The BCRA informs that the Ministry of Economy has requested to start conducting US dollar sale auctions from today by its order and for its account.
The amount of USD60 million will be daily put up for auction until reaching a total amount of 9.6 billion.
The official call for tenders will be announced by the BCRA through the SIOPEL platform of the electronic securities and foreign currency trading market (Mercado Abierto Electrónico, MAE).
The auction mechanism will be as follows:
• Auctions will take place twice a day: the first one at 12 noon and the second one at 2:45 pm. Entities will have 3 minutes to place their bids.
• Bidders can place up to two bids in each auction, with a minimum amount of USD1 million each and in USD1 million increments, and with no maximum amount. Bids cannot be changed or cancelled once entered into the system.
• Bids will be awarded at multiple prices after the auction closes. A pro rata system will be used, if necessary.
• The BCRA will announce the weighted average price awarded, the minimum price awarded, and the total amount allocated in each auction.
