The Central Bank of the Republic of Argentina (BCRA) yesterday ordered more restrictions on the entry of foreign currency in the short term to prevent these funds from making a difference in tariffs and then plunging into dollars, in a classic "financial bicycle" scheme ".
By means of communication "A" 6595, the entity stipulated that the 29-day placements had to pay a "reserve", ie money held by the banks, of 23%. For placements between 30 and 59 days, the capacity decreases to 17%; between 60 and 90 days 11%; between 91 and 179 days 5%; from 180 to 354 days, 2% and a year or more, without the need to immobilize money.
When the dollar went to pierce the floor of the exchange rate band, Central decided to increase the reserve and thus avoid greater appreciation. November is the second month of the new scheme in the "non-intervention zone": it started at $ 35.02 at its lower limit and at $ 45.32 at the upper limit.
"The years of extreme international liquidity are coming to an end," said the president of the Central, Guido Sandleris. The analyst Diego Falcone explained that the banks "channeled external financing from their parent companies to take advantage of the rates that the government is offering through the Leliq (Liquidity Letters) and therefore (low) the dollar and the tariffs". For the analyst "this will discourage volatility in the short (term) by giving an (immobilized) obligation to money".
The economist Christian Buteler said: "I think it's nice that the BCRA wants to avoid the same mistake that was made with Lebac (letters from the Central Bank), that the dollars were placed in pesos until the day when they withdrew and we were left with the problem we had, "he said. It is distinct that today the investor is deprived of that bicycle because the Leliq are only for the banks, "but a bank can ask for a loan and put it in Leliq and it is what you try to avoid". With this measure, the BCRA tries to avoid carrying out commercial maneuvers that, generating a large inflow of dollars in the short term, also cause a precipitous exchange rate flight when they are quickly converted into dollars. Yesterday, the US currency declined by fifteen cents and closed at $ 36.38. BCRA has paid 66.65% of the Leliq rate, the lowest since the new scheme. Telam