A few days ago, the provincial government was surprised when it discovered that a “stocks” of dollars had been imposed on Córdoba. The Central Bank restricted the provinces’ access to dollars to pay debts. This measure taken by the monetary entity was carried out amid concerns about the loss of reserves. The entity established that the provincial governments present a proposal “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.”

Given this, Córdoba did not hesitate to go to court and this Tuesday the governor Juan Schiaretti himself announced through his social networks that the Federal Judge of the 2nd Nomination of the city of Córdoba, Alejandro Sánchez Freites, upheld the precautionary measure requested by the Province in the amparo action filed against the Central Bank of the Argentine Republic (BCRA) due to the resolution that prevented access to the Single Exchange Market to acquire the dollars necessary to meet its debt in foreign currency.

The Judge ordered the inapplicability of said measure, for which reason the The BCRA had to provide without any restriction the sale of the dollars necessary to cover the payment quota of US$ 120 million that expires this Saturday, June 10 of the current year.

He Central Bank of the Argentine Republic (BCRA) announced that will appeal the ruling of the Federal Court of Córdoba No. 2which arranged the suspension of Communication A 7782, which required provinces with debt in foreign currency to use their own resources, to cancel 60% of capital maturities in 2023.

“The Central Bank of the Argentine Republic proceed to file legal remedies against the precautionary measure ordered by the Federal Court of Córdoba,” said the monetary authority in a statement.