The Argentine Central Bank Included Exceptions for Pre-Payments Made Through Foreign Exchange Market

Through Communication "A" 7629, the Argentine Central Bank (BCRA) introduced a series of amendments to the foreign exchange regulation, establishing access to the foreign exchange market for the payment of imports of goods associated to a declaration at the Argentine Import System (SIRA) before the established deadline. Access to the FX Market will be allowed if:

1. The payment is within the annual available amount (up to the equivalent of USD 50,000) for anticipated payments of imports of goods.
2. Payments are related to the imports of goods and:
   1. There is a certification from an external auditor,
   2. The importer submitted an affidavit stating that it has not refused to participate in a price agreement with the Government, nor has it failed to comply with it.
3. The payments for imports of goods were made by:
    
4. 1. The national public sector,
   2. all business organizations in which the State is the majority shareholder,
   3. trusts with public sector contributions.
       

On the other hand, through Communication 7638, the BCRA modified the foreign exchange regulations, allowing access to the foreign exchange market simultaneously with the settlement of funds for advances or pre-financing of exports if, among other requirements:

• The goods paid for are supplies for producing goods for export.
• The expiration date of the granted financing comes after the date the goods arrived, plus the term established in the SIRA declaration, plus 15 calendar days.
   

Likewise, it will be possible to access the FX Market before the deadlines established for payments with pending customs registration when filing a declaration before the SIRA or before the SIMI is not a requirement, if the exceptions in Communication "A" 7622 (see our comments here) are met.

Further, the communication extends the complementary provisions in force for accessing the FX Market as of January 1, 2023.

Finally, it was established that, as of January 1, 2023, it will be necessary to file an affidavit to access the FX Market. The affidavit must declare that, when adding the payment amount to the total sum of payments made since January 1, 2022, the proportional part of the annual limit is not exceeded, taking into account the months since January 2022, and including the current month.