Dollar prices today, Monday 7/19-2021

The price of the dollar stabilized today, Monday 19-7-2021 against the Egyptian pound, due to the lack of transactions today in banks, according to the decision of the Central Bank of Egypt to suspend work in all banks operating in Egypt, starting today, Monday, for a period of 4 days, on the occasion of the blessed Eid al-Adha for the Hijri year 1442 AH. .

In the National Bank of Egypt and Banque Misr, it was stable at a price of 15.62 pounds for purchase, 15.72 pounds for sale, while in the Bank of Cairo, it recorded 15.64 pounds for purchase, 15.74 pounds for sale, and in the Commercial International Bank, it recorded 15.62 pounds for purchase, 15.72 pounds for sale, and the average exchange rate in the Bank The Central Bank of Egypt recorded 15.64 pounds for purchase, 15.73 pounds for sale.

The price of the dollar in some banks was recorded as follows:

The price of the dollar in the Central Bank of Egypt

15.64 EGP to buy.

15.73 pounds for sale.

The price of the dollar in the National Bank of Egypt

15.62 pounds to buy.

15.72 pounds for sale.

The price of the dollar in the Bank of Alexandria

15.63 pounds to buy.

15.73 pounds for sale.

The price of the dollar in Cairo Bank

15.64 EGP to buy.

15.74 pounds for sale.

The price of the dollar in Banque Misr

15.62 pounds to buy.

15.72 pounds for sale.

The price of the dollar in the Commercial International Bank “CIB”

15.62 pounds to buy.

15.72 pounds for sale.

The price of the dollar in Abu Dhabi Islamic Bank

15.66 pounds to buy.

15.74 pounds for sale.

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you only enter with more than $ 1 million

This wholesale market was in operation before the arrival of the new controls, but it took its own flight this week. It is “the freest legal dollar”

The new measures of the Central Bank and the National Securities Commission (CNV) on the operation for the acquisition of dollars in the Cash With Liquidation market (CCL) at the beginning of this week They revitalized other legal channels to buy dollars and turn them abroad and, thus, a new price of the dollar was added to the reference values ​​for the exchange market: the “SENEBI dollar” (Bilateral Negotiation Segment).

It should be remembered that, until last week, the maximum weekly bonds that clients of the Settlement and Clearing Agents (ALyCs), stock traders that are not their own portfolio, could sell to buy CCL was 100,000 per week. And now, they can only buy 50,000.

Also, until last week, you could trade around US $ 30,000 with the AL30 bond and without limit with the GD30. But now, the cap is around $ 30,000 a week for both. Thus, the BCRA and CNV regulations put a lock more to the transaction of CCL and there are cases of people who were left with their dollars “stranded” in limbo since they have not been able to make their sales because the new measure seized them in the middle of the operation.

“In fact, a client of mine who received a very large compensation, planned to buy MEP and CCL and kept the bonds locked. He will have to wait three weeks to be able to finalize his plans as a result of the reduction of the quota,” says Mauro Cognetta, financial advisor and director of Big River.

However, when the measure was known, some experts explained that this did not imply that the client who wanted could not sell bonds through the wholesale channel, through the SENEBI, which, in fact, was always the place where large volumes were operated. What does this imply? That not everyone can access it, due to the amounts required to enter.

A characteristic of SENEBI is that the price of the CCL that is negotiated there is agreed between two parties.

What is SENEBI and how does it work?

According to official sources to iProfesional, SENEBI is a round of Stock Exchanges and Markets of Argentina (ByMA) and, therefore, in general lines, operating there has the same conditions as in the open market. “This implies, for example, that If a subject is not authorized to operate CCL, he cannot do so in this segment, “they indicate.

Likewise, the operations carried out in that segment are recorded and must be reported to BYMA at the end of the round. It is very important to note that it does not work with a reference price (that is, it is not a question of supply and demand), but the price is agreed in a negotiation between the two parties involved, a bidder and a demander.

