Argentina: Central Bank Communication "A" 7532 - Amendments to the foreign exchange regime

In brief

By means of Communication "A" 7532 ("Communication"), the Central Bank of Argentina (ACB) established new restrictions regarding access to the foreign exchange market ("FX Market") for the payment of imports of goods and the payment of imports of services to unrelated counterparties, among others.


In focus

The main points of the Communication are set out below:

  1. Payment of imports in "Exit" status: (i) The additional 20% is eliminated for the calculation of the available quota for SIMI A and C at each instance; and (ii) the provisions for the payment of non-automatic licenses (LNA) declared as SIMI B or C are suspended until 30 September 2022. Nevertheless, LNA will be computed to define the limit of SIMI A and C and their payment (including the previous ones since 1 January 2022) will be computed to determine the available quota.
  2. Payment of imports of consumer and capital goods: Until 30 September 2022: (i) subject to certain exceptions, payment thereof shall be computed for the purpose of determining the available quota for payment under SIMI A; and (ii) capital goods may be paid (concept codes B20 and B21) in advance up to 80%, the rest being payable upon nationalization.
  3. Payment for the importation of services to non-related counterparties covered by the SIMPES: A new regime similar to the payment of goods is established. The payment requested, plus those made during the year, shall not exceed the proportional part accrued up to that month of the payments made in 2021. If it is less than USD 50,000, whichever of the latter or the annual limit is lower will be adopted. If these conditions are not met, payment can only be made 180 days after the service was provided unless foreign financing is simultaneously received or settled from a local entity through a foreign line of credit with a maturity of not less than 180 days from the provision of the service.

Click here to access the Spanish version.

Copyright © 2024 Baker & McKenzie. All rights reserved. Ownership: This documentation and content (Content) is a proprietary resource owned exclusively by Baker McKenzie (meaning Baker & McKenzie International and its member firms). The Content is protected under international copyright conventions. Use of this Content does not of itself create a contractual relationship, nor any attorney/client relationship, between Baker McKenzie and any person. Non-reliance and exclusion: All Content is for informational purposes only and may not reflect the most current legal and regulatory developments. All summaries of the laws, regulations and practice are subject to change. The Content is not offered as legal or professional advice for any specific matter. It is not intended to be a substitute for reference to (and compliance with) the detailed provisions of applicable laws, rules, regulations or forms. Legal advice should always be sought before taking any action or refraining from taking any action based on any Content. Baker McKenzie and the editors and the contributing authors do not guarantee the accuracy of the Content and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the Content. The Content may contain links to external websites and external websites may link to the Content. Baker McKenzie is not responsible for the content or operation of any such external sites and disclaims all liability, howsoever occurring, in respect of the content or operation of any such external websites. Attorney Advertising: This Content may qualify as “Attorney Advertising” requiring notice in some jurisdictions. To the extent that this Content may qualify as Attorney Advertising, PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME. Reproduction: Reproduction of reasonable portions of the Content is permitted provided that (i) such reproductions are made available free of charge and for non-commercial purposes, (ii) such reproductions are properly attributed to Baker McKenzie, (iii) the portion of the Content being reproduced is not altered or made available in a manner that modifies the Content or presents the Content being reproduced in a false light and (iv) notice is made to the disclaimers included on the Content. The permission to re-copy does not allow for incorporation of any substantial portion of the Content in any work or publication, whether in hard copy, electronic or any other form or for commercial purposes.