On 5, October 2021, by means of Communiqué “A” 7375, the Central Bank of Argentina increased the restrictions for the payment of imports through the Foreign Exchange Market, according to the following detail:
1. Reduced from USD1,000,000 (One Million US Dollars) to USD250,000 (Two Hundred and Fifty Thousand US Dollars) the exemption for the advance payment of imports of goods (computing, as before, the ratio between the import payments against the value of imports with customs registration made since 1 January 2020 -among other items-).
2. Regarding imports that have been shipped as of 1.7.2020 or those that have been shipped and have not arrived in the country before the aforementioned date, the possibility of their payment “at sight” is eliminated, so that only deferred payment will be possible (i.e. once they have customs entry registration).
3. Suspended advance payments for imports destined to the acquisition of capital goods, which will now require prior authorization by the Central Bank. In addition, payments for capital goods shall be computed for the purposes of calculating the duty-free allowance for the advance payments detailed in 1. above.
4. For the calculation of the exemption of USD3,000,000 (Three Million US Dollars) destined to the payment of imports of medicines or other goods necessary for local processing, the payments with pending customs entry registration whose course is being requested (i.e. advance payments and payments on demand) shall also be computed.
5. Decreases to USD10,000 (Ten Thousand US Dollars) (previously USD50,000 (Fifty Thousand US Dollars)) the amount of exchange transactions that must be reported to the BCRA two (2) working days in advance.
This report cannot be considered as legal or any other type of advice from Allende & Brea.
