Banks seek to calm investors and make sure there is money to "withdraw"

In recent hours, banking entities have been able to transcend the fact that their customers have the dollars that each person or company has deposited in branches without any restrictions.

Although there is still no inconvenience about this in the banks, it has been possible to observe in the past two weeks a greater presence of customers in the banks withdrawing money in US dollars. It was even known that even some entities had extended the schedule so that several savers could complete the process.

The logistic operations complex has already been put into operation Thursday and yesterday Friday, but Monday it will be "in full", reported Saturday a source of the Association of Banks of Argentina (ADEBA) , according to a newspaper in an official newspaper. .com.

The extension of the schedule has already been announced over the last two business days and in many banks, especially in the parent companies, customers have been served until about 20 hours.

According to official figures, since the Monday following the primary elections, there has been a drop in deposits that must already exceed $ 5,000 million, of 35,000 recorded the Friday before the OSP.

Withdrawing dollars – or transferring them to foreign accounts – has accelerated since the onset of the exchange rate and growing fears that certain restrictions will be imposed for the public to access their dollars.

At the same time, as we learned yesterday, the financial entities must have the authorization of the Central Bank for the dissemination of their results abroad, announced the monetary entity tonight in the communication 6768, thus seeking to guarantee the liquidity of the system in the event that depositors need their funds, explained the entity.

The BCRA clarified once the communication that the measure only applied to the financial universe. "This only concerns financial institutions, not another type of society," they said.

And they explained that the goal of the measure is to grant cash to the system despite the depositors cash requirement. "This measure ensures that the liquidity of the system is maintained, so that depositors can get the liquidity they demand."

"In times of great uncertainty, we want the liquidity of the system to be more important in order to avoid any kind of lack of money," said the agency, which recalled that "this measure was already in force from 2006 to 2018 ".

The provision of the BCRA (communication 6768) states that the authorization process must take into account the potential effects of the application of international accounting standards.

In its communication to the banks, the BCRA indicated that "it has adopted the following resolution: to provide, as from 30/08/19, that the financial entities must have the prior authorization of the Central Bank of the Argentine Republic for the dissemination of their results ".