Argentina: New central bank communication amends regulation on Export Increase Program

06 Oct 2023    2 minute read

In brief

On 2 October 2023, the Argentine Central Bank issued Communication "A" 7853 ("Communication"), amending the regulations in force for the Export Increase Program ("Program") established by Decree 443/23 and complementary Decree 492/23 ("Decrees").

Contents

In depth

The Decrees established the Program under which those who have exported soybeans, soybean oil, soybean peel, soybean flour and products derived from them between 4 March 2022 and 5 September 2023 must repatriate and settle (i.e., convert into Argentine pesos) through the foreign exchange market ("FX Market") only 75% of the export proceeds, while the remaining 25% will be freely available funds.

In this regard, the Communication set out the following provisions for exports included under the Program:

  1. The obligation to repatriate and settle in the FX Market the proceeds derived from the export shall be deemed fulfilled when the exporter (i) has settled prior to 30 September 2023 at least 75% of the invoiced value, or (ii) has settled at least 75% of the invoiced value and with the remaining amount has acquired securities with settlement in a foreign currency for subsequent sale against Argentine pesos ("Blue Chip Transaction").
  2. The obligation to enter and settle advances, pre-financing and post-financing through the FX Market shall be deemed fulfilled when at least 75% of the funds disbursed is settled and the remainder is settled through a Blue Chip Transaction.
  3. In relation to point 2 above, the total funds received for the export of goods under the Program may be applied for the cancellation of principal and interests of advances, pre-financing and post-financing received to finance exports under the Program — provided that the exporter can prove that: (i) it has settled 75% of the funds disbursed as advances, pre-financing or post-financing through the FX Market, and (ii) the remaining amount was settled through a Blue Chip Transaction.
  4. When the outstanding amount of exports under the Program has been fully pre-financed, the term for the corresponding settlement of the proceeds derived from such export may be extended until the maturity date of the financing, provided that: (i) 75% of the amount disbursed as pre-financing has been settled through the FX Market and (ii) the remaining amount was settled through a Blue Chip Transaction.

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Contact Information
Gabriel Gómez Giglio
Partner
Buenos Aires
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Francisco Fernandez Rostello
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Buenos Aires
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Jeronimo Argonz
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Buenos Aires
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