Argentine Central Bank Updates Foreign Exchange Regulations

On July 23, 2024, through Communications "A" 8073 and 8074, the Argentine Central Bank (BCRA) amended the foreign exchange regulations.

First, through Communication “A” 8073, the BCRA removed several restrictions to carry out certain transactions, such as blue-chip swap transactions, applicable to certain individuals, such as those who had received state aid in the framework of the COVID-19 sanitary emergency or who had some kind of consumption subsidy for public services, among others.

Second, through Communication “A” 8074, the BCRA amended the general regime for payment of imports of goods and provided that access to the foreign exchange market (FX Market) to make deferred payments for the FOB value of imports of goods officialized as from August 1, 2024, may be granted for 50% as from 30 calendar days from the date of its customs entry registration, and the remaining 50% as from 60 calendar days from the same date.

This allows importers of goods to pay all their debts with their foreign suppliers within a maximum of 60 calendar days from its customs entry registration instead of the 120 days established in the previous general regime.

Likewise, through this communication, the BCRA established for luxury goods that access to the FX Market may be granted to make deferred payments for the FOB value of imports officialized as of August 1, 2024, as of 90 days from the date of its customs entry registration.

Finally, the BCRA provided that exporters of services—such as IT, legal, accounting, and management—will be exempted from transferring to Argentina and selling for ARS through the FX Market the proceeds of their export transactions up to USD 24,000, thus doubling the previous annual limit, as long as exporters comply with the other requirements established by the foreign exchange regulations in force.