Repatriation and Settlement of Foreign Currency for Exports

The Argentine Central Bank has issued Communication “A” 8137, introducing key amendments to foreign exchange regulations.

The main new features include:

1)     Settlement term for exports of certain goods:
A term of 30 calendar days is established to repatriate and settle exports corresponding to specific tariff positions, such as wheat and soybeans, among others.

2)    Extension of the term for repatriation and settlement :

The term to settle is extended to 20 business days for:
•    Collections of exports of goods and services.
•    Receipts for disposal of non-financial assets not produced.
•    Refunds for import payments with access to the foreign exchange market.
•    Insurance collected in foreign currency for damaged imported merchandise.

3)    Prepayments and external financing:
Exporters will have 20 business days to repatriate and settle prepayments, pre-financing, and post-financing received from abroad.

4)    Payments for personal services and cultural and recreational services:
The term to access the foreign exchange market for payments to non-related counterparties that fall under the category of “other personal, cultural, and recreational services” is reduced to 30 calendar days.

5)    Flexibility for funds abroad:

Entities are allowed to accept a sworn statement to justify holdings in foreign bank accounts originated in recent disbursements of financial indebtedness in excess of the equivalent of USD 100,000.

These measures, effective as of November 29, 2024, have direct implications for exporters, importers and financial operators.