In its bid to strengthen change control, the National Securities Commission (CNV) announced today that it will be mandatory from tomorrow to retain at least 48 hours a dollar marketable value after its acquisition.
This measure is to strengthen the control of changes that the Central Bank has been increasing since last week when it decided to put a monthly limit of $10,000 for the purchase of foreign exchange by human beings. On Wednesday night the Central Bank went out to hinder new financial speculation in Argentina, known in the market as “rulo”, which allowed to gain up to 7% in pesos in one day. He provided that whoever acquires dollars as a “human person” must hold them for five business days before they can be applied to the purchase of bonds or shares.
The CNV has now strengthened these measures: settlement and clearing agents must first have an investor’s affidavit stating that the dollars do not come from a Single Market and Exchange-Free (MULC) transaction carried out in the last five business days. In addition, transactions for the purchase of dollar-traded securities may only be carried out for settlement within 48 hours. The marketable securities accredited by that purchase may not be transferred to cover the settlement of a trade in pesos until five working days have elapsed from the accreditation of such marketable securities. This General Resolution will take effect on Friday after its publication in the Official Gazette.
