On March 18 the Central Bank (“BCRA” in Spanish) informed that it decided to extend until June 30, 2021 the validity of communication A7030 and its updates, which aim at regulating the access to the foreign exchange market for companies. To see the BCRA’s press release click here.
According to the entity, “the amendments extend the possibility of applying the pre-financing of exports with external credits for the import of capital goods to inputs required in the manufacturing processes of exportable goods and up to 50% of goods for domestic consumption”. At the same time, it indicated that the measure “simplifies compliance for importers who enter through the channels of Particular Request or Courier”.
We remind you that regulation 7030 establishes that “companies that have liquid assets originated in the formation of foreign assets must first use those resources for the payment of foreign obligations”. At the same time, it extends to 90 days before and 90 days after the restriction to carry out purchase and sale transactions of government bonds in local currency with settlement in foreign currency for companies that require access to the official exchange market.