7 November, 2023 | Current Regulations

On October 23, 2023, Executive Order 549/2023 was published in the Official Gazette, affording a special treatment to the collection of proceeds from goods and services exports, which constitutes a benefit similar to the so-called soya dollar and mining dollar.

Basically, the obligation to bring into the country and trade foreign currency within the periods established under foreign exchange regulations is not modified, but (i) 70% of the funds may be brought and traded in the local foreign exchange market and (ii) the remaining 30% may be brought and traded through transactions involving securities purchased in foreign currency and sold in local currency (that is, an inverse blue-chip swap transaction).

As per the current foreign exchange rates, this results in exports proceeds at an implied rate of approximately ARS 500 per dollar.

The proceeds must be used to purchase securities issued by the Argentine Central Bank in US dollars and payable in Argentine pesos.

This benefit will be in force from the date of publication of the executive order and will apply to exports proceeds collected through November 17, 2023.

If you have any question or need any clarification on this issue, feel free to contact Alejandro Vidal (avidal@brons.com.ar).