Circular External Collections and Payments - COPEX 1 - 51, Circular Passive Operations - OPASI 1 - 34, Circular Monetary Regulations - REMON 1 - 147

CENTRAL BANK OF THE ARGENTINE REPUBLIC
COMMUNICATION "A" 459 29/02/84
TO FINANCIAL ENTITIES AUTHORIZED TO OPERATE IN EXCHANGE AND EXCHANGE BROKERS:
Ref.: Circular EXTERNAL COLLECTIONS AND PAYMENTS - COPEX - 1 - 51, Circular PASSIVE OPERATIONS - OPASI - 1 - 34, Circular MONETARY REGULATIONS - REMON - 1 - 147. We address ourselves to you and through you to the importing trade and interested sectors, with reference to the prior authorization of this Bank for the realization of exchange sales referred to in Communication "A" 391 of 30.9.83 destined for the payment of imports from the private sector, to bring to your knowledge that this Institution has resolved to establish, as of 1.3.84, the "DEPOSIT COMMUNICATION "A" 459" whose application rules are detailed in the Annex. We salute you very attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Evaristo H. Evangelista General Manager Daniel E. de Pablo General Manager
ANNEX

B.C.R.A. APPLICATION RULES FOR THE "DEPOSIT COMMUNICATION "A" 459" Annex to Comm. "A" 459

1. To submit forms 4008C requesting payment of obligations in concept of imports, referred to in Communication "A" 391, interested parties must prove having made -in a financial entity authorized to operate in exchange- a non-transferable deposit in
   Argentine pesos equivalent to 100% of the amount in foreign currency required to be paid, calculated at the selling exchange rate to clients of the US dollar reported by the Bank of the Nation Argentina at the close of operations on the business day prior to its constitution. The financial entities that receive such deposits, will certify such circumstance in the box of the forms 408C intended for "OBSERVATIONS", using the following legend:
   "WE CERTIFY THE CONSTITUTION OF THE DEPOSIT COMMUNICATION "A" 459, FOR AN AMOUNT OF $a ......".
2. The payments for imports covered by the regimes established by Law 19.640 are exempt from the constitution of the deposit mentioned in the preceding section.
3. The aforementioned deposits will be automatically released by the intervening financial entities when they receive the respective form 4008C with the authorization for payment abroad.
4. These deposits extend to requests for extensions of authorizations granted for the payment of
   imports, which were not made within the assigned deadlines.
5. The non-transferable certificates representative of these deposits will be issued with the inscription "DEPOSIT COMMUNICATION "A" 459", being applicable in a supplementary manner the provisions contained in the Circular PASSIVE OPERATIONS - OPASI - 1, Chapter I, Deposits,
   points 3.1.1. to 3.1.13., inclusive and 3.2.3.
6. The deposits constituted in the entities adhering to the regime of Law No. 22.051, are covered by the guarantee established in said norm.
7. The deposited amount will be updated based on the variation experienced by the financial adjustment index (Circular OPRAC - 1, Chapter II, point 3.1.2.), between the date of constitution and the date of release as provided in point 3.
8. Regarding these deposits, financial entities will observe a minimum cash rate of
   100%.
9. The amount of adjustments effectively paid by the deposits will be compensated through the
   regime of the Monetary Regulation Account.
10. These deposits will not form part of the calculation base used to determine the amount deductible
    of the interest and adjustments to be paid to the Central Bank for the use of the Consolidated Loan.
11. The impositions will be imputed to the account "Other Deposits".