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The Government relaxed the exchange rate restrictions: which financial dollar operations are facilitated from today? - Infobae
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El Gobierno relajó el cepo cambiario: cuáles son las operaciones con dólares financieros que quedan facilitadas desde hoy
La Comisión Nacional de Valores (CNV) eliminó la obligatoriedad de calendarizar transacciones con liquidación en moneda extranjera y levantó una traba que impedía la compra de divisas con dinero prestado
www.infobae.com
September 19, 2024
The National Securities Commission (CNV) eliminated the obligation to schedule transactions with settlement in foreign currency and lifted a barrier that prevented the purchase of foreign currency with borrowed money
The CNV eased restrictions on foreign currency transactions in the stock market (Reuters)
The National Securities Commission (CNV) relaxed the exchange rate restrictions , specifically in operations related to financial currencies such as the dollar settled with liquidation and the MEP dollar . Two obstacles, one that forced future operations to be scheduled and that weighed mainly on foreigners and large volumes and, the other, that prevented operations against foreign currency if money had been borrowed through stock guarantees. These are limits imposed in times of exchange rate instability that, with parallel exchange rates falling, are being released.
"In light of the current economic and financial context and continuing with the process of normalizing the capital market in terms of purchase and sale operations of negotiable securities settled in foreign currency, the regulations issued in due time, on a temporary basis, by the CNV are being readjusted, " the CNV announced .
“Through RG No. 1018 , the CNV relaxes the limitation for processing and/or settling sales of negotiable securities with settlement in foreign currency - both in local and foreign jurisdictions - when clients maintain, in foreign currency, positions taking guarantees and/or repurchases and/or any type of financing through operations in the capital market,” the official statement explained.
“In addition, the scheduling regime is eliminated by eliminating the need for five days' notice , in operations greater than 200 million pesos for residents and in operations in general for non-residents,” he added. The CNV , at the request of the Central Bank , has been gradually eliminating obstacles that weigh on foreign currency operations in the financial market . The moment seems to be the right one, the MEP dollar fell again yesterday and was at $1,213 per unit , on the verge of breaking the barrier of $1,200 per unit.
Stock exchange rates are under pressure due to the “zero emission” policy in which the BCRA resells the foreign currency it buys in the formal market to address the exchange gap and eliminate all issuance of pesos. The expiration of Personal Property Tax also means that many people affected by the tax need to sell their foreign currency holdings to meet the payment. And finally, the calm external context also helps.
The National Securities Commission is seeking to simplify operations in the market in conjunction with the BCRA's attempts to free up operations with dollars (Reuters)
The relaxation of rules for foreign exchange operations on the stock market was welcomed by traders.
“The obligation to notify 5 days in advance of dollar transactions over $200 million is eliminated. This obligation was put in place last year and it greatly hindered the operations of local clients since it generated the obligation to wait 5 days before carrying out a large transaction of buying dollars or selling against foreign currency,” said Ariel Sbdar of Cocos Capital .
"It is one more step towards the flexibility of the capital market , I think it is good, what the average investor is waiting for the most is the removal of Communication A 7340 from the Central Bank , which creates an obstacle to operating in dollars, that is true, but well, it is one more step in the right direction," said Salvador Vitelli of Romano Group .
“For the average investor, for the retail investor, this does not affect them as much because it was rare for them to have a depositor or to operate such high volumes on a daily basis, but yes, these are flexibilities and remove regulations in the right sense ,” he added. The elimination of the obligation to schedule operations of more than $200 million gives more fluidity to the market, makes it more liquid and less constrained.
The restriction on operating in foreign currency for those who have taken a deposit in dollars, meanwhile, plays in the same direction. However, the limit on operating with settlement in foreign currency for investors who have taken deposits in pesos is still in force, clarified the CNV .
