Conditions Eased for Access to the Foreign Exchange Market

On September 19, 2024, through Communication “A” 8108 the Argentine Central Bank (“BCRA”), made the following modifications: 

•    The term to pay for the following goods was reduced to 60 calendar days from their customs entry registration:

o    finished automobiles;

o    the tariff positions detailed in point 12.1. of the Consolidated Text on Foreign Trade and Exchange (among others, motorcycles and helicopters).

•    Direct investments of non-residents may be repatriated through access to the foreign exchange market (the “FX Market”) of the resident who acquired its equity interest in a resident company in a certain industry (e.g., mining, oil and gas), provided that, among other conditions:

o    access is requested simultaneously with the settlement of funds received from a foreign financial indebtedness, under certain conditions; and
o    the transaction involves the transfer of at least 10% of the capital of the resident company.

•    The term for the affidavit of transactions with securities and other assets was unified, in 90 calendar days. The new term will apply not only to transactions with securities under Argentine law, but also to those under foreign law. The need to report deliveries of pesos or other local assets is also reduced to this term.

•    It is provided that transfers to foreign depositary entities of securities, made or to be made for the purpose of participating in a repurchase transaction of debt securities issued by a resident shall not be considered for the affidavit of transactions with securities and other assets.