Friday, December 09, 2022

Central Bank will restrict access to savings dollars for those receiving tariff subsidies

central bank would restrict access to savings dollars Those who receive subsidies to pay public service bills such as Electricity, gas or water and sewer, The measure could be announced after the monetary authority’s board meeting this Thursday and aims to curtail its use US$200 at the “Solidarity” exchange rate (official plus tax) for those who believe they benefit from state transfers so as not to pay the full cost of energy.

The official criterion is that the use of savings dollars is assumed. Formation of Foreign Assets (FAE). The decision was confirmed this Thursday by two sources in the economic team, including Central, and could be made official in the next few hours or next Thursday, when the entity’s board of directors meets again. ,We’re going to restrict access to savings dollars for those receiving state subsidies.” Official sources confirmed.

BCRA authorities are working on paring their own database with which the Secretary of Energy, headed by Flavia Royan, manages. Nor is it denied that those seeking dollar savings, complete an affidavit prior to operation. In a press conference, Ryan announced plans to remove new subsidies last week, but he did not mention the measure.

“With regard to the continuance of subsidy in a household, Yes, It Could Affect Access to Savings DollarsWe believe that access to savings dollars represents a way of externalizing wealth, which in theory could be Incompatible with accessing subsidies”, a well-known source of energy. The Central Bank is competent to regulate access to dollar savings, it is analyzing the situation, which is why there has been no official announcement.

In June, some 885,000 Argentines called for US$577 million in dollars at a “savings” or “solidarity” price (official plus tax), according to data from the Central Bank’s (BCRA) Foreign Exchange Market Evolution Report.


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