The Argentine Central Bank issued Communication “A” 6037, repealing some remaining regulations from the time in which the Argentine FX market was subject to considerable restrictions. Among other aspects, this new regulation has simplified the FX market, reducing bureaucratic requirements and operational costs.

Communication “A” 6037 has abrogated the need to produce documental evidence for undertaking FX transactions. Now it will be enough to execute a sworn statement in which the purpose of the transaction shall be specified (e.g., purchase of freely available currency, foreign trade, etc.), as well as certain basic information to be included. Monthly caps were also repealed and only transactions to be made in-cash continue to be limited, with the purpose of fostering anti-money laundering policies.

With these latest changes, the FX market can again be named as a “only and free FX market”, since now certain “alternative” transactions are no longer necessary, such as the blue-chip swap.

In addition, Communication “A” 4805, which considerably limited the ability of Argentine residents to enter into derivative transactions with foreign counterparties, was repealed.