Banking

The Central Bank imposed new restrictions on the official exchange market and on securities transactions with settlement in local and foreign currency

On September 15, 2020, through Communication "A" 7106, the Central Bank of the Republic of Argentina (the "Central Bank"), in coordination with the National Securities Commission (CNV) and the Federal Administration of Public Revenues (AFIP), established a series of regulations aimed at limiting access to the official exchange market and imposed new restrictions on the sale of securities with settlement in local and foreign currency.


Adjustments to Communiqué No. "A" 7030 of the Argentine Central Bank

On August 27th, 2020, pursuant to Communiqué No. "A" 7094, the Argentine Central Bank (the "Central Bank") extended the validity of Communiqué No. "A" 7030 and its complementary rules until October 31, 2020, inclusive.


The Office of Companies of the City of Buenos Aires regulated the registration of trust agreements


The Central Bank extended restrictions on trade related payments


On July 30, 2020, through Communiqué "A" 7079, the Argentine Central Bank (the "Central Bank") enabled access to the foreign exchange market (the “FX Market”) to cancel outstanding commercial obligations guaranteed by foreign financial institutions or export credit agencies abroad.


The Central Bank released regulations to allow payments of more commercial debts

On July 8, 2020, through Communiqué "A" 7068, the Argentine Central Bank (the "Central Bank") enabled new scenarios to access the foreign exchange market (the “FX Market”) to cancel commercial obligations by Argentine importers. In this sense, Argentine importers will be able to access the FX Market for the payment, on their maturity date, of letters of credit drawn and other financing granted by foreign banks, financial entities and credit agencies.

For the sake of clarity and as a summary of the new regulations, we detail below the payments of imports of goods[1] or cancellations of principal of debts related to imports of goods[2] that do not require prior written authorization from the Central Bank as from July 13, 2020 to July 31, 2020.