translated from Spanish: Central Bank seeks to limit dollar purchase and curbs “retail roll”

The Central Bank has provided that from this Tuesday the buying and selling of dollars through public securities must be frozen for 5 days, in a further attempt to discourage this mechanism that legally allows foreign exchange to leak. Thus, the entity that chairs Guido Sandleris seeks to avoid the exit of country dollars that affect the volume of reserves that in September alone fell almost 5.4 billion dollars.

Through the mechanism known in the financial field as “rulo”, investors bought in pesos currency-trading securities and then settled them abroad in Us currency.
With this modality, they made profits of up to 5% quickly and with a simple operation, since it takes advantage of the difference that exists between the so-called stock dollar or MEP and the official exchange rate.
Those who perform these operations must now hold the dollars in their walletfor at least five business days.
This is provided for in Communication A 6799 of the Central Bank, in a provision similar to that between 2012 and 2015.” When humans acquire securities by liquidation in foreign currency, they must remain in the buyer’s portfolio for a period of not less than 5 working days from the date of settlement of the transaction, before being sold or transferred to other depositary entities,” the resolution states. It adds that “this minimum holding period shall not apply where the sale of the securities is against the same settlement jurisdiction as the purchase”. In this note:

Original source in Spanish