Banks How the dollars arrive in the country

After yesterday, the decree of necessity and urgency published in the Official Journal was published
Restrictions that seek to guarantee dollar supply of businesses and individuals, the question facing Argentines is whether they can have the physical bill of their savings. Among the controls, it has been decreed that savers can withdraw or deposit the amount they want and buy up to $ 10,000 a month. Some banks have extended their opening hours to increase the liquidity of their branches in dollars.

The relationship of the Argentineans with the dollar is close to the obsession. How much is sold? Has it increased? Low? The updated exchange rate is everywhere. Social networks, television programs, newspapers and even during discussions with friends. The exchange group that the Mauricio Macri government has reinforced last year did not put an end to Argentina's daily interest in the US currency. But how does a ticket come into the hands of a citizen?

On the national territory, besides the Central Bank (BCRA), 78 banks operate with the corresponding branches and each bank wants its stock of dollar bills to be delivered by a window to those who ask for it.

In Argentina, banknotes are periodically imported on commercial flights. By air travel,
Banks in the country are made up of cash to deliver to their particular customers. According to logistics and quotas in aircraft, between $ 24 and $ 40 million are imported, he said.
THE NATION A bank in the country.

Tickets arrive at Ezeiza Airport on flights where they travel with over 500 tourists who are unaware that millions of dollars have been transferred with them. The money is imported like any other product, but it is staff trained in customs procedures and transport companies.

Argentine banks can import tickets on commercial flights by contracting with three types of entities: global suppliers (such as Travelex, which is also the active foreign exchange company at airports), banks abroad ( such as the Bank of America) or monetary entities (such as the US Federal Reserve).

Once the import agreement concluded between these entities and the bank operating in the country, it is requested that the ticket and the shipment be made within 24 hours. The people involved try that the money does not spend the night at the airport so as not to devalue it.

As soon as the money arrives in the country, it is received at the airport customs by an inspector specializing in the import of tickets, charged with carrying out the procedures and procedures on behalf of the bank, which will forward them to the flow carrier, which will be the one that translates the currency to the vault of the central bank.

"Millionaire" flights with title transfer quota may arrive from the United States (in the case of the Fed) or from other countries, such as England (as a Travelex provider, established in the European country ).

The Central Bank (BCRA) imports the notes directly from the Fed and does not intervene in the intermediary process: it hires a carrier in charge of the transfer of money from one safe to another. To repay the physical invoice to the Fed, the amount of an account in BCRA dollars is debited. Instead, other banks make a payment by bank transfer.

The order of the tickets has no scheduled periodicity, depends on the demand of the customers of each bank. A banking entity operating in the country explained, for example, that the last two procedures had been carried out three weeks apart, but that there was not always this difference in days. Another financial institution said that its imports of dollar bills are rare: "Normally, the available dollars are the same as the deposits of customers," he added.

In the event of unexpected dollar demand and as a last resort, the banking entities turn to the BCRA, which, as a potential guarantor, delivers dollars through a wholesale auction with market operators.

To corroborate the fact that delivery of the North American currency maintains the expected average inventory, the banks carry out daily checks. Depending on the speed with which the dollars are delivered to the retailers, each entity receives tickets from abroad and tries to keep a fixed amount at a time in its central house and in its safe.

Tickets traveling on commercial flights are one of five ways in which US currency enters the country. This process is complemented by trade (exports), government and private sector borrowing, tourism and IMF disbursements.

Many large banks have had to change their strategy because of the greater physical demand of the bill due to the two currency crises of last year. "If we have a stock of $ 40 million, we are going into a $ 200 million reserve because traffic and overall demand have increased," says a bank. For example, the company explained that before the currency crisis of 2018, agencies were delivering between $ 3 and $ 4 million a day and that in August, demand was close to 40 millions of cash.