The 8 keys of the macrista stock | Limits of purchase …

The government has decided to establish capital control
and limit the sale of dollars in a new attempt to curb the exchange rate which sweeps the reserves of the Central Bank. Emergency measures were implemented by decree
signed president Mauricio Macri
which has already entered into force.

Measures to manage capital flight limit the purchase of foreign currency to $ 10,000 per month for hoarding, block the remittance of corporate profits and dividends and compel the government to liquidate export dollars in terms of up to 5 working days.

The president of the central bank, Guido Sandleris, and the head of the Treasury Palace, Hernán Lacunza, are responsible for informing the bankers and businessmen of the measures taken. The officials reported the measures to the staff of the International Monetary Fund and had an interview with the economic referents of the Frente de Todos.

The 8 keys of the measures

1. Restrictions for the purchase of foreign currency: Starting Monday, humans will be able to buy up to $ 10,000 a month for cash. Any transaction exceeding these amounts, such as the sale of real estate, will require authorization from the Central Bank.

2. Dollar accounts: The measures announced, the government stresses, do not provide any restrictions for the extraction of dollars and pesos on bank accounts.

3. Extended hours of opening: Recognizing that the panic caused by the worsening crisis had led many people to withdraw their savings, it was decided to extend banking hours from 10:00 to 17:00 in September. The measure will be evaluated and implemented at the discretion of each financial entity.

4. Controls at the purchase of large companies' dollars: The BCRA has decided not to sell more dollars to companies to cherish them without a specific destination. The import and payment of debts in foreign currency do not require any type of authorization. When businesses want to buy money to save, regardless of the amount, they must apply for authorization.

5. Profit and dividends: The transfer of profits to parent companies will be subject to the approval of the Central Bank. Companies can no longer send earnings and dividends automatically, but must obtain prior approval from the monetary authority.

6. Who and how is the sale of dollars defined above the limits? The revival of exchange control will accompany the revival of exchange and currency management of the BCRA, although it has an updated name in official rhetoric. The parameters they will use to define which companies can transfer profits abroad or who can acquire more than $ 10,000 a month are not yet established.

7. Liquidation of export dollars: After allowing exporters not to enter government-generated dollars, it decided to set deadlines for the liquidation of these currencies on the local exchange market. To increase the dollar bid, companies will have to sell the export-generated tickets within 5 business days of pickup or 180 calendar days after the boarding permit (whichever is shorter). In the case of the agro-export sector and the rest of the products, the deadline will be 15 days.

8. Options for companies affected by the unilateral restructuring of short-term bills: Instead of charging 15% of their loans by the due date and waiting for up to six months to recover, at the time of maturity of their holdings in Letes, Lecaps, Lecer or Lelinks companies can use to cancel their outstanding debts. In other words, use the defaulted and reduced debts to settle the arrears with the social security system. Some errors in the announcement made Wednesday, jeopardizing the operation of mutual funds, were also corrected.