The Central Bank prepares new clarifications for companies to cancel debts abroad

On September 1, the Central Bank issued Communication "A" 6770 in which, in short, it prohibited legal persons – essentially companies – to buy dollars for treasury and enabled them to buy dollars to cancel imports. As for human persons, they limit the purchase of dollars to 10,000 per month.

Macri imposes a stock of up to 10 thousand dollars per month for the purchase and the drafts abroad

Ten days later, he had to release Communication "A" 6780 with a compendium of clarifications regarding the operation and new restrictions for retail access to the exchange market. It is because of the "exchange umbrella" – as Guido Sandleris called this partial stocks – an arbitration opportunity was created between human persons who can buy dollars at the official exchange rate and the companies that must obtain it through operations in the Bag.

The problem for large companies came in double when the last Monday Eduardo Elsztain, owner of the Irsa Group, deposited in the Securities Fund the dollars necessary for the cancellation of a series of Negotiable Obligations (ON) and the depositary could not turn to outside the bills for creditors to collect.

If before the 9 of the next month, the owners of the NO did not charge the 95 million dollars, then Irsa will enter in default. And it is not the only company with debt maturities abroad these days. Soon, the Mortgage Bank and Arcor, among others, will continue through the same gorge.

For the exchange control, Irsa could not pay a bond and warned of the risk of "technical default"

Until Friday, the Central Bank hoped that the companies would acquire the dollars through cash operations to turn the dollars abroad. However, the "counted with liqui" rose 8% and widened its gap to 30% with respect to the wholesale exchange rate; and for the companies that had their dollars ac and do not need the acquisition of more foreign currency, the turn was impossible. Such was the case with Irsa.

That is why now the Central Bank is studying new clarifications to allow the payment of debts abroad in such a way that the only ones that cannot compensate their international investors are the banks.

From the agency they confirmed to LPO that "In no way will exchange control affect companies that have debts payable."

And they added that "The necessary clarifications or adjustments will be made in this regard." These will be known "these days," they said.