As from February, 80% of MSMEs Will be Entitled to Have Access to the Forex Market to Pay all their Commercial Debts Owed Abroad

The BCRA together with the Secretariat of Trade informs that 10,000 micro-, small- and medium-sized enterprises (MiPyME) with debts up to USD500,000 will be allowed to access the forex market for paying back their debts owed abroad in the following three months. The measure was driven by three facts: (i) the registry of foreign commercial debts was completed; (ii) international reserves started to accumulate; and (iii) BOPREAL Series 1 were highly accepted.

The registry was created to unveil and cope with the current situation of the stock of commercial debt left by the previous government, which refrained importers from having access to the forex market to pay debts owed abroad. Net debts of USD42,600 million were recorded in the registry after discounting around USD8,500 million that had been paid by means other than the forex market. The analysis of the recorded information revealed a high atomization of the stock of debts. The Secretariat of Trade and the BCRA made an effort that might contribute to solve this critical situation of around 10,000 beneficiaries (more than 5,100 are micro-, 3,900 are small- and 1,000 are medium- enterprises), representing 80% of total MSMEs and more than 70% of the ones recorded in the registry.

The MSMEs group with debts recorded for up to USD500,000 will have access to the forex market from February through April 2024 to pay back their debts owed abroad. As from February 10, they will have access to the forex market for an amount of up to USD50,000; as from March 10, for an additional amount of USD100,000; and as from April 10, for the remaining amount of the recorded debt.

All the other MSMEs having commercial debts exceeding USD500,000 will have priority to make bids for BOPREAL Series 2 short-term bond, with amortization flows in dollars between July 2024 and June 2025. Offers will involve BOPREAL Series 2 for a maximum amount of USD2,000 million (NV) and BOPREAL Series 3, for a maximum amount of USD3,000 million (NV). Calls for bids will take place during February.

Moreover, a record number of 690 enterprises participated in the fifth auction of BOPREAL Series 1, and awards amounted to USD2,454 million (NV). Thus, the aggregate amount subscribed of BOPREAL Series 1 to date is USD4,096 million (NV). The remaining amount of BOPREAL Series 1 available for auction reaches USD904 million (NV).

January 25, 2024