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September 7, 2021 Argentine Central Bank issues new guidance for entities with new financial debt to access the official foreign-exchange market The communique allows certain entities to access the official foreign-exchange market without the prior authorization of the Argentine Central Bank. On 26 August 2021, the Argentine Central Bank (BCRA) issued Communique A 7,348 (Communique), which exempts entities with new financial debt and a certificate issued by the financial institution with which they have entered and settled the funds of the new financial debt from requesting the BCRA’s approval to access the official foreign-exchange market. Background On 1 September 2019, the Argentine Government published in the Official Gazette Decree 609/2019 (the Decree), which implemented foreign-exchange regulations. The Decree established the obligation to convert into Argentine pesos, in the local financial system, the value of goods and services exported, in accordance with conditions and terms to be established by the BCRA. On the same date, the BCRA issued Communique A 6,770, which established various rules for imports and exports of goods and services, foreign assets, nonresident operations, financial debt, debts between residents, and profits and dividends. For more information, see EY Global Tax Alerts, Argentina implements foreign exchange control regulations, dated 4 September 2019, Argentine Central Bank issues consolidated text of foreign-exchange regulations containing some definitions and clarifications, dated 3 January 2020, Argentina issues guidance on foreign exchange regulations, dated 12 October 2020, and Argentine Central Bank issues new guidance for certain entities to access to the official foreign exchange market, dated 16 June 2021. Communique A 7,348 Under the Communique, entities are not required to obtain the BCRA’s prior authorization to access the foreign-exchange market to pay for imports of goods and services outstanding as of 30 June 2021, if they (1) enter the foreign-exchange market, (2) settle new financial debt, and (3) have a certificate. This provision also applies to payments to related parties for imports of goods and services. To obtain a certificate, entities must satisfy the following requirements:
The Communique clarifies that the Certificate must not exceed the amount of the financial debt entered and settled in the foreign-exchange market from 27 August 2021 and onwards. Under the Communique, entities are not required to obtain the BCRA’s prior authorization to access the foreign-exchange market to pay for imports of goods and services outstanding as of 30 June 2021 if they (1) enter the foreign-exchange market, (2) settle new financial debt, and (3) have a certificate. _________________________________________ For additional information with respect to this Alert, please contact the following: Pistrelli, Henry Martin & Asociados S.R.L., Buenos Aires
Ernst & Young LLP (United States), Latin American Business Center, New York
Ernst & Young Abogados, Latin American Business Center, Madrid
Ernst & Young LLP (United Kingdom), Latin American Business Center, London
Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific
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