Relaxation of the foreign exchange settlement obligation for pre-export financing

Through Comunicacion A 5885 dated January 14, 2016, the Central Bank of Argentina eliminated the obligation to settle the foreign currency received a advanced payments and export financing . This means that the exporter may keep foreign currency received, without obligation to convert said currency into Argentinean Pesos before a financial institution in Argentina, and therefore also keep foreign currency in bank accounts outside Argentina. The current limit was previously 15 working days.

While the impact of this measure is reduced, it could be the beginning of a way of easing the obligation to settle foreign currency arising from exports of goods and services, which dates back to a Decree of 1964, and today is a mechanism in conflict with Macri´s administration Foreign Trade policies and the need to boost Argentine exports.

You may access Comunicación BCRA A 5885 through this link: http://www.bcra.gov.ar/Pdfs/comytexord/A5885.pdf