Circular CAMEX 1-1034: 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" 8137 28/11/2024

TO FINANCIAL ENTITIES,
TO EXCHANGE AGENCIES:

Ref.: Circular
CAMEX 1-1034:
Foreign Exchange and Currency. Adjustments.

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

1. Replace point 7.1.1.1. of the consolidated text on Foreign Exchange and Currency, which establishes the deadline for the inflow and settlement of export collections for a set of goods, with the following:

"7.1.1.1. 30 (thirty) calendar days for exports of goods corresponding to tariff positions: 1001.19.00, 1001.99.00, 1005.90.10 (except pisingallo corn), 1201.90.00, 1208.10.00, 1507.10.00, 1507.90.19, 1517.90.90 (except those that do not contain soy), 2304.00.10 and 2304.00.90."

2. Extend to 20 (twenty) business days the deadline established for clients to deposit and settle from their collection or receipt: i) collections from exports of goods and services, ii) amounts received from the alienation of non-produced non-financial assets, iii) refunds for import payments made with access to the exchange market, and iv) settlements of insurance collected in foreign currency for imported merchandise damaged after the delivery of the goods to the resident.

In the case of collections from exports of goods, this deadline will be subject in all cases to the deadlines established in points 7.1.1.1. to 7.1.1.5. of the consolidated text on Foreign Exchange and Currency.

3. Establish a deadline of 20 (twenty) business days for exporters of goods, from the date of collection or disbursement abroad, to deposit and settle export advances, pre-financing, and post-financing from abroad within the framework of what is provided in the first paragraph of point 7.1.3. of the consolidated text on Foreign Exchange and Currency.

4. Reduce to 30 (thirty) calendar days the deadline provided in point 13.2.4. of the consolidated text on Foreign Exchange and Currency for access to the exchange market to process payments for services of non-residents that fall under the concept "S24. Other personal, cultural and recreational services" when they are services provided or accrued by counterparties not linked to the resident, effective from 29/11/24.

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5. Establish that, within the framework of what is provided by point 3.16.2. of the consolidated text on Foreign Exchange and Currency, entities may accept a sworn declaration from the client stating that their holdings in excess of the amount contemplated correspond to funds deposited in bank accounts abroad in their name that originated in the last 180 (one hundred eighty) calendar days from disbursements abroad of financial borrowings included in point 3.5. of the consolidated text on Foreign Exchange and Currency received from 29/11/24 onwards.

The client will continue to have the possibility of presenting the sworn declaration provided for in point 3.16.2.1.iv) when the amount of the deposited funds does not exceed the equivalent to be paid for principal and interest in the next 365 (three hundred sixty-five) calendar days.

Likewise, we inform you that we will subsequently send you the forms that, in replacement of those previously provided, will need to be incorporated into the reference regulations.

We greet you sincerely.

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