On March 9, 2012 the Argentina Central Bank (“ACB”) trough Communication Nº “A” 5294 resolved that the withdrawal of foreign currency using local debit cards from ATMs located abroad must be made with local debit customer accounts denominated in foreign currency.
In addition, the Central Bank, on the same date, issued Communication Nº “A” 5295 (“The Communication”) amending Section 3 of the Communication “A” 5264. The latter regulates the new rules for access to the Unique Free Exchange Market on services, income and current transfers.
The Communication sets out the new requirements that will be applied to access the Local Exchange Market (“MLC”) to perform payments abroad, in concept of:
1. Another Information and Informatics services.
2. Business, professional and technical services.
3. Royalties, Patents and Marks.
4. Loan players’ bonus,
5. Copyrights.
6. Personal, Cultural and Recreative Services.
7. Commercial guaranties for goods and services exportations.
8. Exploitation rights on foreign films, videos and audio.
9. Services for technology transferences in law 22426 (except patents and marks).
Furthermore, the access to the MLC will be affected by the Central Bank agreement if the beneficiary is a physical or legal person directly or indirectly related to the local indebted in accordance to the definitions of the linked organizations settled in the Communication “C” 40.209.
Similarly in the case of a physical or legal person that resides or has a constitute address in an associated jurisdiction, territory or State included in the official decree N° 1344/98 of the income tax’s law Nº 20.626 and its modifications; or when the payment abroad is to an account in these jurisdiction.
In these cases, the previous agreement of the Central Bank shall not apply for contracts that do not generate in a calendar year at the concept of exchange market and debtor, payments and/or debts exceeding the equivalent of US dollars (US$100.000).
In all cases access to the local exchange market for the items mentioned, should comply prior to the required records of contracts in force at national level at the time of access.
On the other hand, the Communication now allows non-resident to buy foreign currency fund in pesos charged by VAT refund of the purchase and decreases the anticipation of 15 days maximum to pay interest, just 5 days prior to each expiration day.
The previsions of both communications will come into force in April 3, 2012.
