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The Central Bank of the Argentine Republic (BCRA, as per its acronym in Spanish) issued Communiqué “A” 6037 eliminating a considerable number of important restrictions that were still in force thus easing access to the local exchange market (“MULC”, Single and Free Exchange Market).

Worthy of noting is the elimination of the obligation to submit supporting documentation for each exchange transaction to be carried out. As of 9 August 2016, every transaction will be processed automatically and the person performing the transaction will only be required to indicate, in the nature of an Affidavit, the subject matter of the transaction (advisory services, foreign trade, etc. amongst other details).

Additionally, the monthly caps for the purchase of foreign currency for saving and transfers abroad by Argentine residents was eliminated and access to the MULC was authorized for the payment of services, profits, dividends and interest.

Moreover, access to the MULC was simplified for non-residents.

Regarding operations associated with foreign financial indebtedness, the BCRA eliminated the obligation to transfer foreign currency to Argentina and sell it for pesos in the MULC as a prerequisite for the payment of principal and interest.

Furthermore, the new regulation:

1) Eliminated the restrictions for the advance payment of capital, and

2) Authorizes the payment of principal and interest of local indebtedness issued in foreign currency.

Finally, the BCRA annulled Communiqué A 4805 which restricted the performance of transactions in financial derivatives with foreign institutional markets.

Prof. Guillermo J.H. Mizraji

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