By means of Communication “A” 7552 (“Rule”), the Argentine Central Bank modified the requirements for exiting through the Foreign Exchange Market.
Although it maintains the condition that in order to access the Foreign Exchange Market, the resident must (i) have all foreign currency holdings in the country deposited in accounts in financial entities and (ii) not have liquid foreign assets available at the beginning of the day in which access to the market is requested for an amount higher than USD100,000 (one hundred thousand US dollars), the Rule assimilates and incorporates Argentine certificates of deposit (“CEDEAR”) to this limit of USD100,000.
It is established that entities may, up to and including 8/19/22, consider the holding of Argentine certificates of deposit representing foreign shares acquired up to 7/21/22, as one of the situations in which liquid foreign assets and/or Argentine certificates of deposit representing foreign shares jointly exceed the amount of USD 100,000.
Additionally, as from the Rule, those who request to enter the Foreign Exchange Market must provide evidence that -in addition to the conditions already provided for in the Rule- in the 90 days prior and subsequent to the access day:
(i) have not acquired and will not acquire CEDEARs;
(ii) have not acquired and will not acquire securities representing private debt issued in foreign jurisdictions;
(iii) no funds in local currency or other local assets (except funds in foreign currency deposited in local financial institutions) have been or will be delivered to any human or legal person, resident or non-resident, related or not, receiving as prior or subsequent consideration, directly or indirectly, by itself or through a related, controlled or controlling entity, foreign assets, crypto-assets or securities deposited abroad.
