They suspended the sale of dollars for the purchase of real estate with mortgage loans

The Central Bank of the Argentine Republic (BCRA) As of this Friday, it suspended the sale of dollars intended for the acquisition of real estate through mortgage loansaccording to the provisions of Communication A7895 released by the monetary authority.

The measure suspends the validity of what is established in point 3.9 of the “Foreign and exchange” regulations, which specify the conditions under which the entities of the financial system can give access to the exchange market to resident human persons to the purchase of foreign currency.

The decision of the Central Bank is announced after the College of Notaries of the City of Buenos Aires reported that in October, the year-on-year increase in the sale and purchase of real estate through bank mortgages was 98.3%.

The BCRA rule suspends with effect from November 24, 2023 “the provisions of point 3.9 of the ‘Foreign and exchange’ regulations regarding access to the exchange market for the purchase of foreign currency by individuals. residents for simultaneous application to the purchase of real estate in the country from mortgage loans granted by local financial entities”.

The suspended provision enabled banks to “give access to the exchange market to resident human persons for the purchase of foreign currency to be applied simultaneously to the purchase of real estate in the country intended for single housingfamily and permanent occupation”.

This authorization corresponded as long as it was “funds from mortgage loans granted by local financial entities“.

It also established that “in the event that the purchase operation is carried out within the framework of the Procrear Program, “Funds from subsidies from said program may also be used.”although in the case of co-debtors “access will be made for up to the amount of the loan or the equivalent of US$ 100,000, whichever is less.”