The Argentine government recently confirmed that those who obtained subsidies in the rates of social services, such as electricity connection or connection to natural gas, will not be able to access foreign currency. “Users who benefit from the subsidy in public service rates may not, while maintaining that benefit, make purchases of foreign currency, by a provision made by the Central Bank of the Argentine Republic (BCRA).“, can be read in the statement released by the BCRA. “The Board of Directors of the BCRA established that the users of the natural gas supplies through the network, electricity and drinking water, As long as they receive a subsidy in some or all of these services, they will not be able to access the official market nor carry out operations with titles and other securities with settlement in foreign currency“added the bank.
During the years 2020 and 2021, the Argentine government invested in different programs aimed at mitigating the economic effects of the Covid-19 health crisis. In this sense, programs were launched such as the Emergency Family Income (IFE) which consisted of an income of money for the families, the payment of part of private wages through the Assistance to Work and Production (ATP) program along with other programs such as the lines of zero-rate or subsidized financing for small and medium-sized businesses. Those who were beneficiaries of this program were also unable to access the purchase of foreign currency for savings. The same fate befell those who benefited from rate segmentation.
At the same time, Those who accessed the MEP or CCL dollar in the last 90 days are also prohibited from buying savings dollars.individuals who spent their quota of USD 200 with a card, people who have a payment plan in 12 installments for credit card debts, those who refinanced their debts with banks for personal, pledge or mortgage loans, among others.
The restriction will apply to the quota of USD 200 per month that allows access to buy foreign currency at the value of “dollar saving“, Wich value It already has two taxes: 30% of the COUNTRY tax and an advance payment of 45% on account of Income Tax and Personal Assets. The purchase and sale operations of securities listed in pesos and dollars identified as Dollar MEP or CCL will also be reached, depending on whether they are settled in Argentina or abroad, a savings option used by some 110,000 people a month, according to official data.
According to data from the Ministry of Energy, more than 25,000 people unsubscribed from the application for subsidies during the first days of the measure.
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