After going back and forth with the banks, in the coming weeks the government will launch the so-called Qatari dollar, one of the new exchange rates announced in recent weeks as part of the measures to make access to foreign currencies more expensive and contain the continuous stream of reserves. The AFIP resolution was made official on October 13, but it will only be operational in the next few days after the adjustment of the functioning of the new regime.
To discourage spending on ATMs and credit cards in dollars, the Ministry of Economy has added an additional perception in the Personal Assets account of 25% on the official dollar ($ 158.28), in addition to the pre-existing withholding tax of 30. % of COUNTRY tax and 45% of income tax. In this way, consumption starting at $ 300 monthly They will pay $ 329, the highest price so far, above MEP and CCL.
The new exchange rate has generated some struggles with financial institutions due to the technical difficulties in implementing changes in the credit card information system. This included drawing up a CUIT taxpayer list to analyze consumption in foreign currencies and identify individuals who could receive 25% through the weekly exchange of information.
“All done, we’ll start again in a week”confirmed AFIP sources. In the financial sector they were also optimistic about the development of the new tax and exchange rate regime. “The banks are working against time so that systems are ready as soon as possible, we hope it will be operational next week “, said the head of the Association of Foreign Banks (ABA), Claudio Cesario.
Banks also supported the new exchange rate so that tourists from overseas pay their card charges on the local financial market at the value of the stock dollar (MEP), which is quoted today at $ 290.97. The measure made official Friday by the Central Bank seeks to prevent foreigners from continuing to air and to use informal bills for their own consumption, a situation that was reflected on social media with the payment of dinners with packs of money.
Despite the tightening of restrictions with the new SIRA import system, the Central Bank sold nearly $ 320 million this week. In October, imports he asked for $ 6,100 million and tourism is expected to require around $ 1,000 million in the past two months. The idea is to offset the outflow of foreign currency with the limited dollar income of campaigns, multilateral organizations and the new exchange rates.
“Currently the Qatar / Tourist and Luxury Dollar is more expensive than the MEP or the Blue, so the incentive will be to buy the dollars in the parallel market and cancel the expenses with the dollar card. This can lighten the cost. tourism account, where Spending has been going at a rate of $ 9 trillion a year. Of course, the correlative could be a statement of the exchange rate gap, “warned Matías De Luca, an economist at LCG.
The other downside is the lack of coordination of economic signals in an inflationary scenario and with persistent expectations of devaluation. “The government uses these measures to avoid a devaluation. So, to avoid a sharp correction in the exchange rate, it aims to tighten stocks and create more exchange rates to decompress different fronts, but it’s just buying time,” he said. by Luca.
In official dispatches, they pointed out the stability of parallel dollars this week in the $ 290- $ 305 range and the “down” start in November, along with a slight decline in country risk, which stood at 2,564 points (-1% over the week). “The gap between the MEP dollar and the official dollar ended the week at 77% (83% last Friday) showing gap levels not seen since June,” reads a report from the Ministry of Economy.
“The BCRA continues to lose reserves despite having stocks everywhere. Massa imagines that imports will be controlled by SIRA, tourism will collapse and companies will get funding. If” all goes well “, we can get to the 2023 harvest. The parallel dollar is not moving interest rates do their job to calm it down. Likewise, we continue to assume that the parallel should be closer to $ 340 than $ 300. “emphasized FyMa, consultant of Fernando Marull.
Source: Clarin
