Wave of amparos against tourism stocks ?: threat from agencies / Argentina News

The Federation that brings together Argentine agencies warned that the BCRA measure “hits especially the smaller agencies”

The government left much of the Tourism sector in shock with a surprise announcement that he did this Thursday night: prohibits banks and cards from financing trips and packages abroad in installments.

Sources of the economic team justified the measure in the need of “take care of the reserves, the dollars“and they explained that from now on”a subsidy is cut that means selling a product in dollars that is paid in fixed installments in pesos“.

The decision was made effective and official through Communication A of the Central Bank that was released this Thursday: “As of 11/26/21 financial and non-financial institutions issuing credit cards they should not finance in installments purchases made by credit cards of its clients – human and legal persons – of tickets abroad and other tourist services abroad (such as accommodation, car rental, etc.), whether made directly with the provider of the service or indirect, through travel and / or tourism agency, web platforms or other intermediaries “.

The objective of this regulation is to channel credit at no cost to domestic tourism and not to foreign tourism.. This measure seeks to take care of the reserves. It is a measure that was taken with the consensus of other government agencies, “said other sources from the economic team.

The measure was barely known, which was taken a few hours before the start of the Black Friday, the Argentine Federation of Travel and Tourism Business Associations (Faevyt) came out to repudiate the BCRA regulation: “It is a measure that has a direct impact on our sector, especially hitting the smaller agencies “.

The BCRA measure to protect dollars was repudiated by travel agencies

The entity, which represents more than 5,000 Argentine travel agencies, warned through a statement that “our legal team is already evaluating action by judicial means in the face of such discrimination “which, they warned, could” result in identical decisions from other countries to ours. ”

“In the midst of the worst crisis that the tourism industry has gone through in its history, which is being so difficult to get ahead, and when we thought that nothing more could happen, We are faced with a decision by the Central Bank that has a full impact on travel and tourism agencies. A measure that will only harm the tourist industry, the engine of the Argentine economy, and the citizens who want or must travel, “they added.

Faevyt added that this is an “attack” against “travel consumers and businesses, the vast majority of which are small and medium-sized companies that have not yet been able to recover from the economic consequences of COVID-19 and are now receiving another impact on their businesses that are, neither more nor less, than their source of subsistence “.

“A measure untimely and unpublished, which goes against all logic. It is noteworthy that 65% of the value of tourist services abroad is kept by the State in a single quota, the opportunities of an industry that does nothing more than put its shoulder and draw genuine employment throughout and width of all Argentina “, they conclyeron.

The BCRA measure puts 5,000 SMEs at risk, according to the Federation that brings together travel agencies

Attention tourists: what does the BCRA regulations say

1. The highest monetary authority ordered the measure through Communication A 7407, which informed the entities and card issuers that from now on they cannot be financed in installments purchases made through cards, tickets to other countries and tourist services abroad.

2. The resolution prohibits the application of fees for the payment of tourist services both to stations of cards directly as through platforms travel, as established by the entity’s communication.

4. According to this measure approved today by the entity’s board of directors, all services contracted abroad that are paid by card must be paid in a single payment or financed with the 43% rate set for him “minimum payment” of the abstracts.

5. Spokesmen for the entity clarified that banks “can give a credit to pay the ticket, personal credit type.”

Written by Argentina News

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