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BCRA eased restrictions on the automotive sector and reduced the waiting period for making payments

BCRA eased restrictions on the automotive sector and reduced the waiting period for making payments
BCRA eased restrictions on the automotive sector and reduced the waiting period for making payments

He Central Bank (BCRA) relaxed the dollar clampdown on imports for the automotive sector. He did it through Communication “A” 8054through which it established that access to the official exchange market to make deferred paymentssince this Friday, they are reduced to 120 days.

It should be remembered that, until now, this sector had to comply with a 180-day waiting period from registration. It will now be 120 days from registration. In conclusion, the deadline is shortened by no less than 60 days (about two months).

Thus, the rule resolves to “establish that access to the exchange market to make deferred payments for imports made official as of 6/28/24 that correspond to the goods included in point 10.10.1.3. of the “Exterior and changes” regulations may be carried out after 120 (one hundred and twenty) calendar days. from the customs entry record of the goods.”

Lack of imported inputs: a problem for the industry

In this way, the Government seeks give signals to the sector and the market that he is making progress, little by little, in his promise of lift the clamp. It was a claim from the automotive industry, which had been suffering from a lack of supplies.

It is worth mentioning that this decision comes at a very critical time for industrial activity in general and the automotive sector in particular, given that, recently, automotive companies took actions to slow down production in order to avoid over-accumulation of inventories.

The first factory to make this decision was the one in Saint Elizabeth, Cordoba, where vehicles are produced for Renault and Nissan. In addition, Renault is considering reducing two shifts from 8 to 6 hours starting in July. Toyota also braked for a week like Fiat, General Motors and Mercedes-Benz Van division.

According to data from Association of Automotive Manufacturers (Adefa), National vehicle production in May was 38,440 units, 10.6% less than in April and 27.9% less compared to the same month last year. Although both exports and sales in the domestic market showed an improvement compared to Aprilwith increases of 11.5% and 24.1% respectively, registered year-on-year falls of 24.1% and 27.9%.

Dollar: a signal to the market about the currency controls

This measure taken by the BCRA is added to that of June 18, when, after the Swap renewal of currencies and the approval of the first quarter goals by the International Monetary Fund (IMF)resolved to eliminate the obligation of people who invest in dollars to send their currencies to the bank, established in 2021 by BCRA communication ‘A’ 7340.

In a joint statement released regarding this measure, by the Ministry of Economy and the BCRA, it was confirmed that the Central Bank “considers “Move forward in the liberalization of exchange controls and in greater exchange rate flexibility”but noted that it will do so “as long as these measures do not entail excessive risks to the process of reducing inflation and strengthening its balance sheet.”

Source: Ambito

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