New Communication of the Central Bank on Access to the Foreign Exchange Market

On June 29, 2023 the Central Bank of Argentina (“BCRA”) published communication “A” 7798 (the “Communication”) which establishes that all business organizations, regardless of their corporate form, in which the National State has a majority shareholding in the capital or in the corporate decision-making, may access the foreign exchange market to form foreign assets and thus pay for imports specifically of fuels or energy, when they comply with the following conditions:

  1. The funds acquired must be deposited in foreign currency accounts held by the company in foreign financial institutions.
  2. The intervening financial entity must verify that, at the time of accessing the foreign exchange market, the company complies with the exchange requirements in force to pay imports of goods with the funds.
  3. The intervening financial entity must have a sworn statement from the company, signed by its legal representative, in which it commits to:
    • Present documentation to corroborate the specific destination of the funds and register with the BCRA.
    • Apply the funds to pay for fuel or energy imports within five working days from the date on which the foreign exchange market was accessed.
    • Re-enter and liquidate the funds in foreign currency that are not used in the foreign exchange market within eight business days from the date on which the funds were accessed.

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