2024-07-27 03:58:44
In a further step towards ending foreign exchange restrictions, the Central Bank (BCRA) announced that it will relax regulations for accessing the foreign exchange market. In this direction, the board of directors of the monetary entity shortened the deadlines for companies to access the Free Exchange Market (MLC) to pay for imports, and at the same time increased the amount that service exporters are not required to settle in the MLC.
But the relaxations will not only be limited to foreign trade. From now on, people who received state aid during the pandemic, or who benefit from subsidies for public services, will be able to carry out foreign exchange transactions through securities in foreign currency, such as the MEP dollar.
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Since last December, when Javier Miley He took over the Presidency of the Nation, imports were normalized with a more predictable payment scheme and, in this way, the obstacles to accessing the exchange market were put aside and, thus, avoiding increasing commercial debt.
In the first half of 2024, import payments through the MLC have remained at around 100% of the average monthly import amount. Currently, energy-related goods are paid in cash, while pharmaceutical products, health care goods, fertilizers, phytosanitary products, basic basket products and imports made official by MSMEs have access to the MLC 30 days after their customs registration.
Luxury goods and finished cars are paid for 120 days after customs registration, although as of August 1, this period will be reduced to 90 days.
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The rest of the products are paid in four installments of 25% at 30, 60, 90 and 120 calendar days after their customs entry. However, from August 1, these goods can be paid in two installments of 50%, at 30 and 60 days after their customs entry.
This measure represents financial relief for importing companies and contributes to economic recovery, while reducing the exchange rate gap, since it avoids the need to resort to the parallel market to obtain financing.
Given the impossibility of accessing the official dollar, the Central Bank will also allow individuals to overcome the obstacles to acquiring foreign currency, even if they received state aid during the pandemic or have subsidies for public services. They will be able to operate with the MEP dollar and the Contado con Liquidación (CCL).
Until now, only a few people could access (or knew how to) this exchange market, but with this measure that would no longer be a problem. It should be noted that this would enable people to take out mortgage loans in pesos and access the MEP dollar to carry out their real estate transactions, which provides greater flexibility and opportunities in the exchange market.