Banking

The Central Bank enables new scenarios for the payment of imports

On June 25, 2020, pursuant to Communiqué No. "A" 7052, the Argentine Central Bank (the "Central Bank") provided additional adjustments and clarifications to Communiqué No. "A" 7030, issued on May 28, 2020. Communiqué No. “A” 7030 issued to set a series of restrictions to the access to the Foreign Exchange Market (the “FX Market”), had already been modified by Communiqué No. "A" 7042 on June 11, 2020.


Adjustments to the Mandatory Holding Period for the Sale and Transfer of Securities

On June 22, 2020, the National Securities Commission (the “NSC”) enacted the General Resolution N° 843, in order to deepen the monitoring of operations with securities carried out abroad and in regulated markets, as well as to complement the measures established through the General Resolution N° 841.

In the recitals of the Resolution N°843, the NSC states that after the issuance of General Resolution N° 841 the Argentine Central Bank (the “Central Bank”) ”has ascertained the continuity of operations instrumented through the purchase and sale of securities that have the objective of avoiding restrictions to the access to the exchange market for the purchase of foreign currency" established by the Central Bank, and that, due to this, it is necessary to adopt the present measures in order to avoid these "elusive practices and operations".


Release in some of the FX restrictions set by Communiqué “A” 7030

On June 11, 2020, pursuant to Communiqué No. "A" 7042, the Argentine Central Bank (the "Central Bank") provided a series of adjustments and clarifications with respect to Communiqué No. "A" 7030, issued on May 28, 2020, as a result of the requests made by the various local financial institutions. Communiqué No. “A” 7030 established a new series of restrictions to the access to the Foreign Exchange Market (the “FX Market”), mainly aimed at obliging the use of liquid foreign assets for the payment of foreign obligations before requesting access to the FX Market.


New restrictions affecting the access to the FX Market - Communiqué "A" 7030

On May 28, 2020, through Communiqué No. "A" 7030, the Argentine Central Bank (the "Central Bank") set a series of new restrictions to the access to the Foreign Exchange Market (the “FX Market”). Mainly, aimed at obliging companies to use their liquid foreign assets for the payment of foreign obligations before requesting access to the FX Market.


Nuevas Reglamentaciones al Mercado Cambiario

El 1 de septiembre del 2019 mediante el Decreto de Necesidad y Urgencia Nº 609/19 y la Comunicación “A” 6770 del Banco Central de la República Argentina, se reinstauró el régimen de control de cambio en Argentina, estableciendo entre otras cosas: la obligación de ingresar y liquidar divisas por cobranzas de exportaciones de bienes y servicios, restricciones y requisitos para el acceso al mercado cambiario y adecuaciones a la posición global neta de moneda extranjera de las Entidades Financieras.