14-04-2025

Through Communication “A” 8226 dated April 11, 2025, the Central Bank of Argentina (‘BCRA’) introduced a series of amendments that significantly relax the current foreign exchange regulations, eliminating several
restrictions that had been in force since September 2019 (informally called ‘exchange clamp’).

In this regard, the aforementioned regulation enables access to the foreign exchange market for the payment of dividends to non-resident shareholders corresponding to profits obtained in fiscal years beginning on or after January 1, 2025.

At the same time, most of the requirements limiting access to the purchase of foreign currency for hoarding purposes by individuals residing in the country were eliminated.

Likewise, the terms of access to the foreign exchange market for the payment of imports of goods and services were reduced, establishing the following scheme:

– Imports of goods: as from the customs entry registration (previously it was 30 days as from the customs entry registration);
– Imports of goods by MSMEs: as from the dispatch of the goods at the port of origin (previously it was 30 days from the customs entry registration);
– Imports of services (between unrelated parties): as from the rendering of the service (previously it was 30 days as from the rendering of the service);
– Imports of capital goods: up to 30% as an advance payment, 50% as from the dispatch at the port of origin and 20% as from the customs entry registration (previously only MSMEs could access up to 20% as an
advance payment);
– Imports of services (between related parties): as from 90 days from the date of rendering of the service (previously the term was 180 days).

With respect to commercial debts (for import of goods and/or services) of local residents with foreign residents existing as of December 12, 2023 and dividends payable to foreign shareholders for profits for fiscal years beginning before January 1, 2025, the BCRA announced that there is a project for the issuance of a new series of Bonds for the Reconstruction of a Free Argentina (‘BOPREAL’) nominated in US dollars that may be acquired in pesos to be applied to such operations.

BCRA regulation analyzed above is part of the beginning of the so-called Phase 3 of the economic program of the Administration in place since December 10, 2023, which contemplates that the exchange rate of the peso against the US dollar may fluctuate within a moving band between ARS 1,000 and ARS 1.400 (adjustable at 1% per month), the elimination of the Export Increase Program that allowed exporters of goods and services to settle 20% of their collections at the capital market exchange rate (higher than the exchange market rate) and the elimination of the minimum holding period for marketable securities transactions, among other measures.