During his first week in office beginning on December 10, 2023, newly elected Argentine President Javier Milei introduced significant policies and amendments to the country’s import/export regime, as well as issued new foreign exchange (FX) regulations.
In this alert, we take a concise look at changes within the Argentina import/export space since December 13, with a particular focus on access to the FX market for the payment of imports.
Imports of goods before December 13, 2023
For those imports made until December 12, 2023, the new FX regulations establish that access to the official FX market to make payments in connection with such imports (goods or services) will be subject to previous authorization of the Central Bank (BCRA).
The government is openly trying to block all payments connected to previous imports, and authorities are currently crafting a regularization plan. The plan is expected to be implemented in March 2024.
Import of goods from December 13, 2023
Access to the official FX market without Prior BCRA Approval: Financial entities are authorized to grant access to the official FX market without needing prior approval from the BCRA for deferred payments of new imports.
The schedule is as follows: Read more
