The resolution allows access to the exchange market to pay for international freight services under certain specific conditions, and ensures that the rules reflect this modification as of December 2023.
He Central Bank issued a communication in which it once again makes the dollar limit more flexible. On that occasion, it authorizes exporters to access the exchange market to pay non-residents for freight services related to exports of goods.
Communication “A” 8122 clarifies that this benefit will be given whenever the terms of sale contemplate it, from the moment the merchandise is shipped into the national territory. Until now, payments could be made 30 days after the merchandise arrived in the destination country, which translates into a relaxation of exchange restrictions.
In particular, the regulations modify point 13.2 of the “ordered text on Foreign Exchange and Foreign Exchange,” which regulates the conditions and deadlines for accessing the exchange market. The objective of this update is to define when payment for non-resident services can be made for freight services linked to exports.
The resolution is framed in a context in which the increase in dollar deposits, driven by recent money laundering, has allowed the Central Bank to increase its gross reserves and, in some cases, even its net reserves. This growth in deposits also opens the possibility for banks to grant more loans, which in turn strengthens the availability of foreign currency in the local financial market and improves the exchange rate position of the Central Bank.
Thus, bank deposits in dollars already exceed the nominal maximum that they had reached on August 12, 2019, which was US$32,492 million. Today, they already reach US$33,333 million (they rose on Tuesday US$841 million, latest official data), and it is the highest level since February 2002, before the “corralito” opened.
The detail of the Communication
The resolution mentions that the payment must be framed in the concept of “S31,” which is a specific category for freight operations linked to exports. This inclusion helps delineate what types of freight services are eligible for payment under the new provisions.
Source: Ambito
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