Overview

• Through Communication A8336, the BCRA extended the cross-market restriction to all individuals, blocking access to MEP or CCL for 90 days after buying official dollars and vice versa.
• Banks must obtain a sworn declaration from clients committing not to conduct securities operations with foreign-currency settlement for the 90 days following access to the official market.
• The rule reverses an April easing for individuals, which had left the curb in place for companies and was recently applied to banking executives.
• Financial-dollar quotes rose on first reaction and the gap with the official rate widened, with analysts saying the move ended easy arbitrage known as the rulo.
• The central bank says the measure does not bar dollar saving by individuals within patrimonial limits but prevents those funds from supplying the financial-dollar market.