Payment of More Commercial Debts and Letters of Credit

The Board of the BCRA has authorized the direct access to the forex market for the payment of foreign commercial debts up to one million dollars, a limit that had already been set for advance payments of imports.

In addition, it allows importers to access the MULC for paying letters of credit issued by international banks on behalf of local importers upon maturity.

The BCRA held a meeting with different chambers—such as the Argentine Industrial Union (Unión Industrial Argentina, UIA), the Association of Automobile Manufacturers (Asociación de Fabricantes de Automotores, ADEFA), the Association of Argentine Components Manufacturers (Asociación de Fábricas Argentinas de Componentes, AFAC) and the Association of Metallurgical Industries of the Argentine Republic (Asociación de Industriales Metalúrgicos de la República Argentina, ADIMRA)—, representatives of small- and medium-sized enterprises (SMEs), and other entities. On that occasion, discussion focused on the problems that companies were facing on account of forex regulations on imports payments. After such diagnosis, the BCRA found a solution to the issues discussed without affecting the general context, within the restricted framework of the forex market.

July 8, 2020.

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