This means that it is a market whose prices do not appear on traders’ screens and are often above average. The parties agree on a figure and close the operation, without any limit or information to the market of what the exchange rate is. But, if there are substantial differences with the screen price (the retail CCL price), it is possible that a complaint will be initiated before the Financial Information Unit (FIU).

“To operate in this square, there is a minimum transaction amount of $ 1 million, which is equivalent to around US $ 6,000, the commission to be paid for the operations carried out in that market is not preset and they are not covered by BYMA’s mandatory guarantee fund, “says a market source.

As previously stated, this Cash With Settlement will continue to operate freely and the Stock Exchange companies will not have nominal limits to operate with their own portfolio.

The retail client does not have the possibility of entering SENEBI due to the values ​​it handles

New regulation, new role for this dollar

Although it worked before the new restrictions, this market was not diffused because the average prices registered in it were very similar to those of the CCL dollar. However, these days, the dollar SENEBI“is becoming a new reference price.

It is the price that best reflects the reference price of the North American currency because it arises from the free and private exchange between a foreign company and a local company“, points out Sergio Morales, CEO of Interfinance.com.ar.

The expert explains that “the search to externalize assets by Argentine companies does not generally compensate the interest in entering foreign currency into the country, so its price ends up being very similar to the informal dollar, although with the difference that we refer to an operation electronic and completely legal. ”

A) Yes, while yesterday the CCL was trading around $ 167, the SENEBI was around $ 170. However, Cognetta explains that it is a problem that the SENEBI begins to take off more than the CCL and becomes a reference price for the market because “its price is not transparent to the public and, although the amount that was operated at the end of the day, it is not so easy to know how its value is calculated “.

The truth is that operator volumes were also boosted by the arrival of the new measures, given that, up to that moment, 30% were operated in the PPT market (traditional by screen) and 70% in SENEBI (over the counter- OTC), but after the arrival of regulation, this relationship was altered.

“On the first day, the ratio became 85% SENEBI and 25% PPT, although in the following three days it fell almost to the usual average level (70/30)”, describes the specialist. He points out, however, that “we must give it more time to see how the market is accommodating because it is still a few days”, but does not rule out that it will settle around 15% / 85% in the coming months.

In this context, Morales anticipates that the dollar “SENEBI” will continue to exist as a reference, forever and when these measures are in force.

“It should be remembered that this strategy by the Government is aimed at having greater control over financial dollars, which are public and cause a greater impact on the population on the eve of an electoral process,” he says.

For this reason, it does not rule out that the new measures remain in force at least until the elections are held.

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Dollar prices today, Thursday 15-7-2021

The price of the dollar today, Thursday 7-15-2021, witnessed a noticeable difference in the last days of the week against the Egyptian pound in banks operating in Egypt at the beginning of morning trading, compared to the end of trading yesterday, Wednesday, stable in the National Bank of Egypt and Banque Misr at a price of 15.62 pounds for purchase, 15.72 pounds For sale, in the Bank of Alexandria, it recorded a decrease of “one penny” to record 15.62 pounds for purchase, 15.72 pounds for sale, compared to yesterday’s price of 15.63 pounds for purchase, 15.73 pounds for sale, and the average exchange rate in the Central Bank of Egypt recorded 15.64 pounds for purchase, 15.73 pounds for sale.

The Seventh Day offers a service that includes publishing currency rates in all Egyptian banks and the banking market, and includes an immediate update of prices if they change.

The price of the dollar in some banks was recorded as follows:

The price of the dollar in the Central Bank of Egypt

15.64 EGP to buy.

15.73 pounds for sale.

The price of the dollar in the National Bank of Egypt

15.62 pounds to buy.

15.72 pounds for sale.

The price of the dollar in the Bank of Alexandria

15.62 pounds to buy, compared to its price yesterday, it was 15.63 pounds.

15.72 pounds for sale, compared to its price yesterday, it was 15.73 pounds.

The price of the dollar in Cairo Bank

15.64 EGP to buy.

15.74 pounds for sale.

The price of the dollar in Banque Misr

15.62 pounds to buy.

