On November 28, 2024, through Communiqué “A” 8137 (“Communiqué”), the Argentine Central Bank benefits Argentine residents by extending the terms in which they must enter and settle their collections in foreign currency and reducing the waiting period to make payments abroad, both through the foreign exchange market.
- From 5 to 20 business days for:
- the collection of exports of goods and services,
- what is received for the sale of non-financial assets not produced,
- the refund for payments of imports made with access to the foreign exchange market,
- the settlement of insurance collected in foreign currency for imported merchandise damaged after the delivery of the goods to the Argentine resident; and
- export advances, pre-financing and post-financing from abroad.
- From 15 to 30 days for the collections of exports of soybeans, corn (except popping corn), wheat, beans (beans, beans, beans) of soybeans, crude oil -including degummed- (except those that do not contain soybeans), and others.
On the other hand, the Communiqué established that the funds received from November 29, 2024. in the bank accounts abroad of Argentine residents, originating from external financial debt placements executed within the past 180 calendar days, shall not be considered in the affidavit of free availability of foreign funds abroad to access the foreign exchange market. Consequently, these funds are not computed in the affidavit, which restricts the access to the foreign exchange market of Argentine residents holding liquid external assets in their foreign accounts valued at more than the equivalent of USD 100,000.
Finally, the amendments introduced by the Communiqué also benefit the importers of cultural and recreational services, by reducing the term from 90 days to 30 days in which they can access the foreign exchange market, counted from the date of provision or accrual of services rendered by unrelated counterparties as of November 29, 2024.
