In depth
Decree 28
Decree 28 establishes the following:
(i) 80% of the proceeds obtained from exports of goods and services (which are collected upon issuance of an e-invoice) must be repatriated and settled (i.e., converted into Argentine pesos) through the official local exchange market.
(ii) The outstanding 20% of the proceeds must be applied to purchase and sale transactions with marketable securities acquired with settlement in foreign currency and sold with settlement in local currency (commonly known as contado con liqui).
This decree became effective on 13 December 2023.
Communication 7197
Communication 7197 sets forth a new regime for payments of imports of goods and services, and provides as follows:
Payment of imports of goods
(i) Elimination of SIRA system (import of goods system) and implementation of a new online system for registering payment of imports of goods, whereby there is no need to obtain any prior authorization to import goods.
(ii) No minimum payment terms or prior approval from the BCRA is required for payment of (a) certain oil and gas products; (b) coal-related products; and (c) electric energy, all of them related to imports performed as from 13 December 2023.
(iii) New payment terms is required for certain goods imported as from 13 December 2023 according to the tariff item number of the goods without prior approval from the BCRA: (a) 30 days for pharmaceutical products and raw materials, certain food products, fertilizers, phytosanitary and raw materials for local manufacturing of the latter; and (b) 180 days for automobiles and certain luxury goods. All payment terms are counted as from import declaration filing (entrance of the goods into the country).
(iv) Goods not included under (iii) (a) and (b) may be paid without prior approval from the BCRA as follows: (a) 25% of its value following 30 days; (b) 25% of its value following 60 days; (c) 25% of its value following 90 days; and (d) remaining 25% of its value following 120 days. All payment terms are counted as from import declaration filling (entrance of the goods into the country).
(v) Freight services and insurance may be paid together with imported goods without prior approval from the BCRA.
(vi) As regards payment of imports that have not yet entered the country, prior approval from the BCRA will be required in principle.
Prior debt related to imports of goods
Debt related to goods imported prior to 12 December 2023 shall in principle require prior approval from the BCRA.
Payment of import of services
(i) Elimination of SIRASE system (import of services system) and implementation of a new online system for registering payment of imports of goods, whereby there is no need to obtain any prior authorization to import services.
(ii) No minimum payment terms or prior approval from the BCRA is required if services are: (a) paid after 30 days have elapsed, counted as from the date of rendering the services in the case of non-related parties; (b) paid after 180 days have elapsed, counted as from the date of rendering the services in the case of related parties, all of them related to imports performed as from 13 December 2023.
(iii) No minimum payment terms or prior approval from the BCRA is required to pay for the following services as from 13 December 2023: (a) passenger transportation services; (b) travel (excluding operations associated with withdrawals and/or consumption with card purchases by residents with nonresident suppliers or by nonresidents with Argentine suppliers); (c) audiovisual services; (d) government services; (e) health services by travel assistance companies; (f) other health services; (g) transactions associated with withdrawals and/or consumptions with resident cards with nonresident suppliers or nonresident cards with Argentine suppliers; and (h) usual expenses between financial entities.
(iv) Freight services related to the importation of goods may be paid as from the date of rendering without prior approval from the BCRA if they are paid alongside the imported goods.
(v) Other personal, cultural and recreational services rendered as from 13 December 2023 may be paid as from the date of rendering without prior approval from the BCRA after 90 days have elapsed, counted as from the date of rendering.
Communication 7197 became effective on 13 December 2023.
Communication 7198
Communication 7198 establishes the terms for marketable securities to be issued by the BCRA, denominated in US dollars. The communication provides as follows:
(i) Subscribers: Only importers of goods and services, for up to their outstanding imports
(ii) Maximum term: Until 31 October 2027
(iii) Subscription currency: Local currency at the reference exchange rate published by the BCRA according to Communication "A" 3500 corresponding to the business day prior to the bidding date
(iv) Payment currency: USD at redemption and/or with early redemption option(s) in favor of investors in local currency linked to the USD
(v) Amortization: USD, with the possibility of full amortization at maturity or with a partial amortization schedule as defined from time to time
(vi) Redemption option in favor of investors: The alternative of including early redemption clauses in favor of the investors may be considered
Simultaneously with the tender of the marketable securities, redemption rights will be included in the instruments in the terms and proportions defined by the BCRA from time to time, which may only be exercised at face value and paid in local currency at the reference exchange rate of Communication "A" 3500. To make the redemption options viable in favor of the investor, a strip of the proportions of the total nominal amount is foreseen one month prior to each option exercise date. These strips will pay USD at maturity or may be exercised against local currency linked to the USD on the exercise date of the call option. If the investor decides to exercise the call option, they must give notice five business days prior to the expiration of the option.
(vii) Interest: Interest will accrue on the basis of a year of 360 days integrated by 12 months of 30 days each, at a maximum annual rate of 5% to be defined in the call notice, which may be payable quarterly or semi-annually in USD.
Spanish version
