Circular Cobros y Pagos Externos - COPEX 1 - 24

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
COMMUNICATION "A" 191 02/08/82
TO FINANCIAL ENTITIES AUTHORIZED TO OPERATE IN EXCHANGE AND EXCHANGE BROKERS:
Ref.: Circular EXTERNAL COLLECTIONS AND PAYMENTS - COPEX - 1 - 24

We address ourselves to you and through you to the interested sectors to inform you of the measures adopted regarding the payment of obligations with the exterior for Argentine imports.

1. Requests to cancel commercial debts, for individual amounts not exceeding 10,000 US dollars

Entities may directly process the foreign exchange sales and remittances to the exterior to creditors, under the following conditions:

1.1. These rules will apply to the requests presented and entered into the Central Bank until 2.7.82 that correspond to obligations with fixed maturities up to that date, inclusive.

1.2. The exchange rate is $15.750 per US dollar. When it comes to other currencies, the equivalent in US dollars will be fixed based on the pass rates that this Bank publishes daily.

1.3. Foreign exchange sales may be carried out until 6.8.82, inclusive.

1.4. Entities will prepare daily for these operations a single formula 2600, in which they must indelibly record, for the purpose of its cancellation, the numbers, in consecutive order, and amounts of formulas 4008 A or D or, if applicable, 3687 pending resolution, indicating the registration date at the Central Bank and the name of the debtor.

1.5. The provisions of Telephone Communication No. 4625 - Communication “C” 162, of 12.4.82, must be applied, if applicable.

2. Subscription of External Bonds of the Argentine Republic, for operations exceeding 10,000 US dollars, applying the exchange rate of $ 15.750 per US dollar, by virtue of what is provided by Telephone Communication No. 4666 - Communication “C” 274, of 7.7.82

Importers who have presented or present, within the established period - Communication “A” 163 of 15.7.82 - the respective formulas 3687, will obtain authorization provided that until 6.8.82 inclusive, they deposit in the intervening entities the countervalue in Argentine currency, at the exchange rate of $15.750 per US dollar, of the amount of the sum owed to the exterior, recording in the requests 4008 A or D or 3687 pending resolution at the Central Bank.

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Entities must inform this Institution, until 10.8.82 inclusive, the detail of the deposits made, keeping the funds in an unavailable account in the name of each holder and constituting an effective minimum of 100%. This detail, which they must supply by note to be delivered to the Department of Studies and Information on Changes, during the hours of 10 to 13, must record:

• Name of the importer or corporate name.
• Number of the request and date of registration at the Central Bank.
• Amount in foreign currency and equivalent in pesos of the deposit.
• Maturity date of the obligation.

Upon the formulas 3687 being authorized, the entities must present the respective settlements in formula 3688 with the calculation of accrued interest up to that date, according to the current norms applicable for that effect. Amounts in foreign currency lower than the value of the minimum sheets may be transferred to the exterior in foreign exchange at that time, at the exchange rate of $ 15.750 per dollar.

3. Obligations whose maturities operate during the current month

Foreign exchange sales through the commercial market, at the rate in effect on the day of their agreement, will be processed only with an advance of up to two business days from the certain maturity date, directly by the authorized entities, that is, without prior authorization from this Bank. In the event that formulas 4008 A, 4008 D or 3687 had been presented, the procedure will be carried out in the same manner referred to in point 1., section 1.4., for the purpose of their cancellation.

4. Other provisions

The operations must be processed in accordance with the general norms in force and with strict observance of the provisions referred to in Communication:”A” 13, CAMEX - 1, of 2.3.81, Chapter IV.

We salute you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Jorge E. Magistrelli
Manager of
Foreign Exchange and Changes
Evaristo H. Evangelista
General Deputy Manager