By means of Decree No. 378/2023 (“Decree 378”) published on July 24, 2023, the National Executive Branch established a new exceptional and transitory countervalue until August 31, 2023 for the conversion into Argentine pesos of foreign exchange for the collection of exports of products related to agriculture, livestock and fishing (the “Products”), contemplated in Chapter II relative to “Regional Economies” of Decree No. 194/2023, for those parties included in the Programa de IncrementoExportador para Economías Regionales (the “Programme”), mainly highlighting the following considerations:
- Subject to the regulation of the Argentine Central Bank (“Central Bank”), a preferential exchange rate of AR$ 340 per U.S. dollar is established for the sale of the Products. Likewise, Decree 378 states that the Central Bank will implement the necessary mechanisms so that the settlement of foreign currencies under the Programme is made, at the exporter’s choice (i) by crediting them to a special account whose remuneration is determined based on the evolution of the reference exchange rate of Central Bank Communiqué “A” 3500; or (ii) by applying the reference exchange rate of Central Bank Communiqué “A” 3500 to the subscription of Central Bank’s internal Bills in U.S. dollars that may be converted into Argentine pesos.
- The provisions of Decree 378 shall also apply to export of goods that require Sworn Affidavits of Sale Abroad.
- Finally, Decree 378 authorizes the Ministry of Economy, until the end of the current calendar year, to issue 10-year U.S. dollar Bills, which will accrue an interest rate equal to that accrued by the Central Bank’s international reserves for the same period and whose interest will be paid semiannually for the equity difference generated to the Central Bank by the performance of the transactions included in Decree 378.
