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The BCRA Promotes Increase of Goods Exports

The BCRA’s incentives stimulate exports by allowing exporters to have greater access to the forex market.

The measure adopted by the Board of the BCRA allows exporters of industrialized and extractive goods to access the forex market up to a portion of foreign sale increases against 2020, which varies depending on the settlement period involved:

- Up to 30 calendar days: exporters may access the forex market for an amount equivalent to 5% of their increased sales.

- Up to 60 calendar days: exporters may access the forex market for an amount equivalent to 10% of their increased sales.

- Up to 180 calendar days or more: exporters may access the forex market for an amount equivalent to 15% of their increased sales.

The amounts so determined require no express authorization from the BCRA and may be applied to make:

- payments upon maturity of principal on debts for the import of goods;

- payments upon maturity of principal on debts for the import of services to related counterparties;

- payments upon maturity of principal on financial debts incurred with debtors’ related counterparties;

- payments of profits and dividends from closed and audited balance sheets.

Exporters must apply for a certification of increased exports of goods in 2021 to the financial institution through which they conduct the foreign trade. The financial institution will establish the maximum amount to access the forex market without the BCRA´s prior consent.

The certificate will expressly state the value of exports of goods shipped in 2021, and the amount of foreign currency transferred from abroad and settled.

Financial institutions must require exporters to submit an affidavit stating that the increase in exports results from the genuine expansion of business turnover, but not from exports of goods related to third parties.

Also, exporters must state, if applicable, that they accept and comply with the price agreements as set out by the National Government.

By the end of 2019, the BCRA established statistical regimes that provide data to follow up the settlement of foreign currency resulting from exports of goods. Therefore, 2020 is deemed the initial year for comparison purposes.

This measure, in line with the Investment Promotion Regime for Exports set out by the Executive Order (DNU 234/21), aims at increasing exports, promoting sustainable economic development with social equality, supporting employment creation, developing and reinforcing economic sectors’ competitiveness, ensuring socially equitable economic growth, and reaching environmental sustainability.

June 3, 2021.

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