BOPREAL. Communication “A” 7925 of the Argentine Central Bank.
On 12/22/2023, the Argentine Central Bank (the “BCRA”, as per its acronym in Spanish) issued Communication “A” 7925 (the “Com. 7925”), establishing the requirements for importers who have outstanding foreign debt from imports of goods with customs entry registration dated prior to 12.12.2023 or importers of services rendered prior to such date (“Import Debt Stock”), to subscribe the Bonds for the Reconstruction of a Free Argentina (“BOPREAL”), the general terms of which were informed by Communication A 7918. The measure becomes effective as of 12/22/2023.
A detail of the main provisions of the Com. 7925 follows:
- Importers of goods may subscribe the BOPREAL for up to the amount of their outstanding debt from imports of goods with customs entry registration dated prior to 12/12/2023.
- The amount of the BOPREAL that an importer may subscribe cannot exceed the outstanding payments such importer registers in the import payment monitoring system (“SEPAIMPO”) of the BCRA.
- Importers of services rendered prior to 12.12.23, may also subscribe the BOPREAL for up to the amount of the outstanding debt for such transactions.
- Importers of goods and services who subscribe the longest term BOPREAL offered by the BCRA (maturing in 2027), prior to 12.31.23 and for an amount equal to or greater than 50% of their Import Debt Stock, may access the foreign exchange market (“FX Market”) as from 02.01.2024 to pay the Import Debt Stock for a total amount equivalent to 5% of the amount subscribed of such BOPREAL 2027.
- Access to the FX Market is authorized for the payment of Import Debt Stock by means of an swap and/or arbitrage with the funds deposited in a local bank account and originated in collections of principal and interest in foreign currency of the BOPREAL.
- Importers subscribing BOPREAL may sell them with settlement in foreign currency in the country or abroad or transfer them to depositories abroad, for up to the amount acquired in the primary subscription without limiting their ability to access the FX Market.
Communication “B” 12695 of the BCRA establishes the terms and conditions of the call for bids for the three series of BOPREAL.
For any questions or concerns, please contact:
Eduardo Mallea: eduardo.mallea@bruchoufunes.com
María Laura Bacigalupo: maria.laura.bacigalupo@bruchoufunes.com
Alejandro Perelsztein: alejandro.perelsztein@bruchoufunes.com
Andrea Callegari: andrea.callegari@bruchoufunes.com
Lucila Dorado: lucila.dorado@bruchoufunes.com
To access the text of the Com. 7925 please click:
