Miguel Pesce, pointed out today at a meeting of businessmen with the President about the new obstacles to accessing the exchange market
Source: THE NATION
He central bank (BCRA) today revealed that is willing to study modifications to the latest restrictions imposed on access to the foreign exchange market, after clarifying that they were arranged after detecting "speculative maneuvers" with imports in the April-May period, which resulted in payments for this concept 30% higher than the volume of purchases actually made abroad.
"There is no impediment to importing or any alteration in the country's import regime, and foreign exchange remains available for the normal operation of productive activity in the country," they told THE NATION spokespersons for the entity.
In a note distributed this afternoon, he maintains that circular "A" 7030, which among other things requires companies that have declared dollars to use them to meet import payments before being able to demand foreign currency locally to do so, aimed to "normalize a situation disruptive ”that had been detected in the market and affected reserves.
"In the April-May two-month period, imports were paid for 30% more than the imported volume. Approximately it was imported for 5800 million dollars and the importers accessed currencies for 7.500 million dollars. Historically, there is a correlation between the volume of imports and market access, "explained the Central, to report that there were companies that forged or accelerated purchases in anticipation of a possible further devaluation of the peso.
"There were cancellations of obligations and advance payments of imports that do not follow normal commercial practices," they insisted.
In its communication, the BCRA clarified that the new regulations do not aim to "alter the volume of imports" but rather to "establish a payment path in accordance with good business practices".
For this reason, it is publicly committed to study "improvements to the standard if in the course of operations the productive sector detects inconveniences that do not serve the purpose."
The distributed statement would be related to the complaints that President Alberto Fernández received today in a meeting he held with several of the most important businessmen in the country.
The Chamber of Importers of the Argentine Republic (CIRA) had warned days ago that the new rules for access to the exchange market “filled foreign trade with uncertainty and made the value chain of imports difficult, putting the economic-financial situation of industries and companies in general in a worse situation than at the moment. " This statement was accompanied by entities from industry and agriculture and different business leaders, who warned about the impact that these restrictions could have on domestic prices or on the normal supply of inputs.
By: Javier Blanco