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Procedures are Simplified for Large Exporters and Importers

The Board of the BCRA has created the “Registry of Foreign Exchange Information of Exporters and Importers of Goods” to provide a direct communication channel, thus simplifying forex regulations compliance.

The creation of the Registry, within the framework of the powers granted to the institution by the Foreign Exchange Criminal Law, was the result of the dialogue with the main business chambers to improve controls by reducing bureaucracy.

Companies will register through the website of the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP) and will indicate any foreign currency purchase and settlement transaction made.

At this initial stage, registration will be required for the hundred top companies operating in foreign trade, both importers and exporters.

Where differences arise between any affidavit submitted and the statistics of the BCRA, the Registry will serve as a resolution instance before initiating proceedings for violation of the Foreign Exchange Criminal Law.

Private Debt Restructuring

In addition, rules were made more flexible to encourage the exchange or financing of private sector liabilities abroad.

Funds arising from the collection of a debtor’s exports of goods and services may be deposited in accounts abroad and/or in Argentina to ensure the repayment of debt taken on as from January 2021 for the purpose of financing liabilities and other borrowings, under the conditions established by the regulation.

January 6, 2021.

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