Argentine Central Bank Updates Consolidated Text on Foreign Trade and Exchange

The Argentine Central Bank (BCRA), through Communication “A” 7953 of January 26, 2024, changes the item on "Payments for services rendered by non-residents" to a new section, incorporating all the necessary conditions for entities to provide access to the foreign exchange market (FX Market) for paying services rendered by non-residents.

The Communication clarifies that transactions with assets other than securities must be reported in the affidavits when access to the FX Market is requested.

Further, the regulations regarding the “Bonos para la Reconstrucción de una Argentina Libre” (BOPREAL) bonds was incorporated in section 4, which states how these bonds may be subscribed and their complementary regulations. The Communication incorporates the sales transactions settled in foreign currency carried out with BOPREAL as an exception to the affidavits that must be filed.

Finally, the BCRA adapted its regulations to incorporate the “Export Increase Program,” which was reinstated through Decree 28/2023, modifying the corresponding articles.