What should the producer do?
The Central Bank establishes a series of steps that must be followed by the producer who wants to adjust to this new regime:
- Register with the BCRA the details of the soybean sales operations of the producer and/or operator to an exporter and the net amounts in pesos received for those sales.
- The entity must register in the online system provided by the BCRA for this purpose: the electronic operation code (COE) of the final settlement presented, the seller’s CUIT, the buyer’s CUIT and the net amount received for soybean sales.
- The system will accept the buyer as an exporter as long as he registers, in the data available at SECOEXPO, exports of soybeans and/or goods resulting from a production process applied to them.
- Issue the certifications so that the producer and/or operator can make purchases of foreign currency and the crediting of funds “in a special account for holders with agricultural activity”
Limitations
The BCRA requests a sworn statement from the client in which he commits to the following for 90 days:
i) will not arrange sales in the country of securities with settlement in foreign currency;
ii) will not exchange securities issued by residents for foreign assets;
iii) will not make transfers of securities to foreign depository entities;
iv) will not acquire in the country securities issued by non-residents with settlement in pesos;
v) will not acquire Argentine deposit certificates representing foreign shares;
vi) will not acquire securities representing private debt issued in a foreign jurisdiction;
vii) will not deliver funds in local currency or other local assets (except funds in foreign currency deposited in local financial entities) to any human or legal person, resident or non-resident, related or not, to receive as prior or subsequent consideration, in a manner directly or indirectly, by itself or through a related, controlled or controlling entity, foreign assets, crypto assets or securities deposited abroad.
Source: Ambito
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