Conditions for Accessing the Foreign Exchange Market to Pay Imports of Goods are Amended

Through Communique “A” 7239, published on March 18, 2021, the Argentine Central Bank (BCRA, after its acronym in Spanish) amended the requirements for accessing the foreign exchange market to pay for imports of goods.

First, the BCRA extended through June 30, 2021, the regulations set forth in paragraphs 2 and 3 of Communique “A” 7030, concerning the need to have the BCRA’s prior consent: (i) to make advance, deferred, and at-sight payments of imports of goods and commercial debts for imports of goods without customs entry registration, and (ii) to cancel principal indebtedness with a foreign creditor when that creditor is a related party.

Second, it also added a new item under which clients must provide a sworn statement when paying imports of goods through the foreign exchange market. For more information on the sworn statement, see "The Argentine Central Bank Modifies Certain Regulations for Accessing the FX Market to Repay Imports". As a result, a sworn statement is required not only for the items established in Communique “A” 7193, but also for payments made through the foreign exchange market as of July 1, 2020 for the imports of goods admitted through a Particular Request or Courier embarked as of July 1, 2020 or before then but which has not arrived in Argentina by that day.

Third, the Communique added that the payments mentioned in the previous paragraph will not be included in the amount stipulated under point 2.1.2 of Communique “A” 7193.

 Finally, paragraph 2 of Communique “A” 7123 and paragraph 3 of Communique “A” 7193 were modified so as to stipulate that the amount for which importers will have access to the foreign exchange market based on the sworn statement of imports of goods will also be increased by 50% for transactions settled as of March 19, 2021, as long as: (i) that amount corresponds to advance payments of goods applied to the production of exportable goods, and (ii) a sworn statement is provided on the type of good involved and its applicability to the production of the goods to be exported is outlined.