Argentine Central Bank issues new foreign exchange regulations

Legal alert - May 15, 2023

On 05/11/2023, the Argentine Central Bank (the “BCRA”) issued Communication “A” 7766 (“Com. 7766”), by means of which it made several adjustments to the foreign exchange regulations, establishing new controls for Argentine residents with respect to the possibility of accessing the official foreign exchange market. Com. 7766 became effective as from Friday, May 12, 2023.

Thus, the following provisions were established:

  • From 05.12.2023, and before giving access to the foreign exchange market to make import payments of goods with pending customs entry record (advance payments, payments at sight and payments of commercial debt without customs entry record) for transactions supported by SIRA declarations and corresponding to transactions covered by sections 8.1 to 8.6² of Communication “A” 7622, financial entities shall verify that the corresponding SIRA affidavit “approved” (estado “salida”) has been assigned a term of 0 calendar days for access to the foreign exchange market.
  • Items and in the framework of the customer’s affidavits regarding transactions with securities, are replaced. Thus, among other matters, Com. 7766 broadens the scope of the affidavits to include within the affidavit those legal entities which are part of the same economic group of the affiant, and provides that companies sharing a control relationship of the type defined in items and of the “Large exposures to credit risk” (Grandes exposiciones al riesgo de crédito) rules shall be considered as members of the same economic group.
  • Likewise, in relation to the affidavit of item, Com. 7766 provides that the 180-day period shall be applicable to those legal entities that are part of the same economic group of -but that did not exercise a direct control relationship over- the affiant as of 11.5.23, only for the deliveries made on or after 5.12.23.
  • Finally, the acquisition of gift cards or equivalent cards from stores located abroad is included among the transactions that require the prior approval of the BCRA for purposes of making payments abroad through credit, purchase, debit or prepaid cards issued in the country, for consumption that takes place on or after 5.12.23.

You can access Com. 7766 at the following link:
BCRA – Comunicación “A” 7766 – Circular CAMEX 1-962: Exterior y cambios. Adecuaciones

For any questions or concerns, please contact:

FX Team:

²The following exceptions are included within items 8.1 to 8. 6: (i) kits for the detection of the COVID-19 coronavirus and/or tariff positions included in the list published by Decree No. 333/2020 and its complementary provisions; (ii) pharmaceutical products and/or supplies to the extent that they are used for their local manufacture, other goods related to health care or food for human consumption covered by the provisions of Article 155 Tris of the Argentine Food Code, whose tariff positions according to the Common Nomenclature of MERCOSUR (NCM) are detailed in item 10. 14.5. of the T. O; (iii) tariff positions of petroleum or bituminous mineral oils, their preparations and residues (subchapters 2709, 2710 and 2713 of the NCM) or of petroleum gases and other gaseous hydrocarbons (subchapter 2711 of the NCM); (iv) bituminous coal without agglomeration (tariff position 2701.12. 00 of the NCM) made by a power generation plant; (v) certain goods necessary for the construction of infrastructure works contracted by the public sector, whose tariff positions are listed in item 8.5 of Communication “A” 7622; (vi) goods, whose tariff positions are classified as BK (Capital Goods) in the Common Nomenclature of MERCOSUR (Decree No. 690/02 and complementary).