BCRA Communication “A” 8137
On November 28, 2024, the Central Bank of the Argentine Republic (“BCRA” for its acronym in Spanish) issued the Communication “A” 8137 (the “Com. 8137”) by means of which:
1. Replaces section 7.1.1.1 of the comprehensive text of foreign exchange regulations (the “FX Rules”), extending from 15 to 30 calendar days the term to enter and settle through the foreign exchange market (“FX Market”) proceeds of exports of goods listed therein [certain crops, oilseed and pellets listed therein]. Tariff numbers listed in section 7.1.1.1 are: 1001.19.00, 1001.99.00, 1005.90.10 (except pisingale corn), 1201.90.00, 1208.10.00, 1507.10.00, 1507.90.19, 1517.90.90 (except those not containing soybeans), 2304.00.10 and 2304.00.90.
2. Extends from 5 to 20 working days as from the collections the term to enter and settle: (i) proceeds of exports of goods and services; (ii) disposal of non-produces non-financial assets (iii) reimbursements of import payments done with access to the FX Market (iv) Insurance settlements collected in foreign currency for imported goods damaged after the delivery of the goods.
In the case of exports of goods, the term enter and settle export proceed would be determined by: (i) the term stated in Section 7.1.1.1 to 7.1.1.5 of the FX Rules according to the tariff classification number of the goods and (ii) 20 calendar days as from collection; what occurs first.
3. Extends from 5 to 20 calendar days as from the collection or disbursement abroad the term in which exporters are obliged to enter and settle through the FX Market advance exports collections, prefinancing and post financing.
4. Reduces to 30 calendar days the term to access to the FX Market to pay import of services under the code S24 (other personal, cultural and recreational services) when the services are rendered as of November 29, 2024 by non-resident parties not related to the resident client.
5. It is established that, the banks may accept a sworn statement from the client stating that his holdings of liquid external assets and/or Argentine deposit certificates representing foreign shares in excess of the contemplated amount of USD 100,000 (one hundred thousand US dollars) correspond to funds deposited in bank accounts abroad in his name that originated in the last 180 calendar days due to disbursements abroad of financial indebtedness received as from 11.29.2024, in connection with to the affidavit provided in sections 3.16.2 of the FX Rules.
Likewise, the client shall continue to have the possibility of filing the sworn statement provided for in item 3.16.2.1.iv) of the FX Rules regarding funds deposited in foreign bank accounts originating from foreign financial indebtedness when the amount of funds deposited does not exceed the equivalent to be paid for principal and interest in the next 365 calendar days.
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