The communique allows certain entities to access the official foreign-exchange market without the prior authorization of the Argentine Central Bank.

On August 26, 2021, the Argentine Central Bank (BCRA) issued Communique A 7,348 (Communique), which exempts entities with new financial debt and a certificate issued by the financial institution with which they have entered and settled the funds of the new financial debt from requesting the BCRA's approval to access the official foreign-exchange market.

Background

On September 1, 2019, the Argentine Government published in the Official Gazette Decree 609/2019 (the Decree), which implemented foreign-exchange regulations. The Decree established the obligation to convert into Argentine pesos, in the local financial system, the value of goods and services exported, in accordance with conditions and terms to be established by the BCRA.

On the same date, the BCRA issued Communique A 6,770, which established various rules for imports and exports of goods and services, foreign assets, nonresident operations, financial debt, debts between residents, and profits and dividends. For more information, see Tax Alerts 2019-1567, 2020-0014, 2020-2458 and 2021-5673.

Communique A 7,348

Under the Communique, entities are not required to obtain the BCRA's prior authorization to access the foreign-exchange market to pay for imports of goods and services outstanding as of June 30, 2021, if they (1) enter the foreign-exchange market, (2) settle new financial debt, and (3) have a certificate. This provision also applies to payments to related parties for imports of goods and services.

To obtain a certificate, entities must satisfy the following requirements:

• The new financial debt must have an average term of no less than two years.
• The principal of the debt must not mature until three months after the settlement in the foreign-exchange market.
• Entities must submit a sworn statement, indicating that they have not entered and settled new financial debt in the foreign-exchange market and obtained a Certificate for an amount exceeding the equivalent of US $5 million, including the amount of the Certificate requested.

The Communique clarifies that the Certificate must not exceed the amount of the financial debt entered and settled in the foreign-exchange market from August 27, 2021 and onwards.

Under the Communique, entities are not required to obtain the BCRA's prior authorization to access the foreign-exchange market to pay for imports of goods and services outstanding as of June 30, 2021 if they (1) enter the foreign-exchange market, (2) settle new financial debt, and (3) have a certificate.

———————————————