Circular on Foreign Exchange Operations and Remittances of Funds with Abroad - CAMEX 1-147 - REFEX 1-36

CENTRAL BANK OF THE ARGENTINE REPUBLIC

COMMUNICATION "A" 1141 30/12/87

TO FINANCIAL INSTITUTIONS AUTHORIZED TO OPERATE IN FOREIGN EXCHANGE AND EXCHANGE BROKERS:

Ref.: Circular FOREIGN EXCHANGE OPERATIONS AND RE- MITTANCES OF FUNDS WITH ABROAD

• CAMEX - 1 - 147 - REFEX - 1- 36.

We address you with reference to the provisions made known by Communication "A" 1091 of 14.10.87, to bring to your knowledge that this Institution adopted, as from this date, the following provisions:

I - Scope of the modifications.

1 - The following concepts are excluded from point 1.1. of Communication "A" 1091:

1.1.2. Freight, insurance and consular expenses related to foreign trade.

1.1.3. Expenses of ships and aircraft.

1.1.4. Leasing of ships and aircraft.

2 - The following concept is included in point 1.1. of Communication "A" 1091:

• Leasing of ships, aircraft or other goods when they have lease contracts with option to purchase ("leasing"), and this has been irrevocably exercised prior to the start of the respective payments abroad.

3 - Point 1.1.6. of Communication "A" 1091 of 14.10.87 modified by Communication "A" 1106 of 23.10.87 is replaced by the following text: Disbursements and amortizations of loans and remaining income and expenses of public sector entities excluding:

• Insurance, reinsurance and claims

• Consular expenses

• Freight, passages, income and operating expenses of transport companies

• Leasing of ships, aircraft or other goods (excluding lease contracts with option to purchase -"leasing"-, and this has been irrevocably exercised prior to the start of the respective payments abroad).

• Leasing of spaces or deposits in ports or airports (includes container rentals)

• Operations channeled in accordance with the provisions of point 3.10.

II - Other provisions.

1 - The following concepts are included in the list of Annex I of Communication "A" 21 REPEX - 1:

• Purchases 082. Lease contracts with option to purchase ("leasing") and this has been irrevocably exercised prior to the start of the respective payments abroad.

• Sales 589. Lease contracts with option to purchase ("leasing") and this has been irrevocably exercised prior to the start of the respective payments abroad.

  2. For foreign exchange purchase or sale operations of the Free Market, the following concept codes shall apply as from this date (point 2. of Communication "A" 1092 of 14.10.87).

001 - Passages

002 - Tourism and travel

003 - Pensions and retirement

004 - Commercial commissions

005 - Bank expenses and commissions

006 - Royalties

007 - Profits and dividends

008 - Technical services

009 - Arbitrations

010 - Freight

011 - Insurance on merchandise

012 - Consular expenses

013 - Expenses of ships or aircraft

014 - Leasing of ships or aircraft

015 - Miscellaneous

3. With the non-registrability in the Permanent Survey of External Debt of operations conducted in the Free Exchange Market, the registration of declarations made corresponding to concepts whose amortization will be carried out with access to said market shall be annulled. Their holders must return the duplicates of said sworn declarations to the Central Bank - External Debt Department, calle San Martín 216, ground floor - before 10 January 1988.

4. The sixth paragraph of point 16. of Communication "A" 433 is modified to read as follows:

Obligations for commercial commissions, and for punitive interest and default interest must be declared as "Other Debts". Current interest owed for commercial or financial obligations is also included in this category, only in the case where the principal payment operation does not subsist. In the following space "Specify" the pertinent concept is indicated and the code is assigned in accordance with the following table:

61 - Commercial commissions

72 - Current interest (when the principal obligation does not subsist)

73 - Default interest

74 - Punitive interest

B.C.R.A. COMMUNICATION "A" 1141 30.12.87

When these obligations are declared, items 34. and 35. must be completed, crossing out with a line the spaces corresponding to items 17. to 33.

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Oraldo N. Fernández
Manager of Foreign and Exchange

Julio A. Piekarz
Deputy General Manager