The Argentine Central Bank introduces modifications with respect to “bunkering transactions” and BARA regime. Also, a new exception to item 9 of Communication 7622 BCRA (offshore financial loan) is incorporated.

Legal News - June 2, 2023

On 06/01/2023, the Argentine Central Bank (the “BCRA”) issued Communication “A” 7780 (“Com. 7780”) and Communication “A” 7781 (“Com. 7781“).

(1) Com. 7780 replaces Section of the Comprehensive Text of Foreign Exchange Regulations (“FX Regulations”), which sets forth one of the requirements for Argentine bunkering suppliers to regularize in the System for Monitoring the Settlement of Export Proceeds (“SECOEXPO”, as per its acronym in Spanish) export permits related to bunkering transactions for foreign flag means of transports in case such exports proceed were collected locally in Argentina.
In this regard, Com. 7780 requires that the local agent has not used the mechanism set forth in Section 8.5.18 of the Fx Regulations for an amount equivalent to USD 2,000,000 (US dollars two million) in the calendar month allocated and that in all cases, the calendar month that is allocated shall correspond to the month of the shipment of the export transaction or be ulterior to such.

(2) Com. 7780 includes transactions registered by means of customs export subregimens “BARA” and “VMI1” in connection to oil bunkering suppliers of means of transport within exceptions to the SECOEXPO.

(3) Com. 7781 includes a new item in Section 9 to Communication “A” 7622 which states that under certain conditions stated therein, importers shall be granted access to the foreign exchange market for import payment of goods prior to the expiration of the term stated in the SIRA declaration when access is done with proceeds from an offshore financial loan that was settled simultaneously. Com. 7781 also states that the portion of the offshore financial loan used under this mechanism shall not be competed under other specific mechanisms that admit access to the foreign exchange market conditioned to the entry and /or settlement of this sort of transactions.

To access Com. 7780 please click the following link: BCRA – Comunicación 7780
To access Com. 7781 please click the following link: BCRA – Comunicación 7781

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