The Central Bank has taken measures to further relax the currency controls, allowing exporters to access the foreign exchange market to pay for freight services to non-residents. Through Communication "A" 8122, exporters are authorized to use the exchange market to pay for freight services to non-residents in export operations of goods, as long as they are included in the agreed sale condition, starting from the shipment of the merchandise in Argentina. This measure contrasts with the previous practice that allowed such payment 30 days after the arrival of the merchandise in the destination country.
The initiative is part of the deregulation and normalization policy of financial activity promoted by the National Government, aiming to eliminate restrictions on financing in foreign currency and encourage loans in that currency, in a context of growth in deposits. The increase in dollar deposits, partly driven by money laundering, allows the Central Bank to increase its gross reserves and, potentially, net reserves thanks to the higher loans that financial entities can grant.
Additionally, the Central Bank has removed the minimum capital requirement for financing in foreign currency granted to clients outside the Mipyme sector who maintain a stock of their production above 5% of their annual harvesting capacity. In June, the minimum rate for these financings in foreign currency, which had been set in September 2022 at 120% of the last monetary policy rate, was eliminated.
