BCRA: Adjustments to Foreign Exchange Regulations

On the one hand, in line with Decree No. 91/2019, Communiques “A” 6855 and 6856 (Communiques) extended, as from December 31, 2019, the effectiveness of FX regulations relating to the obligation to transfer to Argentina and sell on the FX market the exchange value of export of goods and services. There is no expiration date for these Communiques.

On the other hand, the Communiques limited access to the FX market for the purchase of foreign currency by non-Argentine residents, who will be required to obtain the prior approval from the Argentine Central Bank (the “BCRA” after its acronym in Spanish) regardless of the amount involved in the transaction. Up to now, non-Argentine residents could generally acquire foreign currency through the FX market without the prior approval of the BCRA, as long as they did not exceed the equivalent of USD 100 per calendar month. International organizations and institutions that fulfill the functions of official export credit agencies, diplomatic and consular representations and diplomatic personnel accredited in the country for transfers made in the exercise of their functions, among others, continue to not to be impacted by said limitation.