On 20 September 2019, the Argentine Central Bank (ACB) issued Communication "A" 6788, which replaced the exchange control regime applicable to exports of goods. Accordingly, under the new exchange control export regime, the main obligations are the following:
(i) New deadlines for settlement of proceeds of exports of goods: regardless of the date in which the export was formalized, proceeds from exports of goods must be repatriated and settled within 5 business days as from their collection. This term also applies to new advances, pre-financing and post-financing from abroad related to exports of goods. Additionally, exporters shall repatriate and settle the exports of goods' proceeds as of 2 September 2019, in the following maximum terms:
|Type of Export||
Agricultural products (oilseeds, wheat, corn, soybeans, rice, among others)
|Chapter 27 of the Harmonized Tariff Code System (HTCS)(mineral fuels, mineral oils and products of their distillation, bituminous materials and mineral waxes)||To related companies that do not correspond to "A" or "B"||Chapter 26 of the HTCS (metal ores, slags and ashes) and 74 of the HTCS (copper and articles thereof)||Other goods||"simple export" regime (primarily used by PyMES)|
|Term (in calendar days)||15||30||60||60||180||365|
These maximum terms are counted as from the report granted by Customs stating that the goods have been shipped (cumplido de embarque). Notwithstanding the referred obligation to repatriate and settle the export proceeds, the exporter may use anticipated payments of exports to repay export pre-financing loans. Upon exporter request, the Monitoring Entity (basically, local financial entities) shall issue the corresponding allocation certificates.
(ii) Monitoring Entities: the exporter must select a local financial entity to monitor the foreign exchange negotiations for exports of goods (Monitoring Entity). This monitoring will be carried out through the "SECOEXPO" system.
(iii) Reports in Case of Breaches: in case the exporter breaches the exchange control regime, the Monitoring Entity shall file a report with the ACB informing the breach (Report in Case of Breach).
This regulation sets forth the cases in which the exporter may justify the total or partial lack of repatriation and settlement of proceeds of exports of goods. Such cases include: (a) losses, non-conforming quantity and deficiencies in the exported goods, (b) free exports, (c) goods rejected at destination, (d) discounts, (e) temporarily exported goods that will not be reimported as a result of loss of value, etc. Likewise, the exporter must initiate procedures to collect the proceeds in case the foreign importer does not cancel the debt in a proper manner. In such case, the Monitoring Entity must report this to the ACB in the following scenarios: (a) exchange control in the importer's country, (b) insolvency of the foreign importer and (c) failure to pay in a timely manner.