The Central Bank has once again strengthened access to dollars. photo EFE
The Central Bank has returned to tighten the trap on dollars. He did so with a measure that affects monthly card consumption over $ 200.
“The Board of Directors of the Central Bank of the Argentine Republic has ordered that the rate regulated by law be applied to credit cards issued by financial institutions when the summary of the month’s account records the consumption of a foreign currency amount greater than $ 200“, reported the body chaired by Miguel Pesce.
“Financial institutions must inform cardholders before applying this measure.” Synthesis funding up to 200,000 pesos per month will maintain the maximum rate set by the BCRA, of 62% “.
Central Bank Statement. New trap for consumption over $ 200 with credit cards
So far, anyone who has spent up to $ 200,000 on a credit card and funded the payment, that is they have not paid the full summary for the month, a nominal rate of 53% was applied to them. Today, after the Central has adjusted the reference rates of the market and brought that rate to 62%.
But he also put in a gear intended to take care of the dollars. Now, those who spend more than $ 200 a month will no longer be able to finance themselves at this maximum rate of 62%, but will go for theat a rate regulated by the credit card law which in the system averages 83%.
But that when the total financial cost is applied to that rate, it jumps from 83% on average to around 170%.
This increase covers all consumers who spend more than $ 200 per month. For example, if someone spends $ 50,000 and $ 201 and funds the card payment, The regulated rate applies to the entire summary, including expenses in pesos.
On the other hand, those who spend $ 199,000 and US $ 190 can still access the 62% rate.
Therefore, people using the card abroad and not paying the full summary, will end up facing, provided they have spent more than 200 USD, the regulated tariff, which with increases comes close to 170%.
Like this, the central tries to prevent the dollars from leaving. On the Tourism account they get closer 500 million dollars a month. For some months the Central has cut the possibility of paying in dollars in installments, be they tickets or tourist packages.
Now, by making funding more expensive, it makes it harder for more Argentines to travel overseas since then the cost of financing increases.
AQ
DB
Source: Clarin