15.72 pounds for sale.

The price of the dollar in the Commercial International Bank “CIB”

15.64 EGP to buy.

15.74 pounds for sale.

The price of the dollar in Abu Dhabi Islamic Bank

15.66 pounds to buy.

15.74 pounds for sale.

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more experts warn that it could cross this threshold

With an expected inflation of 25% in the second semester, economists do not rule out that the blue will follow in its footsteps and accelerate its evolution. This foresee

On Tuesday, the price of blue calmed down a bit and fell $ 2, to $ 176, after a Monday in which it had reached its maximum price so far in 2021, when it touched $ 180, as a result of a rise of $ 5 in a single day. A) Yes, the gap between the illegal price and the wholesale price was close to 85%.

The jump, according to specialists, was as a consequence of the new measures for the operation of bonds for the purchase of the dollar Cash With Liqui (CCL), which anticipates a bullish outlook in the exchange market. So, beyond the eventual decline, it appears that the illegal dollar has not yet peaked.

This is what the economist of the Eco GO consultancy Sebastián Menescardi suggests to iProfesional, stating that “the price of blue is likely to trend upward, given the usual dollarization prior to electoral periods and the inflationary context, a situation that, in addition, is exacerbated these days by the greater retail demand that seeks to protect the Christmas bonus and higher disposable income “.

As the blue rises and its difference with the officer widens the gap

It is still missing for the expected maximum

With this price and with the proximity of the electoral process, which generates a tendency towards dollarization on the part of savers, more voices indicate that it is going to be worth $ 200 in the coming months.

“Towards the end of the year, the exchange rate gap will be expressed in a real dollar between $ 190 and $ 200Although the Government seeks to comply with the official budget exchange rate of $ 102, “the economist Carlos Melconian warned a few days ago. And he is not the only one who indicates it.

The economic, financial and business analyst, Salvador Di Stéfano, does not hesitate to affirm that eThe gap is likely to be 120%. “This means that we will see a blue priced between $ 200 and $ 240 because the dollar is going to be a refuge for many Argentines towards the end of the year, “he says.

In the same vein, Christian Buteler, an expert investment economist, assures that, although it is very difficult to put a price on the blue dollar, he does not doubt that it can reach $ 200 or $ 220 by the end of the year.

However, he points out that “we are talking about a 17% rise, while inflation is going to be around 25%, so it goes to higher than that percentage. “He warns that it is impossible to separate these two elements, especially when we talk about the blue, a dollar in which the Government cannot intervene, at least directly, as it does with the financial and official.

Towards the elections, a rise in the dollar is seen.

Towards the elections, a rise in the dollar is seen.

The reasons for the rise

When looking for an explanation for this rise, Di Stéfano begins by describing the sequence of the dollar this year. “It had an extraordinary effect, which was the payment of the wealth tax. When the payment of this extraordinary contribution was determined, the gap began to fall because those who had to pay it sold dollars to do so and the blue remained very stable,” he says. .

This happened in January 2021 and, in March of this year, the gap between blue and official reached 54%. The blue became the cheapest dollar on the market and it ranked below the solidarity, the MEP and the CCL.

But Di Stéfano points out that, once this tax was canceled, people began to buy back those dollars they had sold and a sequence began. “The gap went from 54% to 84% today and, today, the blue is at $ 176,” he describes.

This, according to their analysis, responds to the fact that There is a general feeling in society that spending is going to increase strongly in the face of the lectures since we have a drag on a rise in pandemic spending and a loss of income due to the closure of activities due to the pandemic.

“The effect of the pandemic generates less public income and this adds to the fact that pandemic and electoral spending will increase the deficit. As Argentina does not have international credit and has very little domestic credit,” he says. This means that the Government is having to resort to the monetary issue to finance the public budget and, faced with this situation, people try to cover themselves by buying dollars.

The BCRA has firepower, but the blue escapes its orbit of intervention.

The BCRA has firepower, but the blue escapes its orbit of intervention.

What to do to control it?

