Through Decree 443/2023 (“Decree”), the National Government reestablished until September 30 the Export Increase Program, known as “Dólar Soja”, (“Program“) for those subjects that have exported in the 18 (eighteen) months immediately preceding, and are grain products and/or operators in their commercialization of soybeans, soybean oils and derivatives (“Products“).
Unlike previous editions, this time the Program does not set a differential exchange rate for the sale of the Products, but established that 75% (seventy-five) of the countervalue of the export of the Products subject to the Program must be entered into the country in foreign currency and settled through the Foreign Exchange Market (“MULC“) at the official exchange rate, while the remaining 25% (twenty-five) will be partially freely available, since during the next 45 days it will not have to be entered and settled in the MULC according to the current regulations of the Central Bank of Argentina (“BCRA“).
In this regard, BCRA established through the Communiqué A 7833 that the obligation to enter and settle in the MULC the foreign exchange equivalent value of the Products will be considered fully complied with when at least 75% (seventy-five percent) of the invoiced value is settled according to the agreed sales conditions, being the remaining 25% (twenty-five percent) considered freely available.
In accordance with the foregoing, the monitoring entity (“Entity“) may consider the monitoring of a shipment permit as completed for the equivalent of up to 25% (twenty-five percent) of the invoiced value, according to the agreed sales condition, provided that the following conditions are met:
- The Entity has documentation that allows it to verify that the export operation falls under the provisions of the Decree, by means of a sworn statement by the exporter;
- The remaining invoiced value according to the agreed condition of sale has been fulfilled through:
- Receipts from exports of goods associated with the operation that were settled through the foreign exchange market up to September 30 of the current year.
- The application of foreign currency to the cancellation of principal or interest on advances, pre-financing and/or post-financing from abroad associated with the operation included in the transaction that were settled in the foreign exchange market up to September 30 of the current year.
- Other charges allowed according to BCRA current regulations.
Additionally, and in accordance with the sworn statement required by the BCRA in which it must be indicated that the liquid foreign currency assets deposited outside the country do not exceed USD 100,000 (one hundred thousand) imposed as a condition to access the MULC, the 25% (twenty-five) of partial free availability will not be computed within the limit indicated above during the 45 days following the entry into force of the Decree.
