Circular CAMEX 1-581: Mercado Único y Libre de Cambios. Communication A 4443 and complementary regulations

"2007 - Year of Road Safety"
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 4672 21/05/2007
TO FINANCIAL ENTITIES,
TO EXCHANGE HOUSES, AGENCIES, OFFICES AND BROKERS:
Ref.: Circular
CAMEX 1 - 581
Single and Free Foreign Exchange Market. Communication "A" 4443 and complementary regulations.

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We address you to inform you that, effective from May 22, 2007, inclusive, the following has been ordered:

1. Additionally incorporate into the requirements established in point 1 of Communication "A" 4443 of November 22, 2005, which must be met by debt operations to be entered into the local foreign exchange market as customer advances and export pre-financing, the following:

e. The exporter shall not register pending debts from advances and pre-financing that were active as of September 8, 2005, and that are settled with goods whose shipping term is less than 365 days, as established in point 2 of Communication "A" 4443 and complementary regulations, for which the shipment of goods whose proceeds will be destined to cancel such operations has not occurred by the date of entry of the new operation.

The financial entities responsible for monitoring the outstanding advances and pre-financing will issue certificates of compliance with the requirement established in the present document, considering the requirements established in Communication "A" 4443, for the purpose of enabling the entry of new operations under the mentioned concepts.

f. In the case of export pre-financing operations, they must be granted by international organizations or their affiliated agencies, official export credit agencies, banking entities from the country or abroad, or financial entities whose activities are under the specific regulatory orbit of the banking supervision body of the country of residence of the financing-granting entity.

2. The financial entities responsible for monitoring export advances and pre-financing under the terms established in Communication "A" 4443, must, prior to removing such debts from the tracking system of Communication "A" 3609 and complementary regulations, have the documentation that supports their cancellation or the change of condition of the loan.

We salute you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Jorge L. Rodríguez Raúl O. Planes
Principal Manager of Foreign Exchange and Changes General Manager of Operations