The problem is that the government has little influence in the illegal dollar market. So how can you counteract this upward trend? Menescardi, points out that his best tool is to reduce the trajectory of the inflation and your expectations, to improve the real yields of the rates in pesos and to slightly calm the demand for blue.

Along the same lines, Buteler indicates that, “if you want to stop it, you must control the inflation first of all. “Note that another possibility is to continue intervening the other markets of the dollar to keep them quiet but that, to do so, the Government would have to eat part of the buffer of reserves that it made this year as a result of the liquidation of soybeans and the Extraordinary Contribution of the Great Fortunes.

He warns that this strategy will work or not depending on how many pesos he dumps into the market.

As iProfesional reported, from November of last year to June the monetary authority would have used about 1,100 million to contain the gap. In the last two weeks, due to the greater pressures -according to the market- he had to “spend” a total of US $ 200 million.. This led the BCRA and the CNV to impose new restrictions on the operation of the CCL and the MEP.

The truth is that, today, the Government has room to intervene and a drastic jump is not in sight for now, but it ensures that everything will depend on how many pesos there are in the market.

Thus, Claudio Caprarulo, director of Analytica says that “the high power of fire that the BCRA has today, with the direct intervention selling securities that it has in its portfolio and, in turn, operating on the expectations by means of the futures market, they allow us to infer that it can keep the gap between the CCL and the official dollar controlled for at least the next six months “.

If so, consider that, with a gap like the current one (at 74%), it is logical to expect a financial dollar about $ 190 by the end of the year and, although Caprarulo considers it unwise to make projections for the price of blue given the small size of that market and the high volatility it presents, taking into account that the CCL is usually a parameter for the price of illegal, there is consensus between several analysts in that we will have a blue of between $ 200 and $ 250 for December.

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Tremendous Chicana on TV from Patricia Bullrich to Alberto Fernández: “It would be necessary …”

In the context of a confrontation that has already become personal, Patricia bullrich chicaneó a Alberto Fernandez on a television show by questioning him for his constant accusations against Mauricio Macri: “It should be sent to Pasapalabra.”

During an interview with Jonatan Viale on the LN + channel, the former Security Minister was consulted about the recent accusations of the president against his predecessor for the rise in the dollar. In that dialogue, when he was reminded that Fernández had accused of capitals that arrived in the country during Macri’s administration of the current exchange movements that pressure the informal dollar and the ‘counted with liqui’, Bullrich said that the head of state “does not know how high the price of the US currency is.”

Topics

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Price of the dollar in Peru: what is the exchange rate at the close of the session today, Monday, July 12, 2021 Exchange rate Ocoña Buy Sell SBS Interbank Quotes Exchange house nndc | ECONOMY

Price of the dollar in Peru: what is the exchange rate at the close of the session today, Monday, July 12, 2021 Exchange rate Ocoña Buy Sell SBS Interbank Quotes Exchange house nndc | ECONOMY | THE PERU COMMERCE

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Is it convenient to put silver in common FIXED TERM or GRAPE in July?

Savers who bet on fixed terms should be attentive to new forecasts of lower inflation, which may change their preferences

The lower inflation forecasts begin to balance the returns offered by the UVA fixed terms compared to the traditional ones, and there savers begin to consider which of these two alternatives is the most appropriate to safeguard the purchasing power of their pesos.

Both options have both their advantages and disadvantages, but the only clue that the situation looms is that the gain of the UVA fixed terms, which were the “stars” of the first semester for granting around 4% per month, according to the high inflation at that time, would decrease in the coming months.

In other words, this placement that adjusts based on the Reference Stabilization Coefficient (CER) index, which reflects inflationary evolution, would see its performance affected by economists’ projections that there will be a lower price increase in the short term. term.

Therefore, its yield would be equal to the fixed rate that today offers a traditional fixed term, which is 3.08% monthly (37% annually).

The alarms for UVA savers have already been turned on. According to Claudio Caprarulo, chief economist at Analytica consultants, the inflation recorded last June was 2.9%. And for the period from July to September, he told iProfesional, he expects a monthly average of 2.6%.

