Amendments to the Regulations on Certain Foreign Currency Outflows

On April 20, 2023, the Argentine Central Bank (BCRA) issued Communication “A” 7746 modifying foreign exchange regulations regarding foreign currency outflows. This amendment strongly impacts the access to the Foreign Exchange Market (FX Market) for  paying services provided by non-residents.

The main changes are:

1. BCRA’s prior approval must be requested to access to FX Market prior to 60 calendar days from the date of approval of the SIRASE declaration for research, legal and accounting, advertising, and engineering services, among others. If, for example, the applicant uses its own funds in foreign currency, such approval will not be necessary. The duration of the SIRASE is 30 calendar days.
2. Payment of freight and transport services to companies abroad must be made 90 calendar days after the service has been provided. This regulation does not include guidelines on how to determine such date.
3. The BCRA’s prior approval is necessary to access the FX Market until December 31, 2023 in case of paying interests on commercial debts for imports and/or financial loans between related parties. This prior approval was already necessary to pay related parties the principal of debts, with some exceptions.
4. The term of affidavits involving securities transactions required to access the FX Market will now be 180 calendar days. This does not include transactions involving securities issued under Argentinian law, the term of which remains 90 calendar days.