Beneficiaries of the credit freeze will also not be able to access the $ 200 per month

The new BCRA regulations also include those who chose to refinance their credit card debt.

According to the entity, “human persons who are beneficiaries of the provisions of point 4 of Communication” A “6949 and complementary and / or in article 2 of Decree No. 319/20 may not, until the total cancellation of the financing or for the duration of the benefit regarding the update of the value of the quota as the case may be:

  • Access the foreign exchange market to carry out operations corresponding to the formation of foreign assets of residents, remittance of family assistance and for operations with derivatives, in the terms of point 3.8. of the rules on “Exterior and changes”;
  • Arrange in the country sales of securities with settlement in foreign currency or transfer them to foreign depository entities. “

The disposition of BCRA refers to Decree 319/20, from which the Government established the freezing until September 30 in the value of the installments “of the mortgage loans that fall on properties destined to single dwelling and that are occupied with the aforementioned destination by the debtor party or those who succeed them in a singular or universal title ”.

There, the Executive established that it “may not exceed the amount of the corresponding quota, for the same concept, as of March of the current year” and remarked that “the same freezing measure and for the same period set in the paragraph above, it will be applied to the monthly installments of the pledged loans updated by Purchasing Value Unit (UVA) ”.

At the same time, the communication published this Tuesday by the Central makes reference to point 4 of Communication “A” 6949. In it, the BCRA established in April that “the unpaid balances corresponding to maturities of credit assistance granted by financial entities that operate from 1.4.2020 to 06.30.2020 they may only accrue compensatory interest at the contractually foreseen rate ”.

In addition, it remarks that “in the case of unpaid balances of financing from financial entities, excluding credit cards, that operate in the aforementioned period, the entity must incorporate said installment in the month following the end of the life of the loan, considering the accrual of the compensatory interest rate “.

The truth is that with this new provision, the BCRA seeks to reduce the demand for dollars to control the stock of freely available reserves. In addition to the implementation of the 35% withholding on Profits for those who buy foreign currency, the aforementioned restriction is now added. However, the alarm signal continues to sound.

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