If these estimates are specified, after several months, this saving tool, which follows the prices of the economy, it would be just below the rate paid for a traditional fixed term.

Something that would make these investments that are governed by a fixed rate more attractive, especially since they are 30-day placements, so they allow the money to be moved quickly to another type of instrument, in the event of an alteration. in the political and economic “climate” of the country.

On the other hand, the UVA fixed terms require a minimum reserve requirement of the funds of 90 days, a period that in Argentina can be “eternal” in an electoral year.

The justifications for these downward inflation forecasts, according to Caprarulo, are mainly based on the fact that the “Government strongly reduced the depreciation of the peso, to just over 1% during the last two months, and in turn slowed down both the rate increase and many contracts, which during 2020 were frozen. ”

This trend of lower inflation is being perceived in the demand for UVA fixed terms.

In fact, days ago, Javier Dicristo, Banco Meridian Investment Manager, told iProfesional: “I am a little surprised, queries dropped a lot to do this type of placement. ”

With downward forecasts of inflation, the doubt of the savers is in what fixed term it is convenient to put the weights

Fixed term UVA vs. traditional

It should be remembered that in the first half of the year, UVA fixed terms were the instruments that grew the most among savers, due to the fact that they doubled their participation among placements.

Is that at the end of last year they represented barely 2.5% of the volume of all traditional deposits, while today the proportion doubled to 5% of the total.

“The prominence of the fixed term UVA has two key ingredients: the intervention of the Government in the prices of the stock exchange dollars, which slow down their evolution; and the acceleration of inflation, which allowed the yields to be also higher”, summarizes Iván Cachanosky, Chief Economist of the Fundación Libertad y Progreso.

And he adds: “For these reasons, the outlook for the fixed term UVA It was clearer in the first quarter, and it was already a bit more risky from April to June. Nonetheless, it yielded 24% in the first 6 months, thus beating both the traditional variant (18%) as well as the MEP dollars (17%) and counted with liquidation (18%)“.

Beyond that the performance that this instrument will have in the months to come, most of the analysts consulted by iProfesional estimate that it is still “a good option”.

“In particular, he thought that it is still a good option to follow inflation, but the overheating of the US banknote in recent days could tip the balance towards that choice,” Dicristo warns iProfesional.

Beyond this preference for dollarization in times of uncertainty, Juan Pablo Albornoz, an economist at the consulting firm Ecolatina, notes that, in the medium term, for those seeking inflationary coverage, UVA fixed terms are a good option “.

At the same time, it completes that “everything seems to indicate that in the coming months inflation would tend to decline gradually, mainly due to the handbrake on the official dollar. Although the reopening of parities could put pressure in this way, we would not immediately see this effect. , mainly, because the increases are given in installments “.

Now, for the very short term, Albornoz considers that the fixed term UVA, “perhaps, has a lower yield than the one they have been showing and it is more convenient to stop at, for example, the mutual funds (FCI) fixed rate, which would beat inflation in these two or three months. ”

It also adds no less data for this instrument, with respect to the aforementioned fact that “it requires having the silver stopped for at least 90 days, and at most it pays CER plus 0.25%.

In addition, in the previous election, for the saver, the path that the exchange rate takes can weigh heavily.

“Not everything is rosy, we must not forget that the parallel dollar yield they find each other strongly repressed by the interventions of the Central Bank and the Sustainability Guarantee Fund (FGS) “, Cachanosky warns iProfesional.

Regarding inflation, as mentioned above, the average of the latest projections of the Market Expectations Survey (REM) published by the BCRA, forecasts a rise in prices that “would be close to 3% per month for the next few months.”

In this way, the attractiveness observed during the first semester with the UVA fixed terms, according to Cachanosky, could “gradually lose relevance”, since inflation would return to levels close to 3%, matching the traditional fixed term.

According to the last REM published on July 8, for the month of June 2021 the median of the economists’ estimates was at 3,2%, and “for following months the total number of participants projects a slightly downward trajectory in monthly average inflation “.

