Argentine Central Bank Modifies Access to Exchange Market for Paying Imports of Goods and Services

Through Communication “A” 7917, effective as from today, December 13, 2023, the Argentine Central Bank (BCRA) established, among other measures:

 

 

• Payments of imports of goods

 

• As from December 13, 2023, it will not be necessary to obtain a SIRA (Import System of imports of the Argentine Republic) in “READY” status to access the foreign exchange market (FX market), nor validate the transaction before the CCUCE (Single Foreign Trade Current Account for Foreign Trade).

 

• Deferred payments of new imports of goods

 

 

• Access to the foreign exchange market may be granted for deferred payments of new imports of goods with customs entry registration as of December 13, 2023, in accordance with the schedule established by BCRA according to the type of goods, and which term can reach up to 180 days from its customs entry registration.

 

For the remaining goods, payment may be made according to a schedule of 30, 60, 90, and 120 calendar days, at 25% of the amount of the goods each time.

 

Freight and insurance may be fully paid as from the first date of access to the FX market, depending on the type of good.

 

It will also be possible to access the FX market to pay, on a deferred basis, new imports of goods with customs entry registration before the mentioned deadlines when there are, for instance, financings for imports of goods granted by local financial institutions leveraged by foreign lines of credit.

 

 

• Payments of new imports of goods with pending customs entry registration

 

• Prior BCRA approval will be required except when, for instance, the payment is made with an import of goods financing granted by a local financial institution leveraged by a foreign line of credit.

 

 

• Payments of imports of goods with customs entry registration prior to December 13, 2023

 

• Prior BCRA approval will be required to access the FX market except when, for instance, the payment corresponds to transactions financed or guaranteed by local or foreign financial institutions.

 

• Payment of new imports of services

 

• As from December 13, 2023, it will not be necessary to obtain a SIRASE (Import System of the Argentine Republic and Payments of Imports of Services Abroad) in “APPROVED” status to access the FX market, nor validate the transaction before the CCUCE (Single Current Account for Foreign Trade).

 

• A differentiated treatment is established to access the FX market depending on the type of service, such as, for instance, when:

 

• • passenger transport services (S03), and audiovisual services (S23).

 

• • freight services for import transactions of goods (S30) rendered or accrued as from December 13, 2023.

 

 

• • other personal, cultural, and recreational services (S24) rendered or accrued as from December 13, 2023, once 90 calendar days have elapsed from the date of provision or accrual of the service.

 

 

• • other services not provided by related parties as from December 13, 2023, once 30 calendar days have elapsed from the date of provision or accrual of the service.

 

 

• • other services provided by related parties as from December 13, 2023, once 180 calendar days have elapsed from the date of provision or accrual of the service.

 

• Access to the foreign exchange market will be permitted to pay for new imports for services rendered or accrued as from December 13, 2023, before the mentioned deadlines when, for instance, accessed with funds originating from imports of goods financings granted by local financial institutions leveraged by a foreign line of credit.

 

 

• Payment of imports of services prior to December 13, 2023

 

• Prior BCRA approval will be required to access the FX market, except when, for instance, the payment corresponds to transactions financed or guaranteed by local or foreign financial institutions.

 

•   Other provisions

 

The following existing special regimes, among others, were repealed:

 

• Access with “Certification of transfer of new foreign financial indebtedness.”

 

• Access associated with a foreign financial indebtedness stemming from a refinancing of commercial debts for the import of goods and services registered before the BCRA.

 

• Access to the FX market for certain luxury goods on a deferred basis.