After the removal of the exchange rate, the Central Bank of the Argentine Republic (BCRA) announced on Tuesday a new disposition that seeks to attract capital to the country, facilitating the access of non -resident investors to the market -free market (MLC) and launching a new series of the Bonds for the reconstruction of a free Argentina (Bopreal).
According to the official statement, the BCRA board “will authorize non -resident investors to access the market -free market (MLC), without prior compliance, for the repatriation of the new investments that make“. This flexibility will have as a condition the “Previous liquidation in said amount of the amount corresponding to the original investment” and will require “a minimum period of permanence of 6 months”, which will be verified by the intervening financial entity.
The BCRA flexible access to the dollar access standards for non -resident investors and launches a new bopreal
“The flexibility of these controls Create a more conducive normative environment to attract and channel a greater volume of investments towards the domestic capital market. Establishing a minimum temporary horizon operates as a prudential measure aimed at restricting capital entry with markedly speculative profiles, thus favoring greater stability and predictability in market operation, “said the BCRA.
This potential inclusion increases its visibility and attractiveness, stimulating greater demand by institutional funds and other investment vehicles that replicate or guide these indices. The possibility of channeling financial investments through the MLC also enables the futures market as a exchange of exchange risk coverage. This possibility improves the conditions for all participants in that market and favors the development of local financial futures markets, promoting a greater volume of transactions and promoting greater liquidity and transparency in price formation.
As a complement to this initiative, the issuance of a New Bopreal series -The 4 series- destined to order the payments of commercial debts prior to December 12, 2023, dividends and debt services with linked entities. This new broadcast “It will have a period of three years, it will be nominated in dollars and can subscribe in pesos“, accruing a defined interest rate in its first tender and with capital repayment at maturity.
The authorized initial amount will be up to 3,000 million dollars and the award will be made “By adhesion in successive tenders”, whose dates will be announced soon through a BCRA communication B.
“Bopreal’s previous emissions achieved order the commercial liabilities of importers accumulated as of December 12, 2023. This new broadcast aims to solve the retained stocks of dividends and debt services with linked entities, and is complemented by the flexibility of flows already implemented in the access to the MLC, which covers interest payments for financial debts with linked and profits corresponding to exercises initiated from January 1, 2025, “added the statement.
Both measures are part of the “phase 3 of the economic program” and, according to the BCRAwill allow progress in the process of standardization of the exchange market and promote the development of the capital market, contributing to “the best adaptation of monetary balance.”
Central Bank reserves reached the highest level in two years
For the impact of income of the first IMF disbursement, gross reserves international registered this Tuesday a rise of US $12,494 million Regarding the previous day.
The stock of gross reservations remained in u $ s36,799 million, and It represents the highest level since in the last two years, since April 14, 2023 when in the coffers of the monetary entity there were US $ 36,901 million.
In this way, the gross reserves stock records growth so far in April US $ 11.747 Millionsand during the year there is an increase in US $ 7,187 million.
With the arrival of this first turn of the program agreed with the IMF, The net reserves that were negative in a range of between US $ 8,000 YU $ 11.7 billion, according to private measurements according to the different parameters taken for the calculation, become slightly positive.
As noted by the Minister of Economy, Luis Caputo, others U $ 2,000 million They will arrive from the IMF within the next 60 days, when the first review of the agreement is made, and if the quarterly goals contemplated in it are met. And other US $ 1,000 million for the rest of the year.
To the IMF resources are added other funds that were agreed with international organizations such as the World Bank, the IDB, a repo with banks for US $ 2,000 million and the renewal of the SWAP with China reached last week.
According to a report of the SBS group,The immediate disbursements of the IMF and other agencies amount
In that scenario, President Javier Milei during his national chain speech estimated that “for May, the reserves will be around US $ 50,000 million. And he stressed that” with this level of reservations, we can support all existing weights in our economy. “
