New access scheme to the MLC for payment of imports

Summary:

The Central Bank of the Argentine Republic (BCRA) has announced new conditions for accessing the Free Market of Exchanges (MLC) for imports of goods and services as of the current date. The main objective is to normalize the flow of imports, which were hindered by accumulated commercial debt. The new conditions aim to eliminate bureaucratic and administrative obstacles by authorizing companies to access foreign currency for settling foreign trade obligations without needing approvals from other government agencies. The BCRA expects a significant improvement in the country's trade balance in the coming years, which will allow for a deregulation process that ultimately eliminates all exchange restrictions. However, due to the current international reserve situation and outstanding commercial debts, the BCRA has established a gradual and ordered normalization process with differentiated payment periods for different products. Additionally, the BCRA has set general parameters for one or more foreign exchange instruments that can be subscribed in local currency to ensure the availability of foreign exchange in specific dates and amounts.