BCRA issues New Rules regarding Access to the Local Exchange Market and Special Bank Accounts

On April 20, 2023, the Argentine Central Bank (the “BCRA“) issued Communication “A” 7746 (“Com. 7746“), by means of which it amended existing foreign exchange rules (the “FX Regulations“) in connection with the access to the local exchange market (the “FX Market“) and the deposit of local currency funds into special bank accounts provided for in the “Savings, Salary and Special Deposits Accounts” rules.

Among other issues, Com. 7746 provided as follows:

Access to the FX Market to Pay for Imports of Services

• Prior BCRA approval will be required to access the FX Market before 60 calendar days have elapsed as from the date of approval of the SIRASE declaration when the transaction corresponds to the following services:
  • S16: research and development
  • S17: legal, accounting and management services
  • S18: advertising, market research and public opinion polls
  • S19: architectural, engineering, and other technical services
  • S22: Other business services

• Exceptions (no prior BCRA approval or mandatory 60-day deferral is required):
  a) Payments done with existing foreign currency in local bank accounts, through exchange or arbitrage.
  b) Simultaneous access with the settlement of a new cross-border financial loan, provided all principal payments thereunder take place after 60 days as from the date of SIRASE approval
  c) Access with funds from a service import financing granted by a local financial entity based on a cross-border commercial credit line, provided all principal payments thereunder take place after 60 days as from the date of SIRASE approval.

Access to the FX Market by Local Collection Agents for Payment of Intercompany Imports of Services

• A minimum deferral of 90 calendar days as from the date of effective rendering of the service is established for local collection agents to access the FX Market for payment to non-resident affiliates of imports of services related to “S02: freight” and “S04: other transportation services”.

Access to FX Market for Interest Payments under Intercompany Debt

• Until 12/31/23, prior BCRA approval is required to access the FX Market for the payment of interest under intercompany commercial debt for imports of goods or services, and intercompany cross-border financial indebtedness, i.e., if the non-resident supplier or lender, as applicable, is related to the resident debtor.

Access to the FX Market and Securities Trades

• The minimum term that must elapse between (i) execution of the securities transactions listed in items 3.16.3.1 and 3.16.3.2 of the FX Regulations and (ii) access to the FX Market for transactions involving outflow of funds is extended from 90 to 180 calendar days.

• Exception (the 90 calendar-day term is maintained): transactions involving securities issued under Argentine law.

Credits to Special USD-Linked Bank Accounts based on the BCRA Com. “A” 3500 Exchange Rate

• The following funds may be credited into a local bank account that is compensated based on the variation of the dollar rate as published under BCRA Com. “A” 3500 (“dollar-linked”):
  a) An amount of pesos equal to the payments made to non-residents by means of local foreign currency (exchange or arbitration), provided such payments could have been made with pesos through the FX Market without need for prior BCRA approval.
  b) The pesos resulting from the settlement through the FX Market (i.e., transfer into Argentina and exchange for pesos) of foreign currency not subject to mandatory settlement.
  c) An amount of pesos equal to the interest payments under intercompany debt not made through the FX Market as a result of the provisions of item 3 of Com. 7746, provided that all other regulatory requirements are met for such payment are met.

You can access Com. 7746 at the following link: https://www.bcra.gob.ar/Pdfs/comytexord/A7746.pdf

For any concerns or questions, please contact:

FX Team: fxconsultas@bruchoufunes.com