The Board of Directors of the Central Bank (BCRA) announced this Monday (June 827.06.2022, XNUMX) modifications to the rules governing the foreign exchange market. In this way, it tightens the conditions necessary to access the market of changes in order to pay for imports.
This morning the executive published the Communication A 7532 of the BCRA which makes the annual and monthly quotas that apply to the Companies requesting access to the foreign exchange market for payment of imports.
The measure, explained the Board of Directors of the Central Bank, was taken to adapt the foreign trade payment system with the aim of "responding to the extraordinary needs for foreign currency and thus address energy imports."
The measures extend the import financing system to those carried out under a Non-Automatic License and to the import of services, and will be in effect for one quarter, to allow time for the normalization of foreign trade, indicated the monetary control entity headed by Miguel Pesce.
He also said that the measure seeks to "support economic growth and the development of SMEs by avoiding speculative maneuvers on imports."
In this way, small and medium-sized companies are exempt from the current requirements to finance their imports for an increase of 15% compared to the previous year, with a limit of up to US$ 1 million.
Under the new payment scheme, SIMI (Import Monitoring System) category A will maintain access to the exchange market for the equivalent of the monthly average of imports in 2021 plus 5% or 2020 plus 70%.
For their part, SIMI category B, corresponding to non-automatic licenses, will be able to access the market from 180 days after the dispatch to
square.
It was also arranged in coordination with the Ministry of Productive Development to expand the tariff positions of goods equivalent to those
produced in the country that will have access to the market after 180 days and luxury goods that will be able to access it after 360 days.
As for imports of services, they are treated equally to those of goods, allowing market access for the same amount as in 2021 and, if the amount is exceeded, the balance will be extended to 180 days.
In this way, the recovery of commercial credit, which Argentina saw fall significantly as a result of the Covid-19 pandemic, is promoted.
Regarding imports of capital goods, a rule was established that allows 80% to be paid at the port of origin and 20% upon nationalization.
In addition, pre-financing of exports will be facilitated, which will accelerate the inflow of foreign currency, especially from the cereal complex, shifting the obligation to settle incoming foreign currency from 5 to 15 days, and long-term financing to pre-pay local debts in foreign currency, the Central Bank indicated.
Source: Telam
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
