The Board of the BCRA simplified the access to the official forex market for productive sectors in answer to the characteristics of the business communicated by the heads of companies and sector chambers in relation to the conditions established in Communication A7030.
These decisions were made as a result of discussions held by the BCRA President, Miguel Pesce, and Vice President, Sergio Woyecheszen, with heads from productive sectors with a view to overcoming any difficulties that Communication A 7030 may bring about in production. This regulation sets out the conditions to access the Free and Single Foreign Exchange Market (Mercado Único y Libre de Cambio, MULC).
One of the measures consists in raising the threshold for direct access to the MULC for advance payment of imports from USD 250,000 to USD 1 million. Clearly, this is to facilitate imports for small- and medium-sized enterprises (SMEs).
In addition, the buildup of liquid foreign assets will exclude a freely available balance of USD 100.000, as well as any reserve or collateral funds under contracts with foreign parties, and collateral funds for foreign derivatives transactions. Any balance of proceeds from exports of goods and/or services recorded within the 5-business day term from collection is also excluded.
Importers of fertilizers and drug supplies (including finished drugs) will require no prior authorization to access the MULC for the payment of future imports. Finally, the 90-calendar-day period during which a company asking for authorization to access the MULC cannot sell securities in foreign currency or transfer them to depository institutions abroad will be computed since May 1, 2020.
June 11, 2020.