Central Bank Enables Instruments in Pesos Tied to Official Dollar Rate and Loans to Exporters
11 septiembre 2020

ARGENTINA

On September 10, the Central Bank issued communication A7101, enabling banks and financial entities to offer instruments in pesos tied to the evolution of the official dollar exchange rate as well as loans to exporting companies. The entity indicated that the objective is “to attract deposits at a variable rate to be used for the pre-financing of exports, without generating a mismatch between the currencies.”

The decision was taken after a Board meeting today and the idea is to create a new market for savings in pesos. Specifically, the measure states the following:

“For the determination of the cash position provided for in point 2.2.2. of the regulations on the “Net global position of foreign currency“, the amount of the refinancing of exports funded in foreign currency, must be deducted for the same amount, when this can be attributed to liabilities related to the evolution of the value of the foreign currency. This may not be calculated in the exclusion enshrined in subsection b) of the aforementioned point–.”

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