The Central Bank will reactivate the “clearing” of checks starting next Thursday

This Tuesday, through communiqué A 6944, the Central Bank of the Argentine Republic announced that starting Thursday, March 26, the checks “frozen” by quarantine will begin to be deposited amid the coronavirus pandemic.

The statement states that “between March 20 and 25, inclusive, there will be no electronic check clearing, so the clearing sessions will resume on the 26th. This period of days will not count for the expiration of the 30-day period for submission. of checks. “

The suspension in the accreditation of checks until April 1 had been ordered by the entity last Friday, but the companies’ need for liquidity to pay salaries and other expenses forced the measure to be reevaluated. Employers and businesses across the country protested, as the settlement of wages and maturities was in jeopardy in an economy on the brink of abyss.

“We are reviewing that rule and seeing how the chain of payments would react. We have crossed requests to activate the clearing before April 1,” Pesce had said this afternoon in radio statements.

In this regard, he said that they were working with the national government to reactivate it “in advance”, since as of Wednesday the banks will have released some 250,000 million pesos for financing for SMEs at a rate of 24 percent and that “they would have resources to assist their clients if there is any mismatch between the payment and collection of checks. “

ATMs

Asked about the distribution of cash at ATMs, Pesce said they are evaluating that cash-flow companies that collect money from supermarkets and service stations can directly credit it to the companies’ accounts.

“This is going to help us that part of the task of delivering cash is not only done by the Central Bank these days, but also by the companies that transport the flows that are exempt from the ban that the government ordered,” he explained.

In this line, he also said that they are evaluating suspending cash withdrawal fees at terminals of other ATM networks.

“The banks have made a lot of money last year. We have not allowed them to distribute profits for the next few months and we are looking at the entire commission scheme if there can be a contribution in this regard,” Pesce said.

Lastly, he affirmed that although the BCRA will increase its financing to the Treasury to pay for the measures announced to alleviate the fall in activity, such as the Emergency Family Income (IFE) or the reinforcements in retirements and allowances, “does not mean that it will go to have an inflationary impact. “

“The only thing that is being done is partially compensate those levels of demand so that people have an indispensable income for their subsistence these days,” he said.