The BCRA Changed its Supplementary Rules for Paying Imported Goods

Through Communique “A” 7375 dated October 5, 2021, the Argentine Central Bank (“BCRA” after its acronym in Spanish) modified the supplementary provisions governing the payment of imported goods, in principle, until October 31, 2021.

In addition, it adjusted the minimum reporting amount under the “Advance Payment of Exchange Operations” regime.

First, it reduced from USD 1,000,000 to USD 250,000 the excess amount “allowed” for the calculation of the quota that enables the payment of imported goods.

In addition, it modified the composition of relevant transactions for the calculation of the quota provided in section 10.11.1.3. of the “Foreign and Exchange Regulations” as amended and restated.

The at-sight payments exception was removed from the prior BCRA approval requirement; thus, the only exception still in force is the deferred payments exceeding the quota alternative.

The specific item on payment of imported capital goods was suspended.

Payments for medicines, supplies for manufacturing them, and health or sanitation related goods may only be paid once shipped (at-sight or deferred) but before the customs entry registration is formalized. Previously, payment for these items could be made in advance.

Finally, daily transaction amounts that require prior reporting were reduced from USD 50,000 to USD 10,000 under the “Advance Payment of Exchange Operations” reporting regime to access the foreign exchange market.

This article is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.