New provisions of the BCRA

By Agustín L. Cerolini and Dana König

On July 21, 2022, the Argentine Central Bank («BCRA», for its acronym in Spanish) published Communications «A» 7550, 75517552 and 7553, establishing modifications to the normative on credit policies and new provisions for the access to the foreign exchange market («MULC», for its acronym in Spanish).

In this regard, the following is a detail of the main amendments introduced by the abovementioned communications.

First of all, through Communication «A» 7550, the BCRA provides that financial entities may apply foreign financial lines to foreign trade financing transactions in foreign currency. In that sense, financial entities may provide credit assistance to finance foreign trade operations in foreign currency.

On the other hand, through Communication «A» 7551, the BCRA establishes that the financial and the exchange offices will be authorized to receive foreign currency bills from non-resident tourists in order to purchase, on their behalf and order, securities with settlement in foreign currency and subsequently sell them with settlement in Argentine pesos, provided that they have an affidavit from the non-resident individual stating that they are a tourist and that, in the last 30 consecutive days and in the group of entities, they have not carried out transactions exceeding an amount equivalent to USD 5.000.

Likewise, by means of Communication «A» 7552, the BCRA provides that, as from its entry into force, for the purpose of considering access to the MULC, each financial entity or exchange office shall require that the client submit an affidavit indicating that it did not hold, at the beginning of the day in which it requests access to the MULC, Argentine deposit certificates involving shares in foreign listed companies («CEDEARs», for its acronym in Spanish) and/or liquid foreign assets available that together have a value exceeding the equivalent of USD 100,000.

It should be clarified that, prior to the enactment of such rule, CEDEARs were not to be counted for the computation of the aforementioned USD 100,000.

Notwithstanding the above, up to and including August 19, 2022, entities may consider the holding of CEDEARs acquired up to July 21, 2022, as one of the situations in which liquid foreign assets and/or CEDEARs are allowed to exceed the aforementioned amount.

On the other hand, the BCRA stated that in order to access the MULC, the client in question may not carry out transactions involving CEDEARs either in the 90 days prior to or in the 90 days after accessing the MULC.

Finally, by means of Communication «A» 7553, the BCRA establishes that entities may grant access to the MULC to clients to make payments for imports of goods to the extent that, in addition to the requirements established by Communication «A» 7532, it is verified that, among other things, (i) the transaction corresponds to the import of inputs that will be used for the production of goods in the country, (ii) the inputs were shipped at origin until June 27, 2022 and have arrived in Argentina, (iii) the access to the MULC takes place not earlier than the payment date agreed with the supplier of the goods and (iv) the transaction falls within one of the following situations:

– the import has an associated Integral Import Monitoring System («SIMI», for its acronym in Spanish) in «SALIDA» status in force officialized until March 3, 2022.

– the import has an associated SIMI category A in force officialized until June 27, 2022.

– the import has an associated SIMI category C in force officialized until June 27, 2022.

– the import is associated with a SIMI category B or C in force officialized until June 27, 2022 and the paid goods are subject to non-automatic import licenses.