Banks will be able to finance exporting SMEs in pesos, which they will repay with the pesos resulting from the liquidation of their exports, the BCRA reported on Thursday (20.12.2019) after generating this new financing instrument.
The monetary entity's statement stated that "The board of directors of the Central Bank of the Argentine Republic (BCRA) authorized today, through the Communication A 6846, a new financing tool in pesos through which banks will be able to finance the exports of small and medium-sized companies«.
These loans will be granted in pesos and will accrue the exchange rate variation rate plus a spread to be agreed between the parties.
The exporter will repay this financing with the pesos resulting from the liquidation of its exports.
In a context in which local loans in dollars to the export sector have decreased by some US$ 5.500 billion (35%) in the last four months, the BCRA is trying to provide the financial system with a tool that will allow it to recover its capacity to finance exports.
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