A Small Step

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A Small Step

First week
June 2021

The Central Bank announced last week a marginal loosening of the capital controls for exporting companies. Those who have increased the exports in 2021 compared to 2020 in the industrial, oil and gas or mining sectors will be able to access the FX market, but with limits. Depending on the sector, the firms will be able to access to a sum between 5 and 15% of the total increase. In other words, if someone increased exports by 20%, they will be able to buy dollars for the equivalent of 1, 2 or 3% of exports. That money can be used to pay off debt or dividends. This represents a small increase in profitability for the exporter, a kind of cross-subsidy.