Circular CAMEX 1-1044: Foreign Exchange and Currency Exchange Adjustments

"Año de la Reconstrucción de la Nación Argentina" "Año de la Reconstrucción de la Nación Argentina"

COMUNICACIÓN “A” 8234 30/04/2025

TO FINANCIAL ENTITIES,
TO EXCHANGE HOUSES:

Ref.: Circular
CAMEX 1-1044:
Foreign Exchange and Currency Exchange. Adjustments.

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

1. Incorporate as point 4.X. into the ordered text on Foreign Exchange and Currency Exchange the following:

“4.X. Subscription of BOPREAL bonds by debtors of overdue capital and interest with related counterparties subject to the prior approval of the BCRA provided for in points 3.3.3. and 3.5.6.

Clients may subscribe to Bonds for the Reconstruction of a Free Argentina (BOPREAL) up to the amount owed as of the date of subscription for:

i) Overdue compensatory interest until 07/04/24 for commercial debts from the import of goods and services with related counterparties.

ii) Overdue compensatory interest until 12/31/24 for financial debts with related counterparties.

iii) Overdue capital for financial debts with related counterparties.

The entity that executes the subscription offer on behalf of the client must have the documentation that allows verifying the existence of the debt, the amount owed as of the subscription date, and verify that:

4.X.1. the operation is declared, where applicable, in the last overdue submission of the "Survey of external assets and liabilities".

4.X.2. the client meets the complementary requirements provided for in points 3.16.2. to 3.16.5.

4.X.3. the client meets the remaining requirements that would be applicable for access to the foreign exchange market for the type of operation under the current regulations.

4.X.4. has a sworn statement from the client in which they record that:

4.X.4.1. the debt for which the subscription is requested is pending payment and no BOPREAL has been previously subscribed for it.

4.X.4.2. they have not requested the use of this mechanism in another entity for this debt and

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4.X.4.3. they are aware that they will not have access to the foreign exchange market to pay the equivalent of the debt for which they subscribed, except that the payment is made from a swap and arbitrage with funds deposited in a local account and originated from collections of capital and interest in foreign currency from the BOPREAL bonds.

The sworn statement must be signed by the client or their legal representative or an attorney with sufficient powers to assume this commitment on behalf of the client.

The aforementioned entity must issue a foreign exchange sale slip in the name of the client for the concept code that identifies the type of operation; recording the nominal value in foreign currency of BOPREAL bonds allocated to the debtor.”

2. Establish that what is provided for in point 4.7.1., in the first paragraph of point 4.7.2., in the first paragraph of point 4.7.3. and in point 4.7.6., all of the ordered text on Foreign Exchange and Currency Exchange, will be applicable in the same terms and conditions to the BOPREAL bonds subscribed pursuant to the preceding point.

Likewise, we inform you that we will subsequently send you the sheets 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
Principal Manager of Foreign Exchange and Currency Exchange General Deputy Manager of Financial Regulation