Nuevas restricciones cambiarias del Banco Central

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Legal Update

On October 28, 2019, the Argentine Central Bank (“BCRA”) issued Communiqué “A” 6815, which established new foreign exchange control restrictions, amending and complementing Communiqués “A” 6770 (as amended) and 6787.

1. Reduction in the Limit for the Acquisition of “Foreign Assets”

The monthly limit of US$ 10.000 to acquire foreign currency for the acquisition of “foreign assets” by individuals (including savings) was reduced to US$ 200 per month. Acquisitions exceeding such limit require prior approval of the BCRA.

2. Reduction in the Limit for the Acquisition of Foreign Currency by Non-Residents

The monthly limit of US$ 1.000 for the acquisition of foreign currency by non-residents was reduced to US$ 100 per month, with the exceptions established in Communiqué “A” 6770 of the BCRA.

Wire transfers to foreign countries on behalf of beneficiaries of retirement and pensions conferred by the National Administration of Social Security (ANSES) can be effected up to the amount paid by such entity in the calendar month, and provided that the transfers are made to a bank account owned by the beneficiary in its registered country of residence.

3. Cash Withdrawals made abroad with Local Debit Cards

Cash withdrawals made abroad with local debit cards as from October 28, 2019 can only be effected by debiting the amount from a foreign currency bank account owned by the client in Argentina.

4. Advance Payments of Imports

Advance payments of imports made to affiliates require prior approval of the BCRA.

With respect to advance payments of imports made to non-affiliates, the period to demonstrate the registration of the income of goods through Customs was reduced from 180 to 90 calendar days.

5. Informative Regime

At the end of each day and with at least 2 business days in advance, entities authorized to perform foreign exchange transactions (the “FX Traders”) must inform the BCRA of the future purchases of foreign currency to be effected at the request of its clients, or the entity’s own transactions that will entail the acquisition of foreign currency for a daily amount equal to or exceeding US$ 2 million, during the 3 business days as from the first day reported.

Clients must inform FX Traders of the purchases of foreign currency that they intend to perform with the necessary anticipation for the compliance by such entities with the informative regime.

On the day on which the transaction is effected, the client may choose to perform the informed transaction in any FX Trader, provided that the latter obtains evidence that the relevant transaction has been properly informed to the correspondent FX Trader.

Should you need further information do not hesitate to contact Fermín Caride, María Victoria Funes and/or Lucía Carro.