They want to increase the supply of currencies

They force the banks to sell dollars

The Central bank (BCRA) arranged that the banks will not be able to ignore for the calculation of 5% of their computable patrimonial responsibility (RPC), that is allowed to maintain them in dollars, the sales contracts to future of that currency that on credit have suscriptos that surpass the 48 capable hours.

This way, the BCRA looks for to end one of the gray zones that were in the regulation for the calculation of that top and that, according to the official evaluation, was used by certain banks to maintain more dollars of those than it was allowed to them.

"Many came with the calculations on the base of the dollars that they had in box and ignoring the operations from foward (to future) that they had agreed because they argued that already they had them sold by contract. Now the letter is very clear ", evaluated a technician of the BCRA that made communication 3645.

The measurement forces several banks to overturn dollars in the market adding itself to the exporter, which would increase the supply at moments of exchange tension. One settled down that those that have more dollars of the allowed ones must sell 30% of the excess in 5 working days, a 70% at the end of the 10 working days and everything what reduces in 15 working days.

In the BCRA one affirms that the decision nothing has to do with the present conjuncture and it only obeys "to the necessity to give greater precisions on the calculation of that position".

For the general position of changes (PGC) all the gold availabilities will be computed, foreign currencies and currencies in the country and the outside; the deposits and investments in banks of the outside; the investments in private bonds and external public, other liquid positionings been outside and the indebted and deserving balances of corresponsalía. But also the purchases and sales arranged and pending of liquidation to more are included than 48 hours, which constituted the greater newness.

The complica term to the banks, since it forces to apply them the new deposits caught in dollars to one immediate financing, which is not easy to obtain. "If captás small deposits, necesitás critical mass to finance an export and time to obtain it. In the transit, they penalize to you by them to have caught, at obligarte to compute them in the PGC of so presurosa way ", aim.

The maximum limit of the PGC for the financial organizations was confirmed in 5% of the RPC registered to November of 2001, with a minimum equivalent to USS 1 million for banks and 500,000 for nonbanking the financial organizations.

The norm introduces in addition reasonable prizes and punishments. For example, it forces to that the banks that maintain debts by redescuentos with the BCRA reduce in a 50% their possession of dollars, the one that lowers from 5% to 2.5% of the RPC. However, it allows to that have capitalized contributions that can increase it until in a "40% of the money entered the currency country" from the 3 of last December.