Circular Foreign Exchange Operations and Movement of Funds and Securities with the Abroad - CAMEX 1 - 32

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMUNICACIÓN "A" 192 02/08/82
TO FINANCIAL ENTITIES AUTHORIZED TO OPERATE IN EXCHANGE AND EXCHANGE BROKERS:
Ref.: Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENTS OF FUNDS AND SECURITIES WITH THE ABROAD - CAMEX - 1 - 32

We address you with reference to requests for transfer of funds abroad submitted to the Central Bank until 2.7.82 pending resolution, linked to the repayment of loans in foreign currency and the payment of their interest.

Regarding this matter, we inform you that it has been decided:

1. Interest on foreign currency loans, accrued until 2.7.82, inclusive

The intervening entities may directly process foreign exchange sales at the rate of $15.750 per US dollar - with coverage by the Central Bank - on the dates indicated below, provided the following conditions are met:

1.1. Local borrowers must obtain from the creditor an extension of the capital maturity date - regardless of when it occurs - for a period of no less than one year, for which they may use the foreign exchange insurance franchise established by Communication "A" 137 of 5.7.82.

1.2. Local debtors - holders of the pending resolution requests - must deposit by 6.8.82 inclusive, in the respective entities, the peso equivalent of the amount of each operation. The entities must maintain a minimum cash reserve of 100% on these deposits.

1.3. Each entity must report to this Institution by 10.8.82 inclusive, via a note signed at the managerial level to be delivered to the Department of Studies and Information on Exchange, during the hours of 10 to 13, a detail containing the following data:

• Name or trade name of the debtor, holder of the pending resolution request.

• Number of form 4008 A or D or, if applicable, 3687.

• Maturity date of the obligation for capital and the corresponding date for the extension obtained, listing the numbers of forms 3191 new and replaced.

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• Net amount of interest to be transferred abroad and the peso equivalent deposited.

1.4. Once the conditions of sections 1.1. and 1.2. are met, foreign exchange sales to clients at the rate of $15.750 per US dollar and the counterpart with the Central Bank must be carried out on the following dates:
1.4.1. Interest due until 31.5.82 inclusive, will be processed until 6.8.82 inclusive.
1.4.2. Interest due until 15.6.82 inclusive, will be processed from 9.8.82 to 13.8.82 inclusive.
1.4.3. Interest due until 2.7.82 inclusive, will be processed from 16.8.82 to 20.8.82 inclusive.

1.5. When carrying out these foreign exchange operations with this Bank, entities must group daily in a single form 2600 those corresponding to this Circular, listing in detail, in sequential order, the numbers of the pending resolution requests 4008 A or D, or 3687 and the net amounts in foreign currency corresponding to each.

Based on this information, the Central Bank will proceed to cancel these requests.

2. Partial or total repayment of foreign currency loans

This applies to local borrowers, whose debts are not covered by previous foreign exchange insurance, who do not make use of the franchises established by the foreign exchange insurance regime established from 6.7.82, and who have requested or will request the subscription of External Bonds of the Argentine Republic as provided in Telephone Communication No. 4666 - Communication "C" 274 of 7.7.82 -.

Holders will obtain the authorizations for forms 3687 corresponding to the exchange rate of $15.750 per US dollar provided that, by 6.8.82 inclusive, they deposit in the intervening entities the equivalent in Argentine currency, at the quoted rate, of the sum owed abroad, listed in requests 4008 A or D or 3687 if applicable, pending resolution at the Central Bank.

Entities must report to this Institution, by 10.8.82 inclusive, the detail of the deposits made, keeping funds in accounts in the name of each holder and constituting a minimum cash reserve of 100% on them. This detail, which must be supplied via a note to be delivered to the Department of Studies and Information on Exchange, during the hours of 10 to 13, must state:

• Name or trade name of the debtor.

• Number of the pending request and date of registration at the Central Bank.

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  B.C.R.A. COMMUNICATION “A” 192 2.8.82

• Amount in foreign currency and peso equivalent of the deposit.

• Maturity date of the obligation.

When forms 3687 are authorized, entities must present the respective settlements in forms 3688 with the calculation of accrued interest to that date, according to the current norms applicable for this effect. Amounts in foreign currency less than the value of the minimum sheets may be transferred abroad in foreign currency at that time, at the exchange rate of $15.750 per dollar.

3. General provisions

Debtors who do not comply with the provisions of points 1. and 2. above, to cancel those obligations with abroad, either in foreign currency or through the subscription of External Bonds of the Argentine Republic, will make settlements when authorized by this Bank, at the prevailing rate in the Financial Exchange Market at the time of its realization.

We salute you very attentively.
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Antonio E. Conde
Principal Manager
Evaristo H. Evangelista
Deputy General Manager