“Qatari dollar”: A central bank director said “various proposals” are being considered for dollar outflows for tourism.

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one of the directors Central Bank (BCRA), Augustine d’Atellis, He spoke on September 20 about the change in the operations of the “soy dollar” and accused the big exporters of “macroeconomic destabilization that harms society”.Regardless of the instruments previously agreed with the BCRA. In addition, he explained that those who did not apply for subsidies will be able to access savings dollars, saying that although nothing has been determined yet, “Various proposals are under consideration” regarding the tourist dollar, i.e. the “Qatari dollar”.

Yesterday, at the last minute, the central bank banned the purchase of dollars from companies that traded “soy dollars” in order to reduce pressure on the free prices of CCL and MEP dollars due to the release of “extra” pesos. which appears to be bound by a scheme to accelerate settlement in the field. A statement from the entity states that “Economic agents who sold soybeans under the export promotion program will not be able to access the foreign exchange market to purchase foreign currency and will not be able to carry out transactions with titles and securities settled in foreign currency.“.

At the event, D’Atellis explained that smaller companies can “turn around” and buy “at the human level,” but that the decision was made because “Yes, there is a problem in medium and large companies”. Held in dialogue Radio Urbana Play that “This is where a lot of trading volume has been seen, especially with cash liquidation into the dollar, causing the gap to widen in recent days.“.

He added that “There is a very big effort on the part of the state to accelerate the dollar revenue for the BCRA to regulate and balance the economy.“And that’s why this ‘new wheel’ was created, so that those who liquidate soybeans can do so with a differential dollar. “When the sectors were asked to create this special wheel that was equivalent in numbers to stop accruing withholding,” he explained as a parallelism, “the obligation was for us to create instruments for them like the dollar.” linkwith a special letter of support issued by the BCRA guaranteeing their peg to the value of the dollar if they feared devaluation”.

However, he criticized that although “there was an agreement, a negotiation and instruments were created, later when we look at who is in the strong demand that widens the gap, They are large exporters who are going to shelter the value of the dollar and are looking for incentives to return to the dollar, regardless of the instruments created.“. He noted that “They seem to be looking for macroeconomic destabilization that harms society […] And we’re not going to allow them to turn around, widen the gap and once again create devaluation pressures or pass-through to prices in a very difficult inflationary context.”

D’Atellis, on the other hand, was advised of the impossibility of accessing the purchase of “savings dollars” to operate with the elimination of MEP dollars or cedars who receive electricity, gas and water subsidies: “We have always said that anyone who directly or indirectly receives any kind of subsidy, knowing that there is a need on the other side, will be deprived of access to savings dollars.“. and deepened: “Because if someone asks for a subsidy because they can’t afford what they consume at home, we understand that then they can’t enter that market.“.

“There is a problem with water, gas and electricity and that is that there will be no geolocation of subsidies until November, but when it is in place most customers will be outside the subsidies and they will stay. to be able to access the purchase,” he explained.

Finally, he was asked about possible changes to the tourist dollar (Qatari dollar) due to the thousands of Argentine travelers who will attend the World Cup in two months. According to him, “nothing has been decided yet”, but “various proposals are always being considered.”“. He added that “In the last two months, the deficit on the balance of the tourism account was about 750 million dollarsAnd he added: “If all these measures – mentioned above – swell BCRA’s coffers and reduce the exchange rate gap, it will lead to the suspension of tourism promotion, because the gap between the tourism dollar and other dollars will be reduced. “. And he pronounced the verdict: “A deficit of 1000 million tourist accounts per month cannot be sustained“.