Today, the BCRA has sent the following communication to financial institutions:
TO FINANCIAL INSTITUTIONS,
This is to inform you that, today and tomorrow, the BCRA will hold auctions for the spot sale (T=0) of foreign currency.
Financial institutions’ bids must be placed in the LCFX session of the SIOPEL system at the electronic securities and foreign currency trading market (Mercado Abierto Electrónico, MAE) from 3.00 pm to 3.15 pm.
Total amount auctioned: up to USD400 million.
Agents may place up to three bids each, with a minimum amount of USD1 million each, in USD1 million increments, with no maximum amount. Bids cannot be cancelled once entered into the system.
Bids will be awarded at multiple prices. A pro rata system will be used, if necessary.
Transactions will be settled on a T=0 and bilateral basis. The BCRA will make the delivery after verifying that the funds have been transferred.
These transactions will be carried out regardless of the spot sale of foreign currency program announced by the Ministry of Finance on June 13, 2018.
