It is no longer a question of turning off the faucets through which the dollars “escape”, because almost all of them have been closed. Now, the Central Bank is looking the few loopholes left where it is produced the trickle of foreign currency abroad.
To safeguard every penny of the few or already negative net reserves, the monetary entity directly limited the ability to purchase “gift cards” or gift certificates in overseas stores.
In Notice “A” 7766, which also establishes other obstacles to the outflow of foreign currency, the Central Bank incorporated “the purchase of gift vouchers or equivalent shops or premises located abroad” to which operations that require prior approval of the institution to make payments abroad for the use of credit, purchase, debit or prepaid cards issued in the country.
“The one indicated will be applicable to consumption that will take place starting from May 12, 2023”, added the note, that is, starting from this Friday.
Prior to the announced changes, if these gift cards cost less than USD 300, they could be paid for in pesos at the exchange rate “dollar paper”which is the official retail (today $238), plus 30% tax (so-called “PAIS tax”) and another 35% as an advance on profits (which can be recouped).
This is one dollar remained at $418against $437 of the MEP dollar, the cheapest that can be legally bought in the country, or $426 of cash with liquidity, which is used to remove foreign currency from the country.
One of the uses of these gift cards made by those intending to travel abroad was to anticipate consumption to anticipate a possible future devaluation.
Just as hotels, car rental services, excursions or museum tickets are paid for in advance, to “freeze” the price in tourist dollars, gift cards have also been purchased from foreign shops where the traveler intended to buy clothes , technology and other products. .
The other expenses abroad that require the approval of the Central Bank to materialize are:
- Participation in gambling and betting of various kinds.
- Transferring funds to accounts with payment service providers (virtual wallets)
- Transferring funds to investment accounts with investment managers located overseas
- Exchange operations
- The acquisition of cryptocurrencies in its different ways
- The acquisition of jewellery, precious stones and precious metals (gold, silver, platinum, etc.).
Source: Clarin
