More Stocks: Amid the rise in the financial dollar, the BCRA limits the deal with Cedears for companies

After the financial dollar rallied sharply this Thursday when it hit its intraday high of $ 340, the Central Bank decided to add another level to the exchange rate and Now limit the total amount of Cedears for companies that access the official exchange rate (Argentine certificates of deposit) which they can include in their portfolios.

In particular, the board of directors of the body chaired by Miguel Pesce “It has decided to include CEDEAR’s participation in the $ 100,000 availability limit that companies that access the official foreign exchange market may have.” In addition, it stipulated that those instruments that cannot even be traded in the 90 days before or within 90 days after entering the official market.

With this provision, the Government asks “iron” the cash demand with the liquidation. The Cedears, are securities that are managed in pesos that “reflect” the price of shares of foreign companies. They are a way to become dollars and the demand for these instruments has increased in recent days as the exchange rate rush has intensified.

Ceears’ volume exceeded $ 1.5 billion a day in early Junebefore the start of the pesos debt crisis, which was the prelude to Martín Guzmán’s departure from the Ministry of Economy, at nearly $ 13.5 billion this Thursday, according to IAMC data.

These instruments are bought and sold in pesos. A peak in demand generates the need to generate more of these Cedears, which in turn implies a request for a financial dollar in order to obtain these documents. The reading made by the Government is that the increase in operations with Cedears explains the increase of more than 30% in this month alone in the financial dollar.

That’s why the Central Bank now obliges companies that want to keep their access to the official dollar to go out and sell those Cedears, with a deadline of September 30 to reduce their surpluses. The new measure came after the markets closed and traders consulted by Clarín expect it will have a rapid effect on the dollar’s price on the stock exchange.

“Until they find a way around it, many companies will be forced to sell quickly. This will be through liquidation and will cause the price to slow down sharply,” said one market participant. In this sense, an exchange trader said that the maneuver can also serve to curb the rise of the blue dollar: “If many large companies disarm the positions, we will see a drop in the CCL and this will make the ticket roll back.”