Circular on Foreign Exchange Operations and Movements of Funds and Securities with Abroad - CAMEX 1 - 85

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 538 02/10/84
TO FINANCIAL INSTITUTIONS AUTHORIZED TO OPERATE IN FOREIGN EXCHANGE AND FOREIGN EXCHANGE BROKERS:
Ref.: Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENTS OF FUNDS AND SECURITIES WITH ABROAD - CAMEX - 1 - 85

We address you, and through you the importing trade, Argentine and foreign maritime transport companies and their agencies and all other interested sectors, in relation to the provisions of Communication "A" 530 of 10.09.84, in order to make known to you the complementary rules that will govern the payment, in Argentine pesos or in foreign currency, of freight corresponding to Argentine imports earned by vessels of non-conference companies.

On the matter we inform you that as from 03.10.84, for the payment of such freight there must be a certification of the "conference" tariff in force at the time of shipment, which will be issued by the Secretaría de Transporte Fluvial y Marítimo.

In the event that the agreed freight is higher than the "conference" one, only payment by the importer will be recognized, in pesos in the country or abroad in foreign currency, in accordance with the general rules in force, up to the value certified by the aforementioned body. A similar limitation applies to transport companies and their agents.

Consequently, to the provisions of Communication "A" 530, the requirements established by this circular are added, and in particular those referred to in Chapter II, points 1 and 2, Chapter III, points 1 and 2 of the aforementioned regulatory context.

With regard to operations corresponding to shipments made up to 09.10.84 or covered by letters of credit opened prior to the date of this circular, in the event that the freight value is higher than that set by the respective conference, for the difference they shall submit the respective request to the Central Bank providing all the information and vouchers that justify its payment.

We greet you very attentively.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Jorge E. Magistrelli
Gerente de
Exterior y Cambios
Evaristo H. Evangelista
Subgerente General