Search for:

In brief

By means of Communication “A” 7532 (“Communication“), the Central Bank of Argentina (ACB) established new restrictions regarding access to the foreign exchange market (“FX Market“) for the payment of imports of goods and the payment of imports of services to unrelated counterparties, among others.


In focus

The main points of the Communication are set out below:

  1. Payment of imports in “Exit” status: (i) The additional 20% is eliminated for the calculation of the available quota for SIMI A and C at each instance; and (ii) the provisions for the payment of non-automatic licenses (LNA) declared as SIMI B or C are suspended until 30 September 2022. Nevertheless, LNA will be computed to define the limit of SIMI A and C and their payment (including the previous ones since 1 January 2022) will be computed to determine the available quota.
  2. Payment of imports of consumer and capital goods: Until 30 September 2022: (i) subject to certain exceptions, payment thereof shall be computed for the purpose of determining the available quota for payment under SIMI A; and (ii) capital goods may be paid (concept codes B20 and B21) in advance up to 80%, the rest being payable upon nationalization.
  3. Payment for the importation of services to non-related counterparties covered by the SIMPES: A new regime similar to the payment of goods is established. The payment requested, plus those made during the year, shall not exceed the proportional part accrued up to that month of the payments made in 2021. If it is less than USD 50,000, whichever of the latter or the annual limit is lower will be adopted. If these conditions are not met, payment can only be made 180 days after the service was provided unless foreign financing is simultaneously received or settled from a local entity through a foreign line of credit with a maturity of not less than 180 days from the provision of the service.

Click here to access the Spanish version.

Author

Gabriel Gómez Giglio is the Chair of the Latin American Banking & Finance Practice of Baker McKenzie and a member of the Global Steering Committee of the Financial Institutions Industry Group of the firm. He advises clients on a variety of general commercial issues. His practice is focused on the areas of transactional and regulatory matters including but not limited to multinational financial transactions, commercial agreements and mergers and acquisitions. Gabriel has been referred to as “one of the best banking lawyers in Argentina” and as “a very professional and business-oriented lawyer with a profound knowledge of the law” (Chambers, Legal 500 and Latin Lawyer). He is also a member of the Board and Adjunct Professor of Law of Universidad Torcuato Di Tella and a Visiting Professor with the Centre for Commercial Law Studies, Queen Mary College, University of London.

Author

Francisco José Fernández Rostello is a partner and member of the Firm’s Banking & Finance Practice Group in Buenos Aires. He has worked for the International Swaps and Derivatives Association and for Société Générale, New York Branch. He is knowledgeable on matters related to issuance of debt, derivatives transactions, local and cross-border financing, and securities transactions.

Author

Esteban Rópolo is an Attorney-at-law and member of the Buenos Aires Bar Association. He was a professor in leading universities in Argentina — including University of Buenos Aires, Argentina Catholic University and Universidad del CEMA — where he taught political economy, foreign trade legal regime and private law. Mr. Rópolo has written a book on competition law and also contributed articles related to his areas of practice.

Write A Comment