a confirmed case of coronavirus in the Central Bank” and clarified that “all the employees who were in contact with him are isolated”.

“We have a confirmed case,” stressed the official, who pointed out that the corresponding test was carried out “and tested positive.”

The head of the monetary authority assured that the affected person entered “isolation and follows the corresponding treatment.”

“All the employees who were in contact with him are isolated and following the protocol,” he said and maintained that “it is not a serious case.”

As it was known, he is a member of the operating table and, given the first presumptions of COVID-19 contagion, he stopped going to his workplace on March 13 last.

In the face of the coronavirus crisis, the body has been carrying out a scheme for days that includes remote activities for a large part of its personnel.

Pesce stressed that the workers of the monetary authority “they were already respecting the 14-day quarantine for having traveled to countries that had presented cases of coronavirus and now this novelty is added

In dialogue with Radio Con Vos, the official recommended that electronic transactions be carried out to prevent the spread of the coronavirus and not “not manipulate cash money.”

Pesce affirmed that there are efforts so that the companies of flows “that are receiving money, can credit it electronically to the companies”.

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