BCRA: New Rules on Onboard Supply of Foreign-Flag Vessels

Through Communique “A” 7217 dated February 4, 2021, the Argentine Central Bank (the “BCRA,” after its Spanish acronym) established that, once the requirements outlined below are fulfilled, monitoring financial institutions can deem as fully completed the oversight of boarding permits paid to exporters locally in pesos and/or foreign currency by local agents of owner companies of foreign-flagged carriers:
 

• Submitted documentation must demonstrate: (i) that exported goods were delivered in Argentina; (ii) that the local agent of the owner company of the foreign-flagged carriers paid the exporter locally; and (iii) which currency was used.
   
• The monitoring financial institution must have a certificate issued by a financial institution stating that the local agent had access to the foreign exchange market for the equivalent amount in foreign currency applicable to the permit.
   
• If the sums received in Argentina are in foreign currency, the certificate must list the corresponding sale of those funds in the local foreign exchange market.
   
• The local agent cannot have used this mechanism for an amount exceeding US$ 250,000 in the current calendar month.