The 5 local data that the market must take into account today

The government surprised yesterday by imposing a series of exchange-rate restrictions by decree in an attempt to curb the escalating dollar price and currency leakage after three weeks of severe financial turmoil.

What measures were announced yesterday:

• Buttocks: People will have the opportunity to acquire $ 10,000 a month.
• deposits: there will be no restrictions for those who want to withdraw their funds
• exporters: they will now have time to liquidate the currencies between 5 and 180 days
• Businesses: they can not cherish, but they can pay debts and imports abroad
• Afip: allow the cancellation of pension obligations with reperfiled bonds.

For its part, the International Monetary Fund (IMF) badyzes "in detail" the measures announced yesterday by Argentina, whose government has decreed exchange restrictions to try to prevent the escalation of the dollar compared to the peso and the currency leak.

Hernán Lacunza, Minister of Finance, should give more details on the measures announced from 8:30 am. At 9:30 am, it will be the turn of President Mauricio Macri, to whom a more political speech is expected.

Look also

The report of the chamber of brokers, in video.

It is badumed that the Minister of Finance, Hernán Lacunza, details the measures.

The Minister of Finance and Energy said last night that the government did not see macroeconomic stability problems in case the International Monetary Fund (IMF) suspends or delays the disbursement of the $ 5420 million committed to the project. Confirmation agreement, which should arrive at the end of this month or early October. "Nothing happens," he says.

At the end of a Sunday during which measures were introduced to contain the accelerated bleeding of dollars, Lacunza entitled "control of capital" and "control of dollarization" the Emergency and Emergency Decree (DNU) 609/2019, published in an unofficial Sunday Official Bulletin.

Lacunza stated in the Journalism for All program that the government knew that it had had to take "hostile" and "uncomfortable" measures, "but if we did not do it and the dollar went up uncontrollably without reason, the consequences would be worse: more inflation and more poverty ". A few minutes later, I must say that the minister described the measure as "transitory".

For its part, the official, who presumed two weeks ago, acknowledged that from Monday, a parallel exchange rate would reappear. "But it's an informal economy and it's not necessary to move the prices".

Similarly, before the question about a corralito, the Minister had ruled out this possibility and seized the opportunity to differentiate this exchange control from the one put in place by the government of Cristina Kirchner at the end of 2011. "It s & # This is to control the speculative demand, to ask the authorization of the Central Bank, but it will not be like before, "he said.

Lacunza also ruled out the risk of hyperinflation predicted by some economists several months ago. "Inflation will go up one step," he said, anyway.

Finally, he admitted that "it is not the port we dream of or expect to happen, and we should examine the causes of our non-arrival".

• Banks with extended hours

Banks will operate normally today, customers can withdraw or deposit the desired amount and buy up to $ 10,000while attracting public attention until 5 pm. There will be no holiday.

Central bank sources (BCRA) explained that in the entities, no customer "You will be limited to withdrawing dollars from your accounts"whether people or companies.

BCRA chief Guido Sandleris yesterday convened a meeting with the bankers to jointly badyze in detail the measures that the Mauricio Macri government will implement today.

The official announcement indicated whether the banks would be able to extend office hours without problem until 5 pm (which is currently 10 am to 3 pm) and how the dollar purchase restrictions will be applied .

The government wanted to lay the groundwork for this measure before the opening of markets to avoid the inconvenience of the exchange rate during the day and, in addition, bring peace of mind to the saver who had the his money.

This morning, the head of the ABA, Claudio Cesario, clarified that the option to extend working hours arose because of the PASS elections as the number of people circulating in the branches is in increase, which makes it already practical in practice.

"Deposits belong to people and leave or withdraw them when they wish," he said.

The International Monetary Fund (IMF) announced that it was "badyzing in detail" the new measures announced by the Government concerning the control of the changes that the Central Bank will begin to regulate in order to stabilize the complex financial situation Argentina

IMF badysis "in detail" the measures announced yesterday by the government that have decreed exchange restrictions to try to prevent the escalation of the dollar price and currency leakage.

"Argentinian authorities have announced capital flow management measures to protect exchange rate stability and savers. IMF staff are badyzing the details of the measures, "said a spokesman for the agency in a statement.

The IMF source added that its staff would remain "in close contact" with the authorities during the next period and reiterated that the Fund would remain with Argentina over the next few years. "these difficult times".

• Markets, without the American reference

The world's squares will move today without the main reference that is the US market. The northern country celebrates Labor Day.

With an unusual speed, yesterday was reflected in the pages of the Official Journal issued a decree signed by the Argentine President, Mauricio Macri, with which the measures come into effect today, when financial transactions are kept in the country.

The decree establishes that, until 31 December, exporters of goods and services must enter the currency in the country and / or negotiate on the foreign exchange market "under the terms and conditions" of the Central Bank of Argentina.

Official sources have stated that exporters will have to sell the foreign exchange resulting from their exports in the local market within a maximum of five working days after collection or 180 days after the boarding permit.

As they said, there are no restrictions on imports, but companies will not be able to buy dollars to cherish.

In addition, the decree provides that the Central Bank will determine the cases in which currency purchases on the foreign exchange market and transfers abroad will require prior authorization.

The government adopted these measures after the "black month" of markets triggered after the primary of August 11, the Peronist Alberto Fernández, presidential candidate of the Todos Front, won 47.78% of the vote, far from the votes cast. 31.79% obtained by Macri.

In addition to badly affecting bonds and public stocks, panic among investors pushed up the price of the dollar on the local market by 35.8% in August.