In fact, 2.9% is expected for July and a lower median for the following months, which reaches a floor that reaches 2.7% per month in September and October.

With an interest rate of 3% per month, traditional fixed terms could begin to exceed what UVAs offer, which follow inflation, which could be 2.7% per month.

With an interest rate of 3% per month, traditional fixed terms could begin to exceed those offered by UVAs, which follow inflation.

More attractive traditional fixed term?

A not minor fact is that, since september last year, deposits to traditional fixed term they have consistently lost to inflation.

On July 2020 had their last positive performance, when, at that time, the monthly compensation exceeded inflation by half a percentage point, providing a rate of 2.4% while the price increase was 1.9% that month.

“After last august entered a Shadow icon´, a period in which its performance practically equaled the monthly increase in the National CPI “, and little by little it was falling below inflation, the analyst Andrés Méndez of AMF Economía summarizes to iProfesional.

Thus, since the middle of last year, the Central Bank’s strategy was to “freeze” the minimum yield on retail time deposits at 3% per month.

Therefore, everything indicates that, to the extent that the Consumer Price Index (CPI) is not below that percentage, the performance of these loans will be negative.

In this sense, Natalia Motyl, economist at the Fundación Libertad y Progreso, explains: “Inflation is one of the major influences that govern the level of interest rates. If the rate at which saving is remunerated is lower than the rise of expected prices, we will be losing in real terms. Therefore, the minimum rate must always be equal to or greater than expected inflation “.

In other words, in the face of a Central Bank that “´looks the other way”, the future development of internal prices may rekindle (or not) the validity of savings in pesos of small savers in traditional placements. if the expected turning point could have occurred in June “, emphasizes Méndez.

To complete that “it is probable” that it is due wait until the end of July or next August so that, “from a greater slowdown in the rate of growth of domestic prices, signs of real returns positive for small savers in pesos at a fixed rate “, summarizes this analyst to iProfesional.

That is to say, wait for the monthly inflation sea less than 3.08%, which is the rate granted by a traditional placement.

In this sense, Cachanosky states: “The savers could be interested in go back to traditional placements, since they are for 30 days, and not 90 days as in the case of UVA. This last point is important because it gives savers more room for maneuver in case they want to switch to another instrument, such as going to the MEP dollar or cash with settlement “.

This last point is also one of the aspects that can influence placements in pesos, because if instability increases, it is expected that savers can take refuge in the US currency.

“In recent weeks, the foreign exchange market has shown the mood to wake up a bit. This is normal in the context of elections. The problem is that reserves are scarce and the lack of an economic plan combined with inflationary uncertainty makes the hard currency weaken. make it attractive, “adds Cachanosky.

And he concludes: “With these contexts, it would not be surprising that savers who switched to the fixed term UVA return to the traditional, at least for a month, to feel the evolution of inflation and the exchange rate, instead of being tied back for 90 days to these placements “.

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Dollar: This is how it will be listed in December, according to consultants – Bae Negocios

  1. Dollar: This is how it will be listed in December, according to consultantsBae Business
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  6. See full coverage on Google News

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With strong gains, will gold steal the spotlight from the dollar?

For the second week in a row, gold managed to catch its breath and record good weekly gains with the losses chasing the US dollar against the global basket of currencies.

The yellow metal futures ended the week’s trading up 0.6%, at the level of $ 1810.6 an ounce, achieving gains for the third consecutive week by 1.5%. The spot price of gold also increased by 0.4% at the level of $ 1810.5 an ounce.

The precious metal’s gains come with the US dollar heading for losses against a basket of global currencies, as the green US dollar fell against the euro by 0.2%, recording $1.1872. The US dollar also fell against the British pound by 0.7% at the level of $1.3878. The dollar rose against the Japanese yen by more than 0.4% at the level of 110.200 yen.

