BCRA Communication “A” 7952 and BCRA News item – New channel for Payments of Debt Stock of MiPymes.
Banking & Financial Institutions Department Report | BCRA Communication “A” 7952 and BCRA News item – New channel for Payments of Debt Stock of MiPymes.
The Central Bank of the Argentine Republic (BCRA) yesterday published a news item on its website (the “News item”) through which, among other issues, it announced that a payment channel would be granted to MiPyMes to cancel debts for imports of goods with customs entry registration and for services provided on or before 12/12/2023 (the “Debt Stock”). This News item was confirmed recently through BCRA Communication “A” 7952, which we comment below.
The News item
The BCRA reported that the Register of Commercial Debt for Imports with Foreign Suppliers (the “Register”) recorded a total Debt Stock of US$42,600 MM (an amount from which US$8,500 MM of debt was deducted that was declared as settled without access to the Exchange Market).
The News item reports that close to 70% of the companies registered in the Register are MiPyMes. In this sense, a scheme was anticipated to access the Foreign Exchange Market for MiPyMes with individual Debt Stock for an amount equal to or less than US$500,000. The requirements to access this channel were informed through BCRA Communication 7952, as explained below.
Finally, the News item states that the MiPyMes not included in the previous benefit will have priority access to subscribe Bonds for the Reconstruction of a Free Argentina (“BOPREAL”) Series 2, with amortization flow between July 2024 and June 2025 (for more Series 2 details read our report).
BCRA Communication 7952
New Debt Stock payment channel for MiPyMes
Under the provisions of BCRA Communication “A” 7917, to pay Debt Stock there is no possibility of accessing the Exchange Market without BCRA’s prior authorization.
Communication 7952 enables a new channel for MiPyMes by establishing that human or legal persons that qualify as such (according to the rules of “Determination of the status of micro, small and medium-sized enterprises”) will be able to access the Exchange Market starting on 02/10/24 for the payment of Debt Stock as long as:
– Your Debt Stock is less than or equal to US$500,000;
– You have registered your entire Debt Stock in the Register (yesterday was the last day to register); and
– The operation is declared, if applicable, in the last presentation of the “Survey of external assets and liabilities”.
Payments made through this mechanism will be allowed for up to the amount registered in the Register, and according to the following scheme:
– As of 02/10/24, for the equivalent of US$50,000;
– As of 03/09/24, for the equivalent of an additional US$100,000 (that is, for up to a total of US$150,000);
– Starting 04/10/24, it will be possible to access the total debt registered in the Register (which must be less than or equal to US$500,000).
In this regard, we highlight that this is the first time that the BCRA requires that a debt be registered for payment in the Register. Although this standard today has scope for a specific group, it is possible that in the future this requirement will apply to all mechanisms that are established to cancel Debt Stock (e.g., future series of BOPREAL).
Sales of securities against cable on third-party accounts to complement BOPREAL sales
Under Communication “A” 7925, the negotiation of BOPREALs was enabled in the secondary market without their sales with settlement in foreign currency or transfers abroad preventing the granting of the sworn declarations necessary to access the Exchange Market (we refer to our report).
In addition to the provisions of Communication “A” 7925, Communication 7935 established that sales abroad or the transfer to depositories abroad of “other securities” (not only BOPREAL) are also permitted as of 01/04/24, made by BOPREAL subscribers to cover the spread of the BOPREAL traded (that is, the difference between the nominal value and the value obtained from BOPREAL sales) (see our summary).
Now, Communication 7952 establishes that sales of securities operated based on the provisions of the previous paragraph with a settlement against the wire to third-party accounts abroad are allowed (i.e. foreign exchange paid in accounts opened outside the country), as of 01/04/24.
This means that these securities can now be sold locally (i.e., without making transfers to foreign depositories) and the counterparty can pay the equivalent value in foreign currency to the account of the third party (not the person who sold them) that is indicated (e.g., to the account of the supplier to whom obligations are canceled under the Debt Stock). This possibility had already been foreseen for operations with BOPREAL in Communication “A” 7940 (see our summary), but not for securities operated complementary to cover the spread.
Please, do not hesitate to contact us should you require any further information on this matter.
Sincerely,
Pablo J. Torretta