The Central Bank of Argentina establishes that all foreign exchange transactions shall require prior approval

On December 11, 2023, the Central Bank of the Argentine Republic (“BCRA”) approved Communication “A” 7915 (the “Communication”), which implements the requirement that, from the date of publication, all foreign currency demand transactions conducted through the Single and Free Foreign Exchange Market, including those by financial and exchange entities, will require prior approval from the BCRA.

According to the BCRA, the measure was adopted in order to give the Executive Branch time to comply with the administrative procedures for the formation of the new authorities and for announcing and implementing and implement the policies they will carry out.