Starting this Monday, the Government made access to dollars for imports more flexible for small and medium-sized businesses, which can be considered as a previous step for the normalization of the flow of foreign trade. Thus it was arranged through the Communication “A” 7990 from the Central Bank (BCRA) which was published in the Official Gazette. There it is stipulated that Individuals and companies that qualify as MSMEs may cancel transaction payments after 30 calendar days from customs registration.
The measure enables, on the other hand, make payments for up to 20% of imports of capital goodsalso in the case of MSMEs.
The resolution aims to relax the rules of the exchange rate in a context in which, since this year, a system has been in force that establishes that imports must be paid in four installments of 25% each in order to give the entity time to rebuild its stock of international reserves.
That scheme is about to be completed in May because Next month the entire flow of purchases from the previous four months would enter, which, in practice, implies a normalization of foreign trade payments.
And that is a key element given that, according to economists, the government of Javier Milei is not going to completely release the restrictions on access to the dollar until the flow of trade in goods is resolved.
A step towards the end of the trap
The director of PxQ, Emmanuel Alvarez Agis, pointed out in a talk with investors this week, in the face of a possible lifting of the stocks, which “Before seeing what companies can invest in, the first thing to do will be to normalize payments to suppliers.”
According to the consulting firm’s estimates, in the first two months of this year, 94% of Argentina’s imports were agreed with deferred payment and it is estimated that, after having resolved last year’s commercial debt for a total of US$53,000 million, This year a new one of US$9,000 million was generated.
That is why the Government is trying to partially release the stocksas some economists propose, in a kind of “trial and error” test.
Luis Caputo goes to Washington to get funds
On the other hand, the Minister of Economy, Luis Caputo, who is traveling to Washington at this time to attend the Spring Assembly of the International Monetary Fund (IMF), will try to see what availability there is for a loan of US$15 billion that serve as firepower in the event of a bullfight.
Some analysts, such as Christian Butler They comment that, “If they say they need US$15 billion to lift the stocks, it is because they plan to use them.”
SME support
For its part, the Argentine Confederation of Medium Enterprises (CAME) came out in support of the Central Bank’s decision to release the payment of imports for SMEs.
In a statement, it indicated that the measure was adopted based on a “meeting that CAME held with the Secretary of Knowledge Economy, Marcos Ayerra, and with the Chief of Staff of the economic portfolio, Miguel Schmukler”.
“In this way, the Central Bank of the Argentine Republic (BCRA) issued Communication “A” 7990/2024, which allows payment of official imports as of April 15, 2024 within 30 calendar days for micro, small and medium-sized companies,” the report states.
“Thus, the payment system in four installments of 25% of the FOB value at 30, 60, 90 and 120 days was put aside,” the note adds. The statement highlights that “On the other hand, advance payment of 20% was enabled in cases of importation of capital goods.”
“Among the points that CAME had requested two weeks ago, the Economy resolved the modification of the provisions of Communication “A” 7917/2023 of the BCRA regarding access to the exchange market. for the payment of imports of goods,” adds the note
In this sense, it is noted that “Entities must give MSMEs access to the exchange market for the payment of new imports of goods with customs entry registration as of December 13, twice: 50% at the time of customs entry registration and the remaining 50% 30 calendar days after the first event occurs.”
“CAME considers essential the regularization of operations for MSMEs that import inputs for the national industry. Thus, the focus is placed on the manufacturing sector, which is where the flow of goods for production is most needed,” the entity indicated.
Source: Ambito
