On July 30, 2020, through Communiqué “A” 7079, the Argentine Central Bank (the “Central Bank”) enabled access to the foreign exchange market (the “FX Market”) to cancel outstanding commercial obligations guaranteed by foreign financial institutions or export credit agencies abroad.
Restrictions provided by Communiqué “A” 7030 were extended until August 31, 2020
El Banco Central dispone que las restricciones[1] al acceso al mercado de cambios para el pago de importaciones y para la cancelación de servicios de capital de endeudamientos financieros con el exterior cuando el acreedor sea una contraparte vinculada al deudor se mantienen vigentes hasta el 31 de agosto del 2020, inclusive.
The payment of outstanding trade obligations secured by foreign guarantors are allowed
Through Communiqué “A” 7068, the Central Bank had allowed access to the FX Market to cancel commercial debts for imports of goods with export credit agencies or foreign financial institutions, insofar as they are not payments associated with imports shipped after July 1, 2020 or which, having been shipped before that date, had not arrived in the country before that date.
The Central Bank extends this possibility to allow access to the FX Market to cancel of commercial debts for imports of goods secured by foreign financial institutions or export credit agencies abroad.
This report cannot be considered as legal or any other kind of advice by Allende & Brea.
[1] Set forth in Sections 2 and 3 of Communiqué “A” 7030, as amended by Communiqués “A” 7042, 7052 and 7068.
