The board of the Central Bank (BCRA) decided on Thursday to ease a couple of exchange restrictions that weighed on financial institutions and importers of capital goods, measures that it had imposed in recent months to limit the drainage of reserves.
In the first place, the entity decided to lift the recent regulations on the composition of the global net foreign currency position of financial entities, which basically did not allow it to increase its holdings in dollars.
“Thanks to this modification, the Financial System will be able to return to a neutral exchange position of cash in foreign currency,” the monetary authority said in a statement, the measure of which will take effect as of December.
On the other hand, the entity’s Board of Directors decided to make the conditions of automatic access to the foreign exchange market more flexible for imports of capital goods with advance payments of up to 270 days, for all goods with values of up to 1,000,000 dollars. These restrictions on imports of capital goods have been in force since last October.