The Board of Directors of the Central Bank of the Argentine Republic today issued measures that establish parameters in the foreign exchange market, which aim to maintain exchange rate stability and protect savers. It did so through communication A6770. The law regulates income and expenditure in the foreign exchange market. This regulation maintains full freedom to withdraw dollars from bank accounts, both for individuals and legal entities, does not affect the normal functioning of foreign trade and does not introduce any restrictions on travel.
The measure establishes that exporters of goods and services must settle their foreign exchange earnings in the local market. For exports made as of September 2, 2019: dollars must be settled no later than 5 business days after collection or 180 days after the shipment permit (15 days for commodities). While for exports made official before September 2, 2019 that are pending collection, the dollars will have to be settled within a maximum of 5 business days after collection (including advances and pre-financing).
For expenditures, there are no restrictions on the purchase of foreign currency for foreign trade.
Resident legal entities may purchase foreign currency without restrictions for the import or payment of debts when due, but they will need the approval of the Central Bank of the Argentine Republic to purchase foreign currency for the formation of foreign assets, for the pre-cancellation of debts, to transfer profits and dividends abroad and to make transfers abroad.
Individuals will not have any limitation to buy up to USD 10,000 per month and will need authorization to buy sums greater than that amount. Operations that exceed USD 1,000 must be carried out with debit to an account in pesos, since they cannot be carried out in cash. It will also not be allowed to make transfers of funds from accounts abroad of more than USD 10,000 per person per month. Except between accounts of the same holder: in this case there will be no limitation.
Non-resident individuals and legal entities will be able to purchase up to USD 1,000 per month and will not be able to transfer funds from dollar accounts abroad.
