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Foreign Trade and Exchange Regulatory Framework

Executive Order No. 260/02 sets a Free and Single Foreign Exchange Market (MULC) for all foreign exchange transactions, to be made at an exchange rate freely agreed upon, based on the requirements and regulations provided for by the Central Bank. In agreement with the above-mentioned Executive Order and with Section 29, Law No. 24144, Charter of the Central Bank of Argentina, the BCRA is empowered to adopt regulations on the foreign exchange system according to the laws in force, and oversee compliance therewith.

As a result of the easing of regulations governing the foreign exchange market started in December 2015, the transactions are now governed by the following body of regulations on “Foreign Trade and Exchange”. Among its main characteristics, the following aspects should be highlighted:

  • All natural or legal persons, equities as well as other universitas juris (universalidades) may freely operate in the foreign exchange market, whether they are residents or nonresidents.
  • Transactions shall be performed at the exchange rate freely agreed upon between the parties.
  • Financial and foreign exchange institutions may operate without timetable restrictions.
  • Foreign exchange agreements or sworn statements are no longer required except for the Domestic Currency Payment System (SML). Nevertheless, institutions shall continue to comply with the client’s ID requirement and the transaction recording requirement.

Survey on Issues of Debt Securities and Other External Liabilities of the Private Sector

Communication A3602, as amended by Communication A4062, established the implementation of a Survey on External Liabilities and Issues of Debt Securities of the financial and non-financial private sector. Within the framework of the changes introduced in August 2016, a statement by clients stating that they have complied with this Reporting Scheme, if applicable, shall be required for them to make transactions related to the payment of debt from imports of goods and services and for the purchase of non-financial non-produced assets and of financial debts.

  • The following links include answers to frequently-asked questions (FAQ).
  • To get the file to complete the validation of the presentation made, click Query about Validation | A3602
  • The applications related to this survey can be downloaded from here.
  • Before installing the above-mentioned applications, the user shall perform the “Basic Installation”.

Survey on Direct Investments

Communication A4237, as supplemented by Communication A4305, established the implementation of a Survey on Direct Investments in the Country and Abroad.

Likewise, as from the changes introduced in August 2016, a statement by clients stating that they have complied with this Reporting Scheme, if applicable, shall be required for them to perform transactions with related companies.

  • A historical detail of the validated presentations made by the reporting companies can be obtained from here.
  • The uploading application shall be requested to a financial institution.

Foreign Exchange Transactions Reporting Scheme (RIOC)

On a daily basis, financial institutions report to the Central Bank information such as the foreign exchange purchase and sale transactions arranged with their clients through the Foreign Exchange Transactions Reporting Scheme (RIOC), which includes a list of heading codes for the transactions made in the domestic foreign exchange market.

In August 2016, after the simplification of rules establishing the procedures to perform foreign exchange transactions, the headings used to record purchase and sale transactions of foreign currency with clients were simultaneously reviewed.

As a result, as from September 1, 2016, the list of codes was reduced from 315 headings in force at that time to around 70 new codes.

For more information, download the Illustrative Guide of New Headings.