Central Bank President Cools Expectations for Dollar Credits: “We Don’t Expect a Boom”

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Santiago Bausili responded to criticisms about releasing foreign exchange loans to companies that do not generate them: "The entire financial system knows the risk of barefooting."He hopes that banks will better remunerate dollar deposits from savers.

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The BCRA holder argued that the new regulation will allow up to 15% of deposits in foreign currency to be used to finance non-exporting sectors. The measure will initially be restricted to legal persons. Read more

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The new regulation allows banks to allocate up to 15 per cent of their deposits in foreign currency to finance legal entities that do not generate foreign exchange. The measure establishes controls on the ability to pay and obliges them to liquidate funds in the official exchange market.