Pursuant to Communication “A” 6903, dated February 14, 2020, the Argentine Central Bank revised the requirements to make advance payments of imports of goods. The new regulatory framework relaxes the requirements for importers with delays registered in the SEPAIMPO Information System.

Pursuant to current regulation, clients who register delays in the SEPAIMPO do not have access to the foreign exchange market to make new advance payments of imports.

Pursuant to the new regulation passed today, from March 2020, clients with registered delays will have access to the foreign exchange market to make new advance payments, subject to the following:

  • The client does not register delays with respect to advance payments made as of 02.09.19.
  • Prior Central Bank´s approval shall be required when the client registers, for transactions prior to 02.09.19, a judgement in the last 5 years or an open proceeding for violations of Article 1(c) of Law 19,359 with respect to import transactions.
  • In the event that the client is not an individual and has been incorporated up to 365 calendar days prior to the date of access to the exchange market, prior approval of the Argentine Central Bank will be required to process new payments when the amount pending regularization for advance payments of imports is more than the equivalent of US$ 5 million (five million US dollars), including the amount for which access to the exchange market is requested. In the case that the client is a joint venture, the date of incorporation of the oldest company will be taken into account.

For more information, do not hesitate to contact Marcelo R. Tavarone, Federico Salim, Julieta De Ruggiero or Francisco Molina Portela.