The decision, according to sources in the Central Bank, was made to dismantle a financial loophole that allowed brokers to earn up to 9% “with just two clicks.”“Brokers were calling their clients to tell them to use the LEDE loophole,” a source in the Central Bank told the Herald. The MEP dollar is the exchange rate implicit when investors buy shares or bonds in pesos and sell them in dollars in the local market. The government had been intervening in the AL30 market, which reduced the MEP dollar rate. “It’s impossible to determine how much they lost,” a source in the Central Bank told the Herald. “We never reveal our strategy,” another source in the Central Bank said.

Source: Bueno Aires Herald May 20, 2023 00:13 UTC