Restrictions and stocks to buy dollars abroad: truth or lie?

After the establishment by the Central Bank of the Argentine Republic (BCRA) last Sunday of a monthly cap on the purchase of dollars for individuals, a publication on Twitter says: "In Brazil, the restriction at the purchase of dollars is 9000 per month, in Bolivia, 5000, in Chile, 15 000, in Venezuela, they do not sell and in Cuba, but in Argentina you can buy 10 000 and we l 'call Cepo' (sic). However, in none of these countries is there a formal restriction like that of our country; In Venezuela and Cuba, access is limited in practice.

The viral tweet contains more than 5,000 retweets and has been replicated in various Facebook posts.. The publication also reached Reverso's WhatsApp number (+54 9 11 3182-3655) to be verified.

What is happening in Bolivia, Brazil and Chile?

In Bolivia, the purchase of foreign currency is not subject to any restrictions. "Any citizen can go and buy dollars. [antes] César Del Castillo, Bolivian journalist Verifica, a Bolivian media dedicated to the audit, told Reverso that it was very difficult to access the currency if you did not live in La Paz. That is why the agreement signed between the Central Bank and the Union Bank of false news and public speech.

Del Castillo refers to an agreement signed last March between the Bolivian Central Bank and the Union Bank – of mixed composition – to allow the sale of dollars to foreign exchange bureaus in the capitals of the country's departments and the capital city. El Alto.

In Brazil, the only currency used in the domestic market is the real one; unlike Argentina, in which some exchanges, such as property purchases, are made in dollars. However, as the site of the Central Bank of Brazil explains, those who wish to buy foreign currency – usually for trips abroad – can do so without limit.

In Chile there are no restrictions on the purchase of foreign currency. This has been confirmed by the Central Bank of Chile.

In this country, as in other countries in the region, the authorities may request information to identify the origin of funds, but it is a question of fiscal transparency practices and not of policy measures. such as those taken by the government in recent days. Argentina, which were taken "to protect currency stability and save money," according to the official statement.

How it works in Cuba and Venezuela

In Cuba, there are also no formal restrictions on the purchase of dollars. However, "the Cuban State applies a 10% tax when you want to exchange dollars for [N. de la R.: Peso Cubano Convertible, una de las dos monedas oficiales de Cuba] or on the contrary. That's why many people prefer to do it on the black market, "Reverso Katell Abiven, director of AFP in Cuba, told Reverso.

In accordance with the Agreement No. 30/11 of the Monetary Policy Committee of the Central Bank of Cuba, the levy was set "in compensation for the costs and risks caused by the handling thereof as a result the irrational and unfair and commercial economic and financial blockade imposed by the US government for more than half a century in Cuba. "

Ernesto Guerra, Cuban journalist for Technical Youth, said that the dollars intended for the general population "are sold to the cadeca" (bureaux de change). These entities are exclusively dedicated to the exchange of currencies and the purchase of local currencies.

For its part, In Venezuela, the economic crisis is also affecting access to foreign exchange. Currently, the dollars are officially sold – beyond the black or parallel market that still exists – but at a very low level, due to the shortage of foreign currency in the country due to the crisis.

Reverso contacted AFP reporters in Caracas, who said: "It is true that until last year, the buying / selling of dollars was absolutely forbidden by law., shop online or study abroad. "

However, last May, Nicolás Maduro's government allowed private banks to buy and sell currencies. The system "was set up little by little because there are still operational hurdles and the supply is not as fluid," Reverso told Henkel García, director of Econometric.

"This is a service that is currently targeting some customers, mostly businesses, and that does not cover the general public," said Garcia, adding, "People generally continue to use the parallel market and have more ease with it. other platforms such as Zelle (for example), transfers between accounts in the United States) or Localbitcoin, where people buy currencies using bitcoin

This audit was supported by the AFP Factual and Fact Checking CL team, an initiative to verify the public discourse of the School of Communication of the Catholic University of Chile.

This memo is part of Reverso, the collaborative journalistic project that brings together more than 100 media and technology companies to intensify the fight against misinformation during the campaign.

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