BCRA: Access to Foreign Exchange Market Regulated

Communique A 6818 (the “Communique”) follows a similar criterion to Communique “A” 6788, which implemented a comprehensive text with the regulations applicable in relation to exports of goods.

The Communique, which entered into force on November 1, 2019, provided a detailed regime regarding imports of goods, with the following highlights:

• As a general rule, financial institutions may grant access to the local foreign exchange market for payments abroad for Argentine imports of goods and other purchases of goods when the requirements set forth in the Communique are complied with.
• Argentine imports of goods are defined as such operations in which the customs’ registration of the entry of the goods to Argentina is issued by the Argentine Customs Authority.
• Payments of imports of goods include any concepts which are listed in the purchase condition agreed upon and listed in the invoice issued by the supplier.
• A distinction is made between two kinds of payments: (i) payments of imports with customs’ registration; and (ii) payments of imports of goods with pending customs’ registration. Each kind of imports has a different payment regime.
• The cases in which it is considered that an import has the corresponding customs’ registration are established.
• The Argentine Central Bank (the “BCRA”, after its Spanish acronym) provides a list of those debts which may be considered commercial debts from the financing of imports of goods.
• The system of “Follow-up of Payments of Imports” (the “SEPAIMPO”, after its Spanish acronym) to monitor payments and nationalization of the imports of goods is reestablished, and the obligation to designate a financial institution to follow up on the official status of imports.
• The concept of “Other purchases of foreign goods” is defined.
• The following operations are included amongst such operations which have customs’ registrations at the time of accessing the foreign exchange market: (i) payments against presentation of shipping documentation; (ii) payments of commercial debts for imports of goods; and (iii) the cancellation by financial institutions of commercial guarantees of imports of goods.
• The requirements to access the foreign exchange market for the payment of official status of imports included in SEPAIMPO are established, as well as the requirements applicable under certain special regimes (courier, secret war materials, tax-free zones, etc.)
• The following operations are included amongst such operations which lack customs’ registrations at the time of accessing the foreign exchange market: (i) advance payments made abroad on the date of delivery of the goods by the foreign supplier; (ii) payments upon demand against shipping documents; (iii) payments of commercial debts abroad; and (iv) the cancellation of commercial guarantees of imports of goods granted by local financial institutions.
• Likewise, the requirements to access the foreign exchange market for advance payments of imports, for payment on demand against shipping documents and the cancellation of commercial guarantees of imports of goods granted by local financial institutions are established.
• The applicable parameters to the follow-up of payments of imports with pending customs’ registrations are provided.
• Certain special regimes applicable to special products, financings of purchase facilities are established (i.e., leasing agreements, companies responsible for the purchase of medicine for patients, local governments for infrastructure works, supplies and goods for certain industries, etc.).
• Finally, the Communique provides for the provisions which regulate SEPAIMPO, including the responsibilities of the financial institutions involved, the information to be required, the information to be contained in the certifications issued by financial institutions, among others.