The BCRA imposed the same restrictions on individuals as for companies. An affidavit is incorporated into each retail exchange transaction
The natural or legal persons who buy the US $ 200 a month for treasury authorized by the Central Bank They will not be able to buy dollars through indirect channels, known as “Stock market dollars or MEP” or “with liquidation.
The BCRA regulations that established greater restrictions for operations with foreign currency will not only apply to companies, but will also apply to individuals.
According to Communication A 7001 of the BCRA, in each “solidarity dollar” operation, in which an individual can buy US $ 200 at the official exchange rate plus the PAIS tax of 30%, the bank must request a sworn statement in the For the record that:
– On the day of the operation and in the previous 30 calendar days has not sold securities with settlement in foreign currency or transfer of these titles to entities abroad
– You agree to not make sales of securities with settlement in foreign currency or transfer them to entities from abroad for the next 30 days.
Whoever bought with the limit of $ 200 per month You must wait 30 days from purchase to be able to sell your bonds in dollars.
In turn, those who have recently traded dollar stocks or purchased dollar securities, they must wait 30 calendar days from that operation to be able to buy the u $ s200 dollars to the quotation of the “solidarity dollar”.
“What the Central Bank is looking for is that individuals who buy dollars do not go against reserves. In the stock market dollar or in the CCL there is no impact on the reserves, because there is someone who buys a title and someone who sells it. In the solidarity dollar, if there is one, “analyst Diego Martínez Burzaco, from MB Inversiones, explained to Infobae, who considered that the BCRA rule” legislates backwards “and will be very difficult to control.
According to Martínez Burzaco, the measure aims to prevent the gap between the official dollar and alternative prices from widening, given the impact that this has on inflation expectations. But a similar path can occur with the informal dollar.
“This measure is going to raise the price of blue, without a doubt. The one who has the pesos to buy dollars as savings, will buy 200 in the official market and what he can above that in the parallel market,” said the analyst.
“It’s simple: any such restriction on the official market amounts to a price adjustment. All the movements of the Government have been unsuccessful. They may have some short-term effect, but the market always finds a return, “Gustavo Neffa of Research for Traders told the news portal.
“Today the gap between the cash settlement and the wholesale dollar is 71.5%. With measures of this type, it can do nothing but increase,” he added.
Neffa warns about the medium term as it considers that “The market has not yet adjusted for this crisis.” And it points out three critical elements: the fall in GDP for this year, estimated at 8%, the risks that the country will default and the issuance of $ 900,000 million to help the private sector. “Those three factors point to the exchange rate,” he explained.
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