The Argentine Central Bank (BCRA) issued the Communique Nro. 7375 establishing changes to the BCRA’s authorization for payments (i) of imports of goods and (ii) of financial debts originating from such imports.

Payments for import debts of only up to USD250,000 can be made. Before the new regulation, the amount was limited to USD1,000,000. These payments can only be made for goods to be imported or imported before 1 January 2020.

This new payment policy is valid until October 31^st, 2021.

The main objective of this payment policy is to limit Argentina’s USD capital outflow.

On the other hand, the Argentina Securities and Exchange Commission (Comisión Nacional de valores, the “CNV” for its Spanish acronym) issued the resolution RG CNV 907/2021, published in the official Gazette on 06.10.2020.

This resolution has restricted the sale of dollar-denominated public bonds with local applicable law jurisdiction. This limit has been established at 50,000 nominal per week, net of the purchase of the same public bonds with settlement in foreign currency.

Moreover, the CNV has established that public bonds (except those subject to Argentina´s jurisdiction) may be (i) sold in dollars or any other foreign currency or (ii) transferred to or from foreign depository entities only if:

• No dollar-denominated public bonds subject to Argentina´s law jurisdiction was sold 30 days prior to the sale and:

• Public bonds subject to Argentina´s law jurisdiction cannot be sold within 30 days after the sale of the public bonds subject to foreign law jurisdiction.

This resolution aims at limiting both Argentina’s USD capital outflow and benefits obtained by trading with the different public bonds (issued under local and foreign law jurisdiction).