Limit dollar holdings to funds to contain escalation of CCL and MEP

| |

Specifically, the regulator set a 25% limit on foreign currency holdings in FCI in pesos and in FCI in dollars, but which issued shares in local currency, according to the terms of the General Resolution No. 835/20 issued this Thursday.

To avoid damage to investors, he ordered a staggered timeline portfolios adequacy (liquidation of the holding above the fixed ceiling), while the subscription of shares in a currency other than the currency of the Fund was suspended. At the same time, he clarified that there will be an exception for funds under the Asset Repatriation Regime.

But in addition to these CNV regulations that seek to appease the sharp rise in CCL and MEP, the Central Bank board ordered this Thursday an increase in the pass rate from 11.4% to 15.2%, and decided that the funds T + 0 are not required to have lace, which will allow a higher remuneration of those deposits and, therefore, a less attractiveness to the participation in sureties.

Last week the monetary authority had already prohibited banks from operating with sureties on the stock market, and had defined a minimum rate for 30-day fixed terms (70% of the reference rate, today at 38%), with the objective of to take pressure off the stock dollars.

However, the tension increased this week in free dollars, amid the uncertainty generated by the renegotiation of sovereign debt.

The blue dollar reached a historic level of $ 120 this Thursday in the informal financial circuit, while the cash settlement advanced above $ 114, although then it deflated, and the gap with the wholesaler came to exceed 72%. Thus, inflationary pressures, debt uncertainty and the global crisis caused by the coronavirus were once again reflected notably in the movements of the US currency in the local market.

Beyond these factors, the Government continues to insist that behind the recent increases there are speculative maneuvers, as stated last week by the president of the Central Bank, Miguel Pesce. Therefore, it was not surprising this Thursday that the Financial Information Unit (FIU) came out to remind financial institutions of their obligation to report large-volume operations, those involving transfers abroad and from all client accounts, to identify those who are operating with Cash with Liquidation and MEP Dollar.

In a document titled “Communication to Obligatory Subjects on CCL and MEP Dollar Operations”The FIU urges entities to “responsibly fulfill their obligations” and asked them to “take extreme care to adequately assess the risk factors of Money Laundering and Terrorist Financing of these operations.”

According to the FIU, the agency “actively observes the increase in the magnitudes of the Cash with Liquidation and Dollar MEP operations generated in recent weeks.” In this sense, he pointed out that “the need for the Obliged Subjects to carry out, in a timely manner, the systematic reports provided for in article 42, paragraphs a) and b) of UIF Resolution No. 30/2017 and in article 38, paragraph a ) of FIU Resolution No. 21/2018 “.

These articles establish the obligation to systematically report the High Amount Cash Transactions Report (RTE), which includes transactions made in local or foreign currency that involve movements greater than $ 280,000.

It also covers the International Transfer Report (RTI) for all transactions involving transfers of funds between accounts located in the country and accounts located abroad. Finally, lThe entities must report the list of client accounts and international transfers of negotiable securities.



Swiss prosecutor denies secret meeting with FIFA president

Two new gameplay videos for The Dungeon of Naheulbeuk: The Amulet of Disorder


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.