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Thursday, October 1, 2020

Only banks and exchange houses will be able to sell dollars: details of the regulations – Economy

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Thus, circular A6999 will change the form of foreign currency operations and will impact the activity of stock companies, which will have 30 days to adapt to the new regulations.

Until the modification promoted by the management of Miguel Pesce, supermarkets, hotels and electrical appliance houses, among other businesses, and even individuals, could buy and sell foreign currency.

This regulatory framework for foreign exchange activity was intended to “provide greater competition and transparency to that market by incorporating new and diverse bidders, while simplifying the respective procedure,” as the authorities of that time had argued.

For this reason, companies in any sector only had to register in the “Registry of exchange operators” to operate regularly in the exchange market.

The Central Bank measure, released late on Thursday, joins other initiatives to control speculation amid mounting currency pressure.

In recent days, free exchange rates shot up to record highs, so the monetary authority also decided, for example, to limit the purchase of dollars for companies that took loans at subsidized rates.

In this way, companies, to the extent that these lines of credit are in force, will also have limited access to operations to sell securities with settlement in foreign currency or transfer them to depository entities abroad.

To access the market for the acquisition of foreign currency, they must submit an affidavit that on that day and in the preceding 30 calendar days, they have not made sales of securities with settlement in foreign currency or transfers of these to foreign depository entities.
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