News on the Payment of Imports of Goods and Services

The Argentine Central Bank (BCRA) updated the foreign exchange regulations through by amending the text on Foreign Trade and Exchange, introducing new options for advance payments and swap transactions. These measures impact both imports of goods and services. Here are the details:

 

1. Imports of goods

 

The BCRA incorporates new conditions that allow paying imports before their deadlines or making payments with pending customs registrations.

 

• Payments on demand and/or deferred:

• thrugh exchange or arbitrage with foreign currency funds deposited in local financial entities,
• simultaneusly with the settlement of foreign currency financing granted by local entities.

 

• Prepayments of capital goods:

• thrugh exchange or arbitrage with funds in foreign currency accounts,
• simultaneusly with the settlement of financing granted by local financial institutions

 

An important point to keep in mind is that if there are goods not considered capital goods in the operation, these may only be included if the capital goods represent at least 90% of the total FOB value, and the customer declares that the other goods are necessary for operating or installing the goods purchased.

 

2. Imports of services

 

Payment for services to unrelated counterparties will be allowed in advance, if the transaction has to be made through exchange or arbitrage with funds in foreign currency deposited in accounts in local financial entities.

 

3. Financing of imports of services

 

Access to the foreign exchange market with local financing will be allowed, provided that the maturities and amounts of capital are compatible with the terms established in the foreign exchange regulations, according to the type of service and provider.

 

4. Swap and arbitrage operations

 

Finally, the BCRA extends the permitted exchange and arbitrage operations to include foreign currency transfers abroad related to the new prepayments of goods and services established above.