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20 Sep 24 The Argentine Central Bank relaxes certain FX restrictions

Posted at 09:45h in Publications by

By Agustín L. Cerolini and Martín Chindamo

The Argentine Central Bank, by means of Communication ‘A’ 8108 (for its acronym in Spanish, the “BCRA” and the “Communication”), has introduced a series of amendments to its Foreign Exchange and Foreign Currency Regulations (the “FX Regulations”) in order to:

(a) Establish that access to the foreign exchange market for the purpose of making deferred payments for the FOB value of imports officialised from September 20, 2024 and corresponding to the goods listed in Section 10.10.1.3. of the FX Regulations may be made from 60 (sixty) calendar days after the registration of the customs entry of the goods (previously it was 90 (ninety) calendar days).

(b) Establish that, within the framework of the provisions of Section 3.13. of the FX Regulations and provided that the other applicable regulatory requirements are met, foreign exchange institutions may grant access to the foreign exchange market for the repatriation of direct investment of a non-resident through access by a resident who has acquired an equity interest in a resident company.

This is provided that the conditions set out in paragraph 2 of the Communication are met.

(c) To establish that, for the purpose of preparing the affidavits provided for in sections 3.8.4. and 3.16.3.1., 3.16.3.2. and 3.16.3.4. of the FX Regulations, a term of 90 (ninety) calendar days shall be considered for all securities, regardless of whether they have been issued under Argentine or foreign legislation.

Previously, a term of 180 (one hundred and eighty) calendar days was considered for transactions involving securities issued under foreign legislation.

(d) To provide that transfers of securities made or to be made to custodians abroad for the purpose of participating in a repurchase transaction of debt securities issued by a resident shall not be taken into account in the sworn declarations made to comply with sections 3.16.3.1. and 3.16.3.2. of the FX Regulations.