Córdoba goes to court and files an amparo against the BCRA resolution

The province of Córdoba rejects the Resolution of the Central Bank of the Argentine Republic (BCRA) which denies the provinces access to purchase dollars in the Single Exchange Market for the repayment of debts in foreign currency.

The unforeseen measure is discriminatory and anti-federal, attacking the normal development and autonomy of the provinces; even more so, when those commitments assumed in dollars have been authorized to be contracted by the national State itself, generating notable damage to the province of Córdoba.

For this reason, the statement made known clarifies, “the Government of Córdoba will present an amparo in the Federal Justice to annul the provision.”

Córdoba must face a maturity of US$ 145 million next Friday, June 10.

What does the resolution of the Central Bank say?

The norm issued this Thursday begins to be in force from Friday, June 2.

by the monetary authority establishes that they must present a proposal to the BCRA that contemplates “a cancellation of up to 40% of the capital maturities and that the rest of the capital obtain new financing, at least, with an average life of two years”.

The ministers spoke

Osvaldo Giordano, finance minister, told La Voz that “the decision is to make a judicial statement questioning the legality. It would be implemented with a request for a precautionary measure that forces the Central Bank to sell the dollars that the province needs to pay.

For the head of the Córdoba Industry, Commerce and Mining portfolio, Eduardo Accastello, this measure limiting access to dollars by the bank directly affects exports from the province.

“It is very difficult,” the official described, “because the new limitations are intended for exports. They are for the entry of capital goods, they are inputs, spare parts that are used to produce, export,” says Accastello.

It emphasizes that the entire industry of Córdoba will be affected. He considers that “the sector asks for support” and reinforces that the government will try to “avoid closures. The inputs are not coming, Brazil decided not to send inputs due to the country’s crisis. This affects the export of our products”.

Accastello considered that Córdoba’s action is important because “it is very important that we resolve the issues, which are urgent, we cannot wait for a new government. We are seeing that there is a company at risk ”, he warned on Cadena 3 radio.