The IMF and a declaration without definitions: "We analyze the measures"

After the measures announced today regarding the dollar purchase limit, the International Monetary Fund (IMF) issued a brief statement in which he described the measures as "acontrol of capital flows". The multilateral credit agency has, however, avoided commenting on the decision of the national authorities.

"IMF staff are badyzing the details of the measures and will remain in close contact with the authorities in the coming period. the Fund will stay with Argentina in these difficult times. "

In addition, the Fund explained: "The Argentine authorities today announced capital flow management measures to protect exchange rate stability and savers".

These last words are consistent with a statement issued a few hours ago on Central Bank of the Argentine Republic (BCRA)) stating that the official intention is to take care of savers.

The BCRA ensures that the measures "protect exchange rate stability and the saver"

In the document sent by the Central to the press, it was stated: "Human persons will have no limitation to purchase up to USD 10,000 per month and will need an authorization to purchase greater than this amount, transactions exceeding $ 1,000 must be made with debit to a peso account because they can not be made in cash, nor is it authorized to transfer funds from accounts to abroad over $ 10,000 per person per month. "

In addition, the statement said: "Non-resident natural and legal persons may purchase up to US $ 1,000 per month and may not transfer funds from US dollar accounts abroad".

One of the most affected sectors is the exporter, because the regulation states: "Exporters of goods and services must liquidate their foreign exchange earnings on the local market.For exports made after September 2, 2019: at the latest 5 working days after payment or 180 days after boarding permit (15 days for basic products). For exports formalized before September 2, 2019 that are pending recovery: the dollars will have to be settled within a maximum of 5 working days after the recovery (advances and pre-financing included). "

JPA / MC