Repatriation of Foreign Export Proceeds will No Longer be Mandatory
Executive Order No. 893/2017 was published today in the Official Gazette, by means of which it will no longer be mandatory for exporters to repatriate and negotiate foreign currency received in return for their exports, as it was formerly required by the Central Bank. Lack of timely repatriation and liquidation could result in criminal sanctions imposed to the alleged offenders pursuant to the Criminal Foreign Exchange Regime.
Consequently, exporters will now be able to freely dispose of their export proceeds, being able to either keep them or negotiate them both in the country and abroad for pesos or any other currency, grant them as security interests or give them any other use.