The parking for the bonds would be eliminated, so that currencies can be sold at a better price than the official market. It benefits natural persons.
The Central Bank (BCRA) and the National Securities Commission (CNV) analyze eliminate the procedure known as “parking” and that restricts the sale of dollars in the Stock Market. It is good news for businessmen sole proprietorships and also for professionals.
In times of practically total brake on economic activity, many people have to sell your saved dollars to meet expenses or pay wages. However, the official exchange rate, at which banks take notes (today at $ 61.99), is well below the stock market dollar, which is trading above $ 80.
The “parking”, however, damages this exchange exchange operation, since it adds several days between the sale of the dollars and the obtaining of the pesos. This is in addition to the fact that, in the context of mandatory quarantine, caves are not an option either.
In this context, and faced with the need to meet the expenses of the beginning of the month, sources from the BCRA and the CNV confirmed to iProfessional that it is being analyzed to remove the “parking”, in such a way encourage individuals to sell their dollars on the Stock Market. The organization that Miguel Pesce leads, in fact, was going to discuss the issue at the Board meeting that was scheduled for this Friday and was postponed until Monday.
Specialists agree that the elimination of parking It will definitely benefit those who have sole proprietorship or professionals they are unable to bill during quarantine and must sell their dollar holdings to meet their expenses for the duration of the isolation.
“It benefits human persons, who can be entrepreneurs, independent professionals or, simply, savers. Now they are going to be able to carry out the operations of selling dollars, “said Alejandro Caramella, head of the First Capital Markets table.
Companies, unlike human beings, did not have to comply with the “parking” of the bonds, so they would continue to operate in that market without problems. In this sense, Caramella indicated: “The logic of not limiting the operation for legal entities is that they can no longer buy dollars in the official market due to exchange controls.”
Despite this, José Bano, research manager of InvertirOnline, observed a greater movement by legal entities in recent weeks, due to the approaching date of make the payment of wages. “Since the quarantine started, there is a little more volume because companies take advantage to sell dollars on the stock market,” he said. Those sales can be from dollars that they already had in their portfolio or that they had previously bought in the capital market.
How to Sell Dollars on the Stock Market
Whoever wants to sell foreign exchange on the Stock Exchange has to do two operations: buy a title in dollars and sell it in pesos. The only requirement is to have a client account in a brokerage house. In jargon, this transaction is known as “Mep dollar” and it allows both buying and selling currencies in the capital market.
“In InvertirOnline it works like this: from the account in dollars the transfer is made to the principal and then the bonds in kind D (that is, in US currency) are purchased. They are then sold in pesos and taken at the time If there is no ‘parking’, as has been the case up to now with legal entities, all the operation does not require more than 10 minutes“Bano explained.
The analysts consulted agreed that, with more players, the market for dollar markets benefits because, the more liquidity, the better the price determination.. “Obviously, with more players, the price of the stock market dollar is not going to shoot up as much because there are more people participating in that market,” Caramella said.
Bano, for his part, pointed out: “As long as the ‘parking’ exists, only those who know that they will not need to sell those currencies for a long time can dollarize, because the price at which they are taken is low. Instead, if that lock is removed, smaller, transactional moves can be made. “
Today the difference between the dollar Mep and the official exchange rate is around 32%, since the dollar was sold to $ 66.84 in the Buenos Aires City and to $ 88.42 in the Stock Market. Since the launch of the 30% surcharge on the official price, the stock exchange rates have been approaching (and even exceeded) the value of the “solidarity” dollar, which today closed at $ 86.89.
One of the goals that the official bodies are pursuing with this decision is, precisely, to decompress the pressure on the parallel dollar markets, whether they are legal (such as the Stock Market) or illegal (such as the caves).
What was the “parking”
The operation known as “parking” had been imposed in October last year, when the exchange stock still allowed to buy u $ s10,000 and the authorities were closing the currency leakage points one by one. The official objective was avoid arbitration that allowed generating an extraordinary profit and that, in addition, it forced the Central to lose reserves in the exchange market.
This arbitration was known by the name of “roller” and consisted of the fact that people bought dollars in the official market and then went to the capital market and bought a dollar security to sell it in pesos immediately. Due to the difference between the two exchange rates, they obtained a very important and risk-free profit. Many made several operations monthly until reaching the maximum quota of $ 10,000.
Aware of this speculation, the Central and the CNV established the “parking”, that is, that the person who bought dollar bonds with foreign currency should keep securities in portfolio for 5 business days before you can sell them in pesos. In this way, in an Argentine market that had a lot of volatility, the operation stopped making sense because it could not be done simultaneously.
Since the exchange stock was closed to the acquisition of US $ 200 per month and, even more so with the implementation of the PAIS tax, which made the exchange rate more expensive by an additional 30%, operators have been demanding to eliminate the “parking”. However, until now, they have not been heard.
“Today the entire economy is liquidating reserves. Everyone is selling dollars to meet current expenses. How can they sell them if there is‘ parking ’? NOr does it make sense because it is a restriction to enter dollars that does not exist not to withdraw them. It’s like a tax on foreign exchange“said José Echagüe, a strategist at Consultatio. And he warned:” Also, when the sale is not allowed to be made through the formal market, people go blue. There, he demands cash and trades in black, which also hurts the public sector. ”
I knew the value of the dollar in Dollar Today and I followed the quotation and behavior minute by minute. CLICK HERE
Find out the latest on digital economy, startups, fintech, corporate innovation and blockchain. CLICK HERE