The Central Bank of Argentina adjusts exchange regulations to allow the use of goods export proceeds for the payment of principal and interest maturities of certain transactions

On 05/18/2023, the Argentine Central Bank (the “BCRA”) issued Communication “A” 7770 (“Com. 7770”) which sets forth that:

1) The allocation of foreign currency proceeds from the exports of goods to the payment of principal and interest maturities of certain import financing transactions listed therein shall be admitted to the extent that requirements established therein are complied with.

2) Those using the mechanism described in Com. 7770 and referred above, are allowed to deposit Argentine Pesos in a special account remunerated according to the variation of the reference foreign exchange rate set by means of Communication “A” 3500 of the BCRA (“dollar linked”), or to subscribe notes (Letras Internas) issued by the BCRA in Argentine Pesos settleable at the Reference Exchange Rate of Communication “A” 3500 of the BCRA.

3) Import payments of goods made with funds originated in import financings included in item 1 of Com. 7770 will be exempted included among the exceptions provided in item 9 of Communication “A” 7622 as amended (which allows access to the foreign exchange market for import payments of goods before the minimum deferment term established in the corresponding SIRA declaration).

4) In case of payment of financial indebtedness within related parties in which foreign currency disbursements are directly and fully applied to the immediate and/or deferred payment to the foreign supplier, access requirement set forth in item 3.5.1 of the Comprehensive Text of Foreign Exchange Regulations (settlement of disbursed funds) shall be deemed complied with.

5) Entities may grant access to the foreign exchange market for the payment of principal and interest of import financings included in item 1 of Com. 7770, to the extent clients comply with applicable requirements for the access to the foreign exchange market for such payments of commercial debts arising from imports of goods or financial indebtedness, as applicable, taking into consideration the maturities that allowed compliance with the conditions set forth in item 1 of Com. 7770.

To access Com. 7770 please click the following link:
BCRA – Comunicación “A” 7770 – Circular CAMEX 1-963: Exterior y cambios. Adecuaciones

For any questions or concerns, please contact:

FX Team
fxconsultas@bruchoufunes.com
Consultas COMEX
consultascomex@bruchoufunes.com