The Central Bank of the Argentine Republic (“BCRA”), by means of Communiqués “A” No. 8073 and “A” No. 8074 (“Communiqués”), has eased restrictions on access to the foreign exchange market by (i) reducing financing terms for payment of goods imports, (ii) increasing the total amount exempted from mandatory conversion for service exports by individuals, and (iii) eliminating certain restrictions for getting access to the MEP and CCL dollars.
Reduction of Payment Terms for Import of Goods
In accordance with the new conditions introduced by the Communiqués, the BCRA states that, as of August 1st, 2024, payments for the importation of luxury goods and cars will have access to the FX market starting 90 days from their customs clearance, whereas the previous term was 120 days. Additionally, for goods without a specific payment scheme detailed by the FX regulations, the previous scheme of four installments, each equivalent to 25% of the value at 30, 60, 90, and 120 days from customs clearance, has been modified. As of August 1st, 2024, payments for these goods will access the FX market in two installments, at 30 days and 60 days from their customs clearance, each for 50% of the value.
Increase in the Amount Exempted from Mandatory Conversion for Export of Services
The amount exempted from mandatory conversion for export of services performed by residents has been increased, raising from USD 12,000 to USD 24,000 per calendar year for proceeds in local dollar accounts.
Elimination of Certain Restrictions for Accessing the MEP and CCL Dollars
Finally, as of July 24th, 2024, restrictions on access to MEP and CCL dollars for individuals who had received any type of financial assistance from the State during the pandemic, or who still have an active subsidy for public services, have been lifted.
