Forces common funds to invest 75% in local shares and pesos

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The measure seeks to quieten the market for the purchase and sale of the dollar, which in recent days has been showing a significant rise

The National Securities Commission (CNV) ordered today that the Common Investment Funds (FCI) in pesos must invest at least 75% of their assets in financial instruments and negotiable securities issued in Argentina and exclusively in national currency. .

The measure seeks to quieten the market for the purchase and sale of the stock market dollar, both through operations with shares -called Cash With Liquidation (CCL) -and public debt securities that are quoted in pesos and dollars (MEP Dollar), after the increase in the price of both instruments, which in the last days, exceeded $ 115 per dollar.

The change in the regulations was approved this afternoon by the agency’s board through General Resolution No. 836/20 and will take effect from the day of its publication in the Official Gazette.

“The measure complements Resolution No. 835 of April 23, which established limits on the holding of foreign currency deposits in the portfolio of the Open FCI, in line and coordination with others arranged by the Central Bank,” explained the president of the CNV. , Adrián Cosentino, through a statement.

Likewise, Cosentino anticipated that the agency set an adequacy schedule so that the funds that have another constitution reach the requirements of the new regulationsto.

This measure adds to the series of actions taken by the government on Thursday of last week, when the CNV set a limit of 25% for the holding of dollars of both the FCI nominated in pesos and the nominees in dollars that have issued quota. parts in pesos.

In turn, it suspended the subscription of shares in a currency other than the currency of the investment fund and, to avoid damages to investors, set a staggered schedule of adequacy of excess portfolios while excepting the Funds that are under the “Repatriation of Assets” regime.

That same day the BCRA set an increase for the pass rate -from the current 11.4% to 15.2% – and resolved that T0 funds or “money market” -those that pay interest but that can be withdrawn at any time – do not have reserve requirements, which would allow banks to offer higher remuneration for these deposits and discourage the purchase of dollars.

“It is working very online between the CNV and the BCRA. There are two board meetings per week to closely monitor the dynamics of the evolution of the dollar”, they explained from the CNV.

During the last days, the price of the dollar implicit in the operations with CCL and MEP came to touch $ 118 per dollar, a record for both prices.

The increase in both prices began to register a few days after the start of the quarantine when, until March 26, their value was around $ 85 per dollar.

The news of a strong increase in the monetary issue to finance the assistance programs for companies and families, added to the fall in the collection due to the drop in activity and the purchase limit of US $ 200 per person, aroused the greed for refuge in the US currency through the capital market.

Today, the Cash with Liquidation reached $ 118.05, while the MEP or Dollar Exchange advanced to $ 115.75, while the banknote at Banco Nación closed at $ 68.50 for sale on its electronic channel , without the 30% COUNTRY tax.

Finally, in the informal market, the so-called blue dollar, closed the day at $ 120 per unit.

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