The Central Bank (BCRA) resolved expand the scope of the authorization to cancel debts with export collections. Thus, through Communication “A” 7845, the possibilities of applying foreign currency generated by export operations of goods to the cancellation of debt securities that are intended to finance imports and freight were expanded.
Let us remember that, in May of this year, The monetary regulator had provided that it was not necessary for export funds to be converted into pesos (through the official exchange market), but rather they could be used to pay off import obligations directly.
And now, the new regulations allows the funds originated from the collection of exports to be accumulated in foreign or local accounts intended to guarantee the cancellation of the maturities of debt securities until reaching 125% of the capital and interest to be paid in the current month and the following six calendar months.
Imports: what the BCRA established for payment of freight and operations
This was established through Communication “A” 7845, issued on September 20, which expanded the payment regime established in May of this year (Communication “A” 7770), which allowed the application of foreign exchange from collections of exports of goods to the cancellation of capital and interest maturities of certain financing operations for the importation of goods.
At that time, it was established that financial entities could give access to the exchange market for the payment of capital and interest of the aforementioned financing to the extent that compliance with the applicable regulatory requirements for such payments in terms of commercial debts for imports of goods or financial debts from abroad.
Now, the BCRA goes one step further in that direction and resolved to allow foreign currency from exports of goods to be applied to the cancellation of capital and interest on debt securities with public registration abroad or in the country, denominated in foreign currency and that have been integrated outside. It is worth clarifying that, for this purpose, debt securities must not register capital maturities within a period of at least two years.
Conditions for payment of imports
In order to use this mechanism, all of the Funds obtained from exports must be applied within a period of 120 calendar days from receipt to complete payments (whether anticipated, on demand or deferred) of imports of goods to the foreign supplier or to the freight service provider.
Likewise, the funds must be settled in the exchange market and, simultaneously, used to carry out cancellations of imports of goods to the foreign supplier or for freight of imports of goods.
Source: Ambito
