Update of Banking and Financial Rules: Ahora 12 Program Extended
Argentina
1 abril 2020

On April 1, the Central Bank issued communication A6949 regarding regulations governing banking and financial operations during the quarantine, which will be in force until April 12.

Although this is a partial extension of the earlier communication A6942, there are some new guidelines:

  • Financial institutions may open their doors as of April 3 to serve customers who are the beneficiaries of social security and pension plans and aid programs.
  • Unpaid balances corresponding to credit assistance maturities granted by financial institutions operating from April 1 to June 30 may only accrue compensatory interest at the contractually established rate.
  • Banking entities must include the unpaid balances of credit cards into the following month, considering the accrual of compensatory interest rate. Account statements that expire between April 1 and 12 may be paid on April 13 for the same amount and without any surcharge.
  • Financial institutions must set up deposit boxes and a system for receiving larger amounts of cash at all branches.
  • The compensatory interest on credit card financing balances may not exceed the nominal annual rate of 49%.

The Ministry of Productive Development issued Resolution 104/2020, which extends the Ahora 12 Program for three months, adding new items such as food, beverages, medical supplies and medicines, which are considered “essential” in the current health emergency. It will remain in force exclusively for operations carried out through credit cards issued by financial institutions  until June 30. Due to the compulsory social isolation measures, the Ministry also updated the conditions for credit card purchases regarding financing, limits available and the maximum rate for the consumption of certain goods and services.

In addition, the Executive Branch adopted Decree 330/2020, which extends the deadline for the repatriation of funds abroad to April 30, 2020. The deadline for the repatriation of at least 5 % of the goods was originally March 31. The decree is already in force. According to the regulatory decree of the Law of Solidarity and Productive Reactivation, “repatriation” refers to the return of foreign currency held abroad and monies generated as a result of the realization of financial assets belonging to individuals residing in the country, and undivided inheritances located in the country.

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