Overview

• Through Comunicación A8336, the BCRA restored the rule that bars anyone who buys at the official rate from operating MEP or CCL for 90 days, and the restriction applies in both directions.
• Banks must obtain a sworn declaration in which clients commit not to trade securities with foreign-currency settlement for 90 days after accessing the official market.
• Financial-dollar quotes jumped after the announcement, with MEP and CCL rising roughly 3.7% to 4.8% and the gap with the official rate widening to about 8%–11%.
• Authorities emphasized that dollar purchases for saving at the official rate remain allowed, but those funds cannot be used to supply the financial-dollar markets.
• The move comes as agroexporters register large sales and authorities work to rebuild reserves, with gross holdings reported around US$39.3 billion.