Amid soaring formal and informal dollars, a regulatory change mandated by the Central Bank has added further jitters to an already very hectic day.
This is a new provision that effectively ended up slowing down or postponing the exchange operations authorized to be processed by the MULC: circular 7746 provided that, in the context of the advancement of information on the foreign exchange application for importers in the official foreign exchange market (MULC) to be carried out by financial entities, information on whether or not the supplier is a related counterparty is included.
Monetary agency sources stressed that banks now have to advance information on demand for foreign currency. “This information includes the importer’s CUIT, the amount and the operation code (reason). One more piece of information was added on Thursday, an indication of whether the supplier is a related counterparty. Banks are adapting their systems and depending on how quickly they do so, customers will enter the market.”
This information is necessary to prevent fraudulent operations and to be able to count on the collaboration of trading partner countries. The situation should normalize as soon as possible. Yesterday’s settlement incorporated the payment counterparty column.
“Everything that cannot be done today accumulates for the next day, this does not change the payment, at most it takes one or two days and everything accumulates for the third day. It has happened many times” Until now, only CUIT of the importer, the amount and the transaction code (which identifies the reason for the transaction), therefore, as Gustavo Quintana of PR Operadores de Cambio explains, “faced with these new requirements, the banks had to start adapt the control systems to the new regulations”.
As a result, a banking industry source reported that “to adjust systems, the buying or selling of dollars, securities, etc., has declined in many entities, as no changes can be made to the system when it is in operation.” .
They explain to the Government that operations will be resumed as soon as possible, “according to the speed with which the banks will be able to adapt their systems so that customers access the market”. Therefore, now, the question is what will happen in the next few days.
Source: Clarin
