The Central Bank (BCRA) has relaxed the pre-cancellation rules for local foreign currency debts for companies. Now, companies will be able to access the foreign exchange market to pre-cancel negotiable obligations (ONs) or foreign currency loans. The measure was established through Communication “A” 8390, which states that companies can access the official foreign exchange market to obtain dollars to settle debt, provided they secure loans with an average life longer than the one being canceled or issue a new ON. Likewise, the regulation includes the early payment of capital installments. The government is moving forward with its promise to gradually relax exchange restrictions for companies. It is a rule that eases access to dollars so that companies can pay off their debt. Now the market expects the BCRA and CNV to eliminate the parking that still applies to more companies when they want to buy MEP or CCL dollars.
