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FOREIGN EXCHANGE MARKET

On June 24, 2021, the Argentine Central Bank (“BCRA”) issued Communiqué “A” 7313 (“Communiqué 7313”), which updated the foreign exchange regulations regarding the payment of imports of goods and principal of financial debts with affiliates.

1. Imports of Goods

The current regime, set forth in item 10.11 of Communiqué “A” 7272 (as amended and supplemented), was extended until December 31, 2021. Such regime requires, as a rule, the BCRA’s prior approval to access the foreign exchange market (“FX Market”) for the payment of imports of goods and the cancellation of principal of commercial debt (see our legal updates: Communiqué “A” 7068 -available only in Spanish- and Communiqué “A” 7193). In turn, the following amendments were made to the abovementioned regime:

1.1. “Deficit/Surplus” Calculation

Communiqué 7313 maintained the current exception whereby the BCRA’s prior approval shall not be required if the payments made through the FX Market as from January 1, 2020, including the payment for which access to the FX Market is being required, do not exceed the total amount of US$ 1,000,000, compared to:

(i) the sum of the nationalizations of goods as from January 1, 2020; plus
(ii) the payments made under other exceptions provided in the foreign exchange regulations; plus
(iii) the payments made through the FX Market as from July 6, 2020 for imports of goods made by Private Request (Solicitud Particular) or Courier, which have been shipped as from July 1, 2020; minus
(iv) the amount pending regularization for import payments with pending customs entry registration made between September 1, 2019 and December 31, 2019.

Communiqué 7313 incorporated in item (iii) above the following payments: (1) supplies, equipment and spare parts for the construction, repair, maintenance or replacement of parts of “off shore” hydrocarbon production and treatment facilities; (2) goods for sale in duty-free stores under the regime of Law No. 22,056; and (3) goods entered into free warehouses authorized in accordance with Resolution No. ANA 2676/79.

1.2. Incorporation of New Exception

The BCRA’s prior approval will not be required for the payment of imports of goods made by a legal entity in charge of the provision of critical medicines, whose customs entry registration is made by means of a Private Request (Solicitud Particular) by the beneficiary of the medical coverage.

2. Payment of Financial Debt with Affiliates

The BCRA’s prior approval requirement to access the FX Market to pay the principal of financial debt with foreign affiliates was extended until December 31, 2021.

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