The BCRA rule establishes a financing of 60% of the due date, as a minimum, with an average life of 2 (two) years. “The debts that were refinanced under this communication are not asked to refinance again and have access to the market. At the same time, it allows access to the market for the cancellation of the capital that does not exceed US$2 million per month, in a measure that favors small and medium-sized enterprises”, BCRA sources clarified to Ambit.
“Establish that the provisions set forth in point 3.5.7. of the “Foreign and foreign exchange” regulations, referring to access to the foreign exchange market to make payments of foreign financial debts to related counterparties, will remain in force until 12.31. 2. 3″indicates the BCRA Communication.
The restructuring of private debt was announced on September 16, 2020, in the midst of a strong run against the peso, through Communication A 7106 and established that all companies that had monthly maturities of financial debt they had to initiate a process of refinancing their international liabilities in foreign currency under the 40-60 rule, although they maintained their solvency based on balance sheets.
Since then, corporations have had to refinance at least 60% of their maturities. They could not cancel debt between related firms and had the obligation to cancel with their own funds from abroad.
This measure that limits access to the foreign exchange market to private Until last June, it achieved savings of more than US$26.6 billion. The entity highlighted that thanks to this regulation “A generalized crisis of defaults was avoided”.
The BCRA highlighted that “exchange regulations since 2020 avoided debt payments with an impact on the exchange market for US$26,635 millionUS$12,756 million for all the debt with related companies and US$13,889 million for restructuring maturities of debt with non-related companies”. “Of a total of obligations payable in the period for US$32,000 million, US$5,367 million were paid, 17% of the total”highlighted the entity.
Source: Ambito
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