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
The Central Bank extended the applicability of the restrictions[1] on the access to the FX Market for the payment of imports and to cancel principal of foreign financial indebtedness when the creditor is a related party to the debtor until August 31, 2020.
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 should not be considered as legal or any other type 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.
