Deregulation of foreign exchange regime
By means of Communication “A” 8226, the Argentine Central Bank made the foreign exchange regime more flexible. The main deregulations are detailed below.
Operations regarding individuals:
Relaxation in the ability to purchase foreign currency by resident individuals:
The monthly limit of USD 200 was eliminated for the purchase of foreign currency when the transaction is made by debit in account, leaving without effect the requirements and regulations related to this type of transactions that limited the freely purchase of foreign currency and established certain subsequent limitations to carry out other types of transactions (MEP, CCL, for example) derived from such transaction.
For the purchase of foreign currency through the use of cash, a monthly limit of USD 100 remains in effect.
Relaxation of requirements related to the payment of securities transactions with settlement in foreign currency made by resident individuals:
The requirements that limited the payment of securities transactions with settlement in foreign currency made by resident individuals were eliminated.
Individuals are now exempted from filing affidavits related to transactions with securities and certain transactions for the collection of exports of services:
The requirement to file affidavits related to certain transactions with securities in transactions of outflows through the foreign exchange market carried out by resident individuals and certain transactions of collection of exports of services rendered by individuals was eliminated.
Operations by corporations:
The scope of the affidavits filed for the operations carried out up to April 11, 2025 is suspended:
Transactions with securities or other transactions covered by the cross restrictions made up to April 11, 2025 will not be taken into account for the preparation of the applicable affidavits.
Access to the foreign exchange market for the payment of dividends is permitted as of fiscal years beginning on January 1, 2025:
Foreign currency may be transferred abroad in respect of profits and dividends to non-resident shareholders corresponding to distributable profits obtained from realized profits in regular and audited annual financial statements for fiscal years beginning on or after January 1, 2025.
Access to the FX Market for payment of imports of services:
Eliminates the obligation of minimum deferral period to access the FX Market for payment of imports of services rendered as off April 14, 2025 by a non-related party.
The minimum deferment period to access to the FX Market for payment of imports of services rendered as off April 14, 2025 by a related party was reduced to 90 calendar days.
Access to the FX Market for payment of imports of goods:
Eliminates the obligation of minimum deferral to access to the foreign exchange market (“FX Market”) for payment of imports of goods with Customs entry as off April 14, 2025;
Allows individuals and Micro, Small and Medium-Sized Businesses (“MiPyMEs”, as per its acronym in Spanish) to access to the FX Market without prior authorization from the BCRA for import payments at sight of goods loaded in origin as off April 14, 2025 to the extent that they are not classified in NCM tariff codes listed in Section 12.1 of the comprehensive text of foreign exchange regulations (the “FX Regulations”),
Allows access to the FX Market without prior authorization from the BCRA for import payments of capital goods prior to its customs entry to the extent that: (a) the aggregated amount of advanced import payments do not exceed the equivalent to 30% of the FOB value of the goods to be imported; (b) the aggregated amount of import payments prior the customs entry of the goods (including advanced payments, payments at sight and commercial debts) do not exceed 80% of the FOB value of the goods to be imported and (c) goods are not classified in NCM tariff codes listed in Section 12.1 of the FX Regulations.
Leaves without effect Section 10.6.7 of the FX Regulations which stated requirements to access to the FX Market to build up foreign assets for specific application to payments of imports of fuel or energy.
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