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Argentina adds restrictions for access to dollars through financial channels

Buenos Aires, Oct 5 (EFE) .- Argentina announced on Tuesday new limitations on obtaining US dollars through sales operations in public securities and shares, while modifying the mechanism for the advance payment of imports.

The National Securities Commission (CNV, market regulator in Argentina) ordered new measures that affect the operation of the so-called dollar “cash with settlement” (CCL) and the “stock dollar” or “MEP dollar”, which are achieved by buying assets Argentines in pesos and selling them in dollars, in the domestic market or on Wall Street.

Operations of this type have grown among the most sophisticated investors and companies since the tightening of restrictions on buying US currency in banks and exchange cases.

Among other measures, the CNV established a limit of US $ 50,000 per week for the sale of negotiable securities denominated in US currency and issued under local law with settlement in foreign currency.

In addition, it limits the frequency of operations to one every 30 days.

The CNV said in a statement that this resolution “is issued in coordination” with the Central Bank of Argentina (BCRA) and the Ministry of Economy “with the purpose of contributing to a prudent administration of the exchange market, reducing the volatility of the variables and contain the impact of fluctuations in financial flows on the real economy, within the framework of current economic policy “.

Due to exchange restrictions and the various channels to obtain dollars, different quotes coexist in Argentina.

While in the informal retail market, the US currency closed this Tuesday at 185 pesos, in the state-owned Banco Nación it is sold to the public at 104.25 pesos per unit, although a 30% rate is applied to that value and purchases are limited at $ 200 per month.

Meanwhile, the CCL closed this Tuesday at 176.44 pesos and the MEP at 176.34 pesos per unit, while the official wholesale dollar (exchange rate for foreign trade operations) stood at 98.89 pesos per unit.

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