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Wednesday, December 7, 2022

Delayed payments already add up to US$10,000 million (they seek to speed up the new mechanism)

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The purchases informed in the forms of the Argentine Commercial Exchange (ICA) reported by INDEC based on customs documentation, reached between January and September the $64.52 billionMeanwhile he Exchange Balance of the BCRA reports sales for only US$54,062 million.

The data explains, in part, the result of postponing import payments in order to meet the international reserve target agreed with the International Monetary Fund (IMF). Between November and December, some 180-day purchases that were authorized since April begin to expire, and with this it is hoped that, at least, the stock of commercial credit will be prevented from continuing to grow. They would add up to some US$1.2 billion according to private estimates for the end of the year.

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In this context, this Wednesday Customs plans to make a public presentation of the Import System of the Argentine Republic (SIRA). The idea is to show the dynamics of the new mechanism and meet the questioning of some companies. who are warning that they could paralyze their activity due to lack of supplies. In that sense, in Economy it was reported that since this week the first operations presented since October 17 are going to collect the character of “authorized”, with which importers will be enabled to use their own dollars to pay for purchases in advance.

Nevertheless, Entrepreneurs consulted by Ámbito complained that most of the operations have still not had the approval of the Secretary of Commerce, Matías Tombolini. In practice, they have not yet been able to transfer dollars from their accounts to their suppliers abroad, they say.

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Foreign trade analysts consulted said that the Treasury Palace is trying to send signals to companies that foreign trade operations will soon be normalized, which would be late today. The idea is to reassure those who are considering stopping operations.

The concrete thing is that if advance payments with “own dollars” are authorized, there will be a transfer to the costs of the companies. Economists consider that the reference dollar will no longer be the official one of US$150 and the financial ones that are close to US$300 will become. Miguel Ponce, head of the Center for Foreign Trade Studies of the 21st Century, said that “with this, the dollar to import will not be more than $150 but $300.” And he said that the use of own dollars “can solve” certain margins of discretion of the officials who authorize the purchase of foreign currency, but that this “is going to be transferred to costs.”

Martín Redrado, former president of the Central Bank, said that the SIRA “was implemented two weeks ago and has paralyzed imports of inputs to produce.” From the Customs they point out instead that from this week the payments and authorizations of the SIRA declarations will be streamlined.

An important fact for the end of 2023 has to do with the exports. In the first nine months they registered settlements for a total of US$72,000 million, against operations reported by Customs for US$67,131 million, which implied a difference in favor of US$7,869 million. The jump is due to the so-called “soy dollar”. Only in the ninth month settlements of US$12,891 million were verified, which strictly speaking are anticipated currencies, which will not be in the following months.

Source: Ambito

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