In the midst of a persistent decline in central bank reserves, the CNV has launched new adjustments to the functioning of financial dollars, which ultimately result in a renewed tightening of the exchange rate. As reported by the regulator at the close of the market, from tomorrow those who operate with AL30 and GD 30 bonds to obtain dollars will have to leave those dollars “parked” for 15 days.
What was decided was reflected in the organization’s General Regulation 962, which will be made official this Wednesday in the Official Gazette. In particular, the legislation provides that “agents may place orders to arrange transactions with settlement in foreign currency or to transfer negotiable securities from or to foreign custodian agents, only if in the previous fifteen (15) calendar days the customer has not specified sale of marketable fixed income securities named and payable in US dollars”.
In other words, traders looking to make dollars in MEP price or liquidation cash will not be able to use the result of these trades for 15 days to buy other stocks in the market. In this way, what the Government seeks is to “cut the curls” that could arise in the arbitral market, given the official intervention in the bond market.
“The goal is to adjust regulations to reduce the volatility of financial dollars, correct price distortions,” said sources at the National Securities Commission, who assured that this decision “does not affect retailers or companies.”
NOTE IN DEVELOPMENT
Source: Clarin
