In a new attempt to contain the dripping of reserves in a scenario of greater foreign exchange shortages due to drought in the countryside, the government will add another change to the existing price range this Friday with an eye to foreign tourism. This is a mechanism by which card spending from abroad in the country can be settled on the financial market at the value of the stock dollar (MEP), which today listed at $ 290.
This was announced Wednesday by the Minister of Economy, Sergio Massa, in a meeting with his counterpart in Tourism, Matías Lammens, the head of the Central Bank, Miguel Pesce, the head of the Chamber of Tourism, Gustavo Hani, the head of the Hotels, Restaurants and Patisseries Daniel Prieto and that of the Federation of Travel and Tourism Agencies, Andrés Deyá.
The bet is to capture $ 1,100 million in the last two months of the year and strengthen BCRA’s weakened reserves with tourism dollars, which until now has largely gone to the informal market, where blue operates at $ 291. Both prices – MEP and blue – represent an almost 80% improvement over to what tourists receive if they exchange their currencies today at a stock exchange or bank, at the official value of $ 155.50.
“The Central Bank will issue a regulation tomorrow establishing a voluntary settlement mechanism with tour operators through the MEP so that card payments for tourism expenses and package sales are settled through that system,” an official said. of the Ministry of Economy, where they had been working on the new regime for months, after the failure of two previous similar measures, which did not produce the expected results.
Since Friday, card companies will no longer be obliged to settle payments with plastics from abroad in the single free trade market (MULC), but they can also do so through the MEP, maintaining the five-day period. The idea is to formalize most of the tourism spending of non-residents in Argentina, which so far this year accumulated $ 2.5 billion. Of that total, only 500 million US dollars – 15% – went into the reserves of the Central Bank.
For the authorities, the resolution that the BCRA will publish this Thursday and take effect on Friday will generate greater formalization of the sector and the possibility that the state has a greater level of control over billing in the activity from the new “incentive”. At the same time, they expect increased tax collection for the collection of taxes on these expenses, a narrowing of the exchange gap due to the increased supply of foreign exchange in the parallel market and the accumulation of reserves.
“What we have seen in the market is that usually $ 250 million in credit card revenue has been handled and $ 30 million has been injected through the formal market, so there is a deviation. This mechanism is secure and transparent. through electronic payment, we hope to recover those 250 million dollars and a greater tourist impulse “, underlined in Economics.
The government already he had tried to reduce that tap currency exchange a year ago with the creation of special accounts for foreign tourists in banks. Subsequently, during the management of Silvia Batakis at the Palacio de Hacienda, it was sought that tourists could go to the bank to exchange their dollars for the value of the share dollar, but the initiative was not successful either, as only Banco Nación has implemented this option in its branches.
The difference now is that the new measure it would offer a greater degree of formality and that the tourist would not need to use tickets. The economic team does not believe there are problems with the IMF either. The government had to ask for a derogation in the latest revision for the implementation of a differentiated exchange rate such as the soybean dollar, with which it managed to accumulate $ 8.1 billion in September, a result that began to reverse from October.
Another goal of the new tourist dollar is to influence the prices of an item which already last year reflected strong increases. The government will check tourism agencies to comply with official fare schedules. Otherwise, they will not be able to liquidate the tour packages and tickets at the value of the MEP. “The cuit that violates the price agreement loses the ability to liquidate currencies through this system,” say official sources.
According to official data, the arrival of tourists in the year was 3 million people, mostly from neighboring countries. Argentina recovered the 75% of tourism spending before the pandemic and it is at one of the highest levels in the region. The expectation is that you will recover 100% in the last quarter and over 80% of visitors.
What will the new regulation procedure be like?
- Tourists consume with the card. The card converts this expense at the exchange rate established for tourists from abroad. Tourists pay for the cards in dollars and the card companies sell those dollars in Argentina through the financial market and then pay the businesses or services in pesos.
How is the exchange rate calculated?
- The exchange rate to be used will be the MEP dollar with the most liquid bonds. Up to now BNA has been used. Can card companies charge a fee for this, when will it be valid?
- This regulation it is not instrumented through banks but from the cards. Banks intervene in the expenses of Argentines abroad and not in those of foreigners in Argentina.
- Card companies will be able to sell dollars in the financial market. They are required to register and pay them in MEP dollars. It’s not mandatory.
Is it for all tourists, from any country?
- Yes, for all people who have a card from abroad.
How do you recognize that the card belongs to a foreigner?
- Just as it has already been done. The chips and card routing indicate which side and in which country it was issued.
What happens to Argentines who have cards issued abroad?
- If they pay with cards from abroad, they have the same advantage.
What happens to Argentines with dual nationality?
- If they pay with a card from abroad, they get the same advantage.
- It is for credit, debit and also for prepaid.
Does conversion do business? Or the bank?
- The business changes nothing. The bank does not intervene. The conversion is done by the cardholder.
- The BCRA will stop receiving the – minimum – amount that the card companies have so far sold in the MULC. The advantage is that the dollars that go into the card cases to sell now on the financial market will increase the reserves when they are deposited in the accounts of the sellers.
Source: Clarin
