End of door-to-door purchases abroad? The Central Bank prohibits banks from offering quotas

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End of door-to-door purchases abroad? The Central Bank prohibits banks from offering quotas

Banks will no longer be able to finance purchases on foreign websites

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After bolstering stocks of importers this week, the Central Bank decided on Thursday to advance against another aspect of the economy which meant an outflow of foreign exchange: that of “door to door” services, which until now allowed Argentines to buy on internet sites abroad and pay these expenses in installments.

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According to the agency’s board of directors in the communication to 7535, As of next Monday, both financial institutions and non-financial creditors will not only be unable to finance the purchases of tickets and hotel products related to tourism abroad, as already in force, but also They will not be able to finance shipments by couriers.

Specifically, the standard refers to “products abroad that are received by the system of postal dispatch without commercial purpose according to the Customs Codenor of services for the international transport of goods, “couriers” and management of customs procedures “, to which banks or fintechs” should not finance the purchases of their customers – natural and legal persons “in installments.

So, companies like it my shopcouriers like FedEx, UPS, DHL or TNT and also the service of the Argentina post They must stop offering financing for consumption made outside the country. Late Thursday some banks and fintechs investigated whether the rule also affects options “buy now and pay later” through which the consumptions made in a single solution are financed.

East new exchange rate adjustment It comes after days of much confusion in the industry travel and tourism on the extent of the new measures implemented by the Central Bank at the beginning of the week. There have been tourist agencies that, given the uncertainty, have suspended their sales and stopped accepting payments in pesos.

In the Central Bank they have taken it upon themselves to say several times that these new inventory adjustments they will not affect dollar consumption with a card. But obviously this is a cause for concern for the organization in the face of the bleeding of reserves.

As published by Clarín earlier this month, spending on overseas cards, travel and airline tickets are at pre-stock levels. According to INDEC data, the monetary authority sold during the first five months of the year 1,516 million dollars to participate in consumer services with non-resident suppliers, three times more than in the same period in 2021, when it was 491 million dollars.

Source: Clarin

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