By means of Communication “A” 7556 (‘Rule’), the Argentine Central Bank (“BCRA”) established new conditions and requirements for access to the Foreign Exchange Market for those resident individuals or legal entities that are grain producers and/or soybean traders.
Those sales transactions -from July 27 to August 31, 2022- to a buyer who will export them directly or as a result of a productive process carried out in the country and who do not export such goods on their own account, will be able to use the pesos received:
a. Access to the purchase of foreign currency for up to the equivalent of 30% of the total amount received from the sale in pesos, after the application of (i) the PAIS tax and (ii) withholdings provided for in R.G. AFIP N 4815.
b. Credit the funds in pesos received from the sale not used for the purchase of foreign currency under the conditions set forth in the previous point, in a “Special account for holders with agricultural activity”.
The local financial entity designated by the producer and/or operator will be responsible for:
(i) register with the BCRA the details of the soybean sales transactions to an exporter and the net amounts in pesos received for such sales, considering as net amount received the “Primary settlement of grains”. The condition to accept the exporter as a buyer is that it has registered in the data available in SECOEXPO, exports of soybeans and/or of the goods resulting from a productive process applied to them.
(ii) issue the certifications so that the producer and/or operator may make the purchases of foreign currency and credit funds in a “Special account for holders with agricultural activity”
Prior to the issuance of the certification, the producers and/or operators must declare that from the moment the issuance is required and for the following 90 (ninety) calendar days, (i) they will not make any sales in the country of securities with settlement in foreign currency; (ii) will not exchange securities issued by residents for foreign assets; (iii) will not transfer securities to foreign depositories; (iv) will not acquire in the country securities issued by non-residents with settlement in pesos; (v) will not acquire Argentine certificates of deposit representing foreign shares; (vi) will not acquire securities representing private debt issued in foreign jurisdictions; (vii) will not deliver funds in local currency or other local assets (except for local funds and other local assets); (viii) will not deliver funds in local currency or other local assets (except funds in foreign currency deposited in local financial institutions) to any human or legal person, whether resident or non-resident, related or not, to receive 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.
