He Central Bank (BCRA) It goes one step further in the process of making the flow of imports more flexible and seeks to compensate for the loss of dollars in reserves generated by the payment of this type of operations. To this end, the organization headed by Santiago Bausili established that operators can cancel their debts before the deadlines provided in the regulations in force until now if they do so. with own dollars.
This was established through the Communication “A” 8133which modifies the Foreign and Exchange regulations in such a way that it authorizes importers to pay with your own funds that you have deposited in your local accounts and/or receive from your sales in foreign currencyoperations within a period of less than 30 days (it should be noted that they cannot have been purchased in the MEP).
Today, there are some goods (only in exceptional cases, such as the energy sector) that are imported with a deadline of 0 days, but, in most cases, it is 30 days. Now, if they are paid with their own dollars, those times could be shortened.
The problem is that everything indicates that the Central reserves could suffer in the last stage of the year as a result of the payment of imports. “Payments for imports of goods would represent 146% of imports accrued in October, 157% in November and 135% in December, and then normalize in January”anticipates a report from Facimex Valores.
Import dollars: how is the measurement
In order to counteract this effect and advance in improving the flow of imports, as well as to address the need of companies for flexibility in this regard, this Thursday the following was established:
- For the case of the capital goods, It is allowed to cancel advances with your own dollars in terms of less than 30 days
- For other goodsthey may be canceled with the operations in view of the relevant documentation through the same resource (with own resources).
- And, in the case of service importers (which applies, for example, to recitals) to unrelated companies, they may use their own funds that they have deposited in their local accounts and/or receive from their sales in foreign currency to pay for imports without a deadline.
The objectives of the BCRA and some warnings
“It is a measure aimed at encouraging imports, in the first place, but without putting pressure on reserves and, therefore, avoiding pressure on the exchange rate in the short term,” he tells Scope the economist Pablo Ferrari.
For its part, for the economist Federico Glusteinthis decision “is a good response to respond to the challenges that exist in terms of the need for dollars and to take care of the reserves.” In the same line, Federico Vaccarezza, graduate in International Relations and specialist in Economics and Businessbelieves that “it is a good step towards the normalization of foreign trade.”
However, there are some elements to take into account that the BCRA should address. And, although some industries will benefit from greater agility in the payment of imported capital goods, Ferrari also warns that, It is also likely to “have a negative impact on some local industries and, therefore, on employment” due to the competition that the arrival of new imported products implies for national companies.
And, on the other hand, Vaccarezza warns that The concern going forward is how Argentina can generate more dollars. “It is important to raise this point because the problems related to imports are resolved, which helps to normalize foreign trade, but I do not see the same thing being done with the other leg, which is exports,” he points out.
And mentions that, Although the mining and energy sector is being strengthened little by little, it is important to see how the obstacles and problems that discourage foreign sales today are resolved.. “Foreign trade has two legs: the importer and the exporter, which come from very limited dynamics due to the restriction that governs access to the dollar. Let us hope that, in the future, the second will also be stimulated, as is done with this type of measures with the first one,” says Vaccarezza.
Source: Ambito
