On Nov. 28, ARG CB updated foreign currency exchange rules.
ARG CB issued Circular CAMEX 1-1034, Communication A 8137 regarding forex rules.
Follows recent ARG CB updates to foreign currency exchange rules, see #222433.
Amendment Highlights
ARG CB amended point 7.1.1.1. of the Foreign Exchange regulations, which establishes the term for the entry and liquidation of export collections of a set of goods.
Now 30 calendar days for exports of goods corresponding to specified tariff positions.
Extended to 20 business days the period available to clients to enter and settle.
To settle collections of exports of goods and services; what is received for sale of non-financial assets not produced; refunds for import payments via the forex market.
In addition 20 business days for settlements of insurance collected in foreign currency for imported merchandise damaged after delivery of the goods to the resident.
In the case of collections of exports of goods, this period will be subject in all cases to the terms provided in points 7.1.1.1. to 7.1.1.5. of the Foreign Exchange regulations.
ARG CB established at 20 business days as the period available to exporters of goods.
Period to enter and settle advances on exports, pre-financing and post-financing from abroad within the framework of first paragraph of point 7.1.3. of the regulations.
Reduced to 30 calendar days the period per point 13.2.4. to access the exchange market to process payments for services of non-residents that fall under S24.
S24, Other personal, cultural and recreational services when they are services provided or accrued by counterparties not linked to the resident as of Nov. 29, 2024.
Per point 3.16.2., entities may accept a sworn statement from the client as indicated.
Statement that holdings above the amount contemplated are funds deposited in a bank accounts abroad earned in last 180 calendar days for disbursements abroad.
Disbursements of financial debts included in point 3.5. received as of Nov. 29, 2024.
Client may continue submitting the sworn statement provided for in point 3.16.2.1.iv) when the amount of the deposited funds does not exceed equivalent of an amount.
The aforementioned amount is the capital and interest in next 365 calendar days.
Dec. 3, 2024 ARG CB Official Publication
On Dec. 3, 2024, ARG CB published Communication A 8137 in the official gazette.
Dec. 13, 2024 ARG CB Adjustment
On Dec. 13, 2024, ARG CB issued Circular CAMEX 1-1036, Communication A 8155.
Relates monitoring of collections in connection with export of goods (SECOEXPO) operations that receive the exchange benefits provided for in Decree 929 of 2013.
To this end, ARG CB updated point 8.5 of the Foreign Exchange regulations.
Incorporates export covered by the exchange rate benefits of the Investment Promotion Regime for the Exploitation of Hydrocarbons under Decree 929/13.
Circular CAMEX 1-1035, Communication A 8153 replaced section iii) of point 2.2.2.1. of Foreign Exchange regs on an exception to settling collections for export of services.
The customer has not used this mechanism for an amount greater than the equivalent of USD 36,000 in the calendar year, in all entities and for all the permitted functions.
Communication A 8153 comes into force on Jan. 1, 2025.
Dec. 16, 2024 ARG CB Net Global Position, Official Publications
On Dec. 16, 2024, ARG CB published Communication A 8154 in the official gazette.
Requires exchange transactions within a one-day period (t+1) for computation of daily foreign currency spot position provided for in point 2.2.2. of applicable regulations.
Also on Dec. 16, 2024, ARG CB published Communication A 8153 in the official gazette
Dec. 2024 ARG CB Official Publication
On Dec. 18, 2024, ARG CB published Communication A 8155 in the official gazette.
Regulators
ARG CB
Entity Types
Bank; MSB; Servicer
Reference
OG, 12/18/2024; OG, 12/16/2024; Cir LISOL 1-1084, Com A 8154, Cir CAMEX 1-1036, Com A 8155; Cir CAMEX 1-1035, Com A 8153, 12/12/20245; OG, 12/3/2024; Cir CAMEX 1-1034, Com A 8137, 11/28/2024
