Circular CAMEX 1-1033: Foreign Exchange and Currency Adjustments

"AÑO DE LA DEFENSA DE LA VIDA, LA LIBERTAD Y LA PROPIEDAD" "AÑO DE LA DEFENSA DE LA VIDA, LA LIBERTAD Y LA PROPIEDAD"

COMMUNICATION "A" 8133 21/11/2024

TO FINANCIAL ENTITIES,
TO EXCHANGE HOUSES:
Ref.: Circular
CAMEX 1-1033:
Foreign Exchange and Currency. Adjustments.

---

We address you to inform you that this Institution has adopted the following resolution:

1. Incorporate into point 10.10.2. of the consolidated text on Foreign Exchange and Currency, which details the operations for the import of goods from 13/12/23 onwards that may be settled before the deadlines established in point 10.10.1. of the aforementioned regulations, or to process payments for the import of goods with pending customs entry registration, the following:

" 10.10.2.12. sight payment and/or deferred payment for the import of goods that are carried out:
i) through the execution of a swap and/or arbitrage with funds deposited in a foreign currency account at a local financial entity; and/or ii) simultaneously with the settlement of foreign currency financings granted to the client by local financial entities that meet the conditions stipulated in points 10.10.2.1.i) and 10.10.2.1.ii).

10.10.2.13. advance payments for capital goods to the extent that they are carried out:
i) through the execution of a swap and/or arbitrage with funds deposited in a foreign currency account at a local financial entity; and/or ii) simultaneously with the settlement of foreign currency financings granted to the client by local financial entities that meet the conditions stipulated in points 10.10.2.1.i) and 10.10.2.1.ii).

The operation may include goods that do not have the status of capital goods to the extent that those that are capital goods represent at least 90% (ninety percent) of the total paid FOB value and the entity has a sworn declaration from the client stating that the remaining goods are spare parts, accessories, or materials necessary for the operation, construction, or installation of the capital goods being acquired."

2. Incorporate into point 13.3. of the consolidated text on Foreign Exchange and Currency, which details the operations for the import of services from 13/12/23 onwards that may be settled before the deadlines established in point 13.2. of the aforementioned regulations, the following:

-2-

"13.3.9. the payment is made to a counterparty not affiliated with the client and is carried out through the execution of a swap and/or arbitrage with funds deposited in a foreign currency account at a local financial entity."

3. Replace the first paragraph of point 13.3.1. of the consolidated text on Foreign Exchange and Currency with the following:

"13.3.1. the client accesses the foreign exchange market with funds originating from a financing for the import of services granted by a local financial entity to the extent that the maturity dates and the principal amounts to be paid of the granted financing are compatible with those established in point 13.2."

4. Incorporate into the swap and/or arbitrage operations with clients contemplated in point 3.14. of the consolidated text on Foreign Exchange and Currency, the foreign currency transfers abroad that are effected within the framework of points 1. and 2. of the present circular.

Likewise, we inform you that we will subsequently send you the sheets that, in replacement of those previously provided, should be incorporated into the referenced regulations.

We greet you sincerely.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Oscar C. Marchelletta Marina Ongaro
Principal Manager of Foreign Exchange and Currency General Deputy Manager of Financial Regulation