On November 21, 2024, through Communiqué “A” 8133 (the “Communiqué”), the Argentine Central Bank (“BCRA”) introduced the option for local companies to pay through the foreign exchange market for imports of goods and services provided by foreign companies, using currency exchange and/or arbitration with foreign currency deposited in a local financial institution.
I. Payment for imports of goods
The Communiqué allows residents to pay for imports with pending customs registration before the minimum deadlines for paying through the foreign exchange market. This exception applies to: (a) advance payments for capital goods (including complementary goods) and (b) sight or deferred payments for imports of goods. In both cases, payments can be made through currency exchange and/or arbitration using foreign currency deposited in a local financial institution and/or simultaneously with the settlement of financing in foreign currency provided by local financial institutions based on a foreign credit line, provided that specific conditions regarding timelines, amounts, and sworn statements are met, according to the timing of the financing in relation to the customs registration date of the goods.
II. Payments for foreign services
The Communiqué also establishes the following regarding payments for services provided by foreign companies:
a) Payment through the foreign exchange market is permitted for payments of services rendered or accrued after December 13, 2023, prior to the minimum deadlines established (e.g., 30 days for generic service payments), provided that the payment is made to an unrelated counterparty and executed through currency exchange and/or arbitration using funds deposited in a foreign currency account at a local financial institution.
b) Payment through the foreign exchange market is allowed with funds originating from financing for service imports granted by a local financial institution, provided that the financing’s due dates and principal payment amounts comply with current foreign exchange regulations.
