The National Government informed that it will close the access to the market foreign exchange for oil companies that need to import in the midst of the critical reserve situation that the Central Bank of the Argentine Republic (BCRA) is experiencing.
The president of the organization, Miguel Pesce and the secretary of energy, Flavia Reyontell the executives of the oil companies the day before that they will be required to finance the payments of imports for 90 days. The political leaders met with Axion, YPF, Raizen and Trafigura at the monetary authority to discuss the changes.
Now IAs Petrols must obtain financing from international banks or from their parent companies to pay for their imports. In turn, the BCRA can allow companies deposit pesos in accounts or assets that adjust to the official exchange time.
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The members of the council of Central bank debited the measure during their weekly meeting on Wednesday, according to a source cited by bloomberg line.
imports are restricted
Last week, the BCRA held on to control of imports by requiring many industries to finance their own imports instead of drawing on bank reserves. through the official market currency. Until Wednesday, according to Degree in Lawoil producers Until now, access to reserves as a means of importation has been maintained.
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According to a report by consultancy 1816, Argentina has already spent all its international reserves liquids, plus others US$1 billion estimated. The new drop in the peso in recent months is leading the authorities to seek greater disbursements or new loans from China, Brazil and the International Monetary Fund to strengthen reserves.
Without easy money to spend, the big question arises as to how much longer the Government can continue to defend the weight of a total collapse. The risk is a currency devaluation that could fuel inflation of 109% and exacerbate the high levels of social discount before the presidential elections next October.
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