The Federal Reserve had recently stressed the need for the United States to be prepared in the event of significant inflation or other economic risks. The minutes revealed division over the view of inflation risks, given the relatively high unemployment rates, with estimates that the US central bank could cut asset purchases earlier than expected. And he indicated that the opinion of the majority of officials is that the risks of inflation tend to the upward direction.

The US Federal Reserve Chairman, Jerome Powell, stressed that a decision will not be taken to raise interest rates too quickly because of fears of an increase in the rate of inflation. “We will not preemptively raise interest rates because we fear potential inflation,” he said during a hearing before Congress. “We will look for evidence of actual inflation or other economic imbalances.”

According to a recent report by the World Gold Council, about a third of the global production of the precious metal during the past year, equivalent to about 29.5%, came from three countries, namely China, with a share of 10.6%, equivalent to about 368.3 tons, and then Russia, with a share of 9.5%, equivalent to about 331.1 tons, Then Australia, with a share of about 9.4%, equivalent to about 327.8 tons.

In fourth place, the United States of America came with a production volume of about 190.2 tons. Canada ranked fifth with a production volume of about 170.6 tons, followed by Ghana in sixth place, with a production volume of about 138.7 tons.

In seventh place, Brazil came with a production volume of about 107 tons, and in eighth and ninth place globally came Mexico and Uzbekistan with a production of 101.6 tons each. And in the tenth and last place, Indonesia came in with a production volume of about 100 tons during the year 2020.

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Opening an account abroad: how to do it, what requirements must be met and what obstacles exist

The distrust of Argentines in the local banking system it is not new. According to an official estimate, residents in the country have more than US $ 250,000 million “under the mattress”, that is, in security boxes or outside the financial system.

With relatively recent experiences of deposit confiscation, many seek to take their savings directly to another country. USA -where there are a good number of stranded- it is the most sought after destination among Argentines seeking to expatriate their dollars.

However, they can be found with obstacles when trying open a bank account in the north country. A fundamental point is power justify the origin of the funds before the bank, as part of the policies of money laundering prevention and financing of terrorism. At the same time, some entities request to declare that the interested party do not be a politically exposed person for having held a public position or being related to an official or former official.

The account opening by foreigners It is allowed in the United States but each entity can request different requirements. “The banks, in the world and especially in the United States, specialize in a certain segment and choose who to work with and with whom not. There are banks that do not serve Latin Americans or that serve only those from certain countries. Others who serve anyone except people of a certain field. ”, He explained Mariano Sardans, CEO of the asset management company FDI.

It is estimated that Argentines have more than US $ 250,000 million under the mattress. (Photo: Pablo Lasansky / NA).

“Many people end up opening accounts in banks that later they end up closing them because They cannot explain in time and form where the silver came from or where it went”He added. Along these lines, he explained that many people, due to ignorance, end up adapting your operation to the bank’s requirements.

Open a company in the United States

A frequent strategy for adapting the client to the bank is open a company in the United States to be used later as a vehicle to deposit the money.

“As the bank only accepts to work with North Americans or North American companies, many they set up a society in that country, which can be a LLC or one Corp, and open the account in the name of the company and they deposit the silver there. Later, end up paying in front of the North American Treasury Profits that they would not pay if they had an account in their own name as a non-resident or of a trust or company that is outside the United States, ”Sardans warned.

What are the requirements to open an account in the United States

Given this scenario, the expert indicated that it is important evaluate the requirements and characteristics of each entity before opening an account abroad. With respect to requirements To file an account as a foreigner, Sardans indicated that they are similar to those that a bank in Argentina may request. Among these, he mentioned:

  • The account opening forms. Among them, the one known as “W8”, which is like an affidavit where the person assures that they are not a US tax resident or US citizen, since these – regardless of where they live – have to pay taxes in the United States.
  • A service ticket to demonstrate that the address declared on the forms coincides with the actual place of residence.
  • A Bank statement To demonstrate that the person is banked at another financial institution from another country.
  • As to ID, Sardans indicated that most banks require passport but he said that in some they can ask DNI and other identification, such as the driver’s license. In addition, he indicated that some banks ask United States visa.

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