This measure seeks to limit access to the exchange market for the payment of obligations in foreign currency, prioritizing those that have contributed to the settlement of currencies in the local market.
Through Communication “A” 8031/2024 of the Central Bank (BCRA), published this Monday in the Official Gazette, some modifications to the “Exterior and changes” rules were made official. These changes apply to two main aspects:
1. Issuances of debt securities and promissory notes in foreign currency:
- A new point 2.5 is added. to the rules that establish that resident issuances of debt securities with public registration in the country as of November 29, 2019 and/or promissory notes with public offering issued within the framework of CNV General Resolution No. 1003/24 and corresponding, denominated and subscribed in foreign currency and whose capital and interest services “are payable in foreign currency in the country, must be settled in the exchange market as a requirement for subsequent access to this market for the purposes of servicing capital and/or interest services.”
2. Obligations in foreign currency with access to the exchange market:
- A new point 3.6.1.4 is incorporated. to the rules that establish that promissory notes with public offering issued within the framework of CNV General Resolution No. 1003/24 and corresponding, denominated and subscribed in foreign currency and whose capital and interest services are payable in foreign currency in the country, “to the extent that all of the funds obtained have been settled in the exchange marketwill have access to the exchange market for the payment of capital and interest.”
Measurement objective
According to official communication, the norm seeks ensure that the funds obtained from the issuance of debt securities and promissory notes in foreign currency are settled in the Argentine exchange market.
Likewise, it highlights that it seeks to limit access to the exchange market for the payment of capital and interest on obligations in foreign currency to those in which all of the funds obtained have been settled in said market.
It is important to highlight that the text mentions that the BCRA will subsequently send the sheets that must be incorporated into the “Exterior and changes” regulations to reflect these modifications.
Source: Ambito
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