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The Government began to make the stocks more flexible to operate with financial dollars and is preparing more measures


The CNV lifted 2020 restrictions for brokerage firms to purchase ANSES dollar bonds. They negotiate with banks and funds.

In the midst of the package of measures to contain the financial dollars that caused a stir with the opposition, the Government launched

a partial relaxation of the stocks to operate with CCL and MEP


This is a change that will be accompanied by new chapters and that is

 one of the most sensitive points

in Sergio Massa's plan to gain time in the face of a scenario of greater exchange pressures due to drought, the lack of dollars and electoral uncertainty. amid tremors in global markets.

In this framework, the National Securities Commission (CNV) issued a resolution on Tuesday that

enabled brokerage firms (Alycs) to operate with their own portfolio bonds nominated and payable in dollars with local legislation.

In this way, it began to retrace one of the restrictions born at the end of 2020 due to the tightening of the stocks established by Martín Guzmán and Miguel Pesce to contain the spike in parallel dollars and the outflow of dollar deposits, after the expansion of the deficit. pandemic prosecutor.

The measure signed by the organization's board of directors, headed by Sebastián Negri -a man close to Cámpora-

, seeks to encourage the demand for Bonares

(AL) in the face of the greater offer that is expected for the sale of these titles (AL29, AL30, AL35, Al38 and AL41) in the hands of public bodies, as ordered by an official decree this Wednesday.

The idea is

that ANSES

, the largest holder with US$2.7 billion at market value

, sells them

 and stabilizes the price of the CCL and MEP, which arises from the sale of bonds in dollars.

"It is enabled, made more flexible or liberalized, a restriction is removed so that the ALs can be operated by the Alycs in CCL and MEP.

The meaning of this measure is that the Bonares can be used for operations with financial dollars

, with the expectation of that the State and its agencies, which are the main holders, can intervene in that market and

reduce volatility

, the idea is that they can use the rest of the instruments to become dollarized," CNV sources said.

The economy minister finished agreeing on it on Wednesday at a breakfast with bankers, mutual funds, insurance companies and brokerage firms.

There, he detailed the three-point roadmap that he began to specify on Thursday with the provision by decree to exchange the bonds in dollars (Global or GD) in the portfolio of public organizations, the sale of Bonares in the hands of ANSeS and, for Lastly, the

small lock

open to the Alycs to operate with these titles on financial dollars, without colliding with the IMF.

The next steps of the Massa plan

The next step will be the opening of the faucet for banks, funds and insurers


These institutional investors today are limited to operate on financial dollars with Bonares due to the pressure that this implies on the CCL.

The former have a limit on the level of their position in dollarized assets and foreign currency, as well as on the exposure to the public sector authorized by their parent companies, while the other two types of agent can operate, but with a cap of 25%. in its holding of foreign assets.

The idea that is being discussed now with private companies is

to raise the margin so that they can buy more bonds in dollars

or accumulate them in their reserves and portfolios, on the condition that

they cannot sell them against dollars

and get cash with liquidity.

The details of this phase, the most "complicated", will be defined in upcoming meetings with each sector in April, while some organizations have already begun to study the regulations and the ANSeS prepares its bidding calendar together with the Economy.

The operation is not without risk.

If it works, the financial dollar should go down.

This is what happened in the last two rounds, in which it fell from $404 to $390, although with drops of up to 6% in the prices of bonds in dollars.

But if demand increases more than supply or vice versa, the CCL could add more pressure.

The other fear is that investors will migrate from bonds in pesos to titles in dollars, which

would blow up the other leg of the Massa plan, which is to finance the deficit with the pesos from the sale of bonds.

For savers, meanwhile, the current restrictions that prevent them from buying MEP dollars will continue for now if they maintain subsidies for public services, bought savings dollars in the last 90 calendar days, have cards or loans in refinanced pesos, received a salary of a company benefited from ATP subsidies, and benefited from the freezing of UVA mortgage installments until July 2022.


look too

Emmanuel Álvarez Agis: "Massa's plan could end with a rise in the financial dollar"

Economy ordered to sell all the bonds in dollars: the unknown is who will want to buy them

Source: clarin

All business articles on 2023-03-24

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