Public Officials Can No Longer Buy Foreign Currencies Without Permission

The Argentine Central Bank (the “BCRA” after its acronym in Spanish) established that Argentine public officials from the rank of Undersecretary of State (or equivalent) downwards, as well as members of the boards of public financial institutions and the BCRA, must obtain prior BCRA authorization to access the foreign exchange market in order to purchase foreign currencies to invest, pay family aid, and make derivative transactions.

On that same vein, it decided to implement a Joint Resolution of the Presidents of the House of Representatives and the Senate, (i.e. Resolution No. 0012/20 of October 1, 2020), which once ratified by both chambers of parliament, will require the BCRA to include, among those individuals who cannot purchase foreign currencies under Communiques “A” 7105 and 7106, House Representatives and Senators, as well as authorities of both chambers of parliament, up to the rank of Director General and Deputy Director General.