As part of the national government’s strategy to intervene in the market for financial dollarswhich intends to have an impact on the free quotation of the North American currency, the Minister of Economy, Sergio Massa, established new rules for access to “stock exchange rates, cash with liqui (CCL) and the MEP to avoid an increase in the volume of demand for foreign currency.
The officials of the Ministry of Economy assure that “The measure does not affect savers” and clarified that Sergio Massa and the National Securities Commission reached an agreement with companies in the financial sector and the Stock Market. For the head of Economy, “the political volatility and speculation of four alive will not put the level of activity and employment at risk”, and he assured that this modality to contain the financial dollars will continue while in office.
After the currency run that raised the price of the North American currency to close to 500 pesos, the alternative dollars fell by 6%, according to what they say in the Treasury and affirm that “It has nothing to do with people who want to buy an apartment, but with those who speculate”. The idea of the officials is to correct two distortions that occurred in recent days, as a result of the increase in the volume of operations in the so-called financial dollars and the volatility of their prices.
Since the central bank began to intervene in the exchange markets, the demand for CCL increased and one of the reasons that reflected it —according to specialists— It was the increase in sureties, “a round in which a security is pledged in exchange for financing”. The new rule imposed by the Government “It puts an end to the use of papers and guarantees to access financial dollars” and those who operate them must put cash.
The economic specialists explained that, “When a trader sees on his operations screen that the BCRA intervenes and sells to lower the price, he puts his guarantee bonds on the surety wheel to buy those dollars and genuine demand immediately increases”. This maneuver is what the government seeks to stop with the new measures.
