On Tuesday, the Central Bank of the Republic of Argentina (BCRA) introduced new measures aimed at easing and removing regulations on access to the foreign exchange market. The ultimate goal is the complete elimination of these restrictions.
The BCRA’s board decided to reduce the waiting period for companies accessing the Free Exchange Market (MLC) for paying imports. They also increased the amount that service exporters are not required to convert in the MLC.
Furthermore, individuals who received government assistance during the pandemic or who benefit from subsidies for utility expenses will now be able to purchase MEP and CCL dollars.
This development has sparked discontent among authoritarian figures.
Professional and critical journalism is a cornerstone of democracy, which is why it irritates those who believe they hold the monopoly on truth.
Recently, there was a significant event regarding the Central Bank’s decision to transfer gold from its reserves abroad.
Currently, energy-related goods must be paid for upfront. However, pharmaceutical products, health care supplies, fertilizers, and essential goods imported by small and medium-sized enterprises (MiPyMEs) now have access to the MLC 30 days after customs registration. Luxurious items and finished vehicles can be paid for after 120 days of customs registration, but starting August 1, the access period will be shortened to 90 days for these goods.
Other products typically follow a four-installment payment plan, with each installment being 25% of the total value spaced out over 30, 60, 90, and 120 days. However, beginning August 1, these goods can instead be paid in two installments of 50% each, with the first due at 30 days and the second at 60 days after customs registration. This adjustment will impact over half of all imports.
According to the monetary authority, this measure has a dual positive effect. It not only helps reactivate the economy by reducing the financial burden on importing companies but also lessens price increases linked to the previous payment schedule, which forced companies without commercial financing to use the parallel exchange market.
Additionally, the Central Bank has raised the exempt amount from service export liquidation for resident individuals from $12,000 to $24,000 per calendar year. This change allows these individuals to receive this amount in their local dollar accounts without the obligation to convert it in the MLC.
The third measure eliminates restrictions for individuals who received state assistance during the pandemic or have utility consumption subsidies in accessing MEP and CCL dollar transactions.
With this change, those individuals can now apply for mortgage loans in pesos and access MEP dollars for their real estate transactions.
Source: https://www.perfil.com/noticias/economia/el-banco-central-flexibiliza-el-cepo-para-importadores-y-personas-que-no-podian-comprar-dolares-desde-la-pandemia.phtml
