Today the quota was renewed to buy up to US$200 home banking. This is savings dollars, the cheapest price in the exchange market But which can only be accessed by a select group of savers: There are at least a dozen conditions that exclude Argentina from being part of the Single and Free Exchange Market (MULC).
He “Solidarity” Dollar, As it was nicknamed by the ruling party in late 2019, It is sold through the virtual window of Banco Nacion for $377.85. This value is generated by adding to the official retail exchange rate (at $229 today), a 30% PAIS tax and a surcharge of another 35% due to earnings.
Currently, this is the cheapest quote the Argentine can access. if compared dollar blue, which closed Friday at $469, The savings dollar is worth $91.15 less. against the dollar MEP, Tool that allows to legally hedge the exchange rate through buying and selling of bonds, the distance is $58.20 (Offered at $436.05). and against Cash with Settlement (CCL), which is used to transfer green bills out of the country and is quoted at $453.16, The difference is $75.
The gap between savings dollars and parity has widened over the past month, When free exchange rates woke up from the “exchange summer” in which they had been immersed since late January. Despite the fact that the government implemented several decisions to try to calm prices in parallel with intervening the bond market and increasing interest rates, in april They ranged between $39 (MEP) and $76 (Blue).
However, fewer and fewer Argentines can access this exchange rate, due to frequent tightening of the exchange rates that the Central Bank manages and restricts their demand. Last March, only 678,000 savers bought US bills. Through home banking Or at an official exchange house, as per the latest Report on the Development of the Exchange Market and Exchange Balances published by the Central Bank of India (BCRA). There were 4 million buyers at peak in August 2020.
Given the lack of reserves in the Central Bank, there are currently 13 conditions to be able to access a single and free exchange market. of them it is necessary Not receiving part of wages through the Work and Production Assistance Program (ATP) during the pandemic The bank is not a co-owner of the account or is not a monotributista and has processed credit at a zero rate.
Added to the system’s prohibited list are beneficiaries of social schemes (such as Emergency Family Income or Universal Child Allowance), holders of UVA credits who have agreed to freeze their instalments, Owners of SMEs who obtained loans at 24%, who buy MEP dollars, among other reasons.
Besides, Debit and credit card payments in foreign currency are part of the quota of US$200 per person. That is, those who have made such expenses will be deducted from the monthly quota and will be able to buy a smaller amount of dollars. In case they exceed the said amount, they will be excluded from the MULC till the quota of the amount spent is met.
