Local Currency Payment System operations between Argentina and Uruguay have been extended

On September 5, 2023, the Argentine Central Bank (“BCRA“) approved the Communiqué “A” 7835 (“Communiqué“), which expanded the operations allowed to be carried out through the Local Currency Payments System (“SML“).

1. Payments of goods, as well as for services and expenses related thereto;
2. Unilateral transfers classified as retirement and pensions, when there is a bilateral agreement subscribed between the social security institutions of both countries;
3. Payments for services, whether or not associated with trade in goods, except payments for financial services.; and
4. Transfers for family allowances.