Together with decree 72/2023 which formalized the possibility for importers to pay off tax and customs debts with the bonus for importers which will be issued by the Central Bank, the monetary organization defined the characteristics of this award.
The origin of this debt instrument is the Central Bank’s debt to importers in an amount estimated at $62 billion. This debt originated in SIRAs delivered to businesses by the previous government but which were not exchanged for dollars. That is, the government formally authorized them to purchase dollars to pay for imports, but did not sell them the corresponding dollars. SIRA functions in this case as an obligation contracted by the Government with importing companies. That obligation is what will be paid with this bond.
In a statement issued this Friday, the Central found that the provision of import permits and related access to foreign currency in a managed manner, in a context of high exchange rate gap, has resulted in the accumulation of importers’ trade debts significantly above the historical average. The inconsistency between the amount of freely available international reserves and the accumulated amount of trade debts forced the implementation of a new foreign exchange market access regime for foreign trade operations starting from December 13, 2023, through a transparent and automatic access mechanism for import payments.
In this context, the BCRA will issue new instruments consisting of three sets of Bonds for the reconstruction of a free Argentina (BOPREAL). These bonds will be offered as a vehicle to channel demand for foreign exchange from importers of goods and services with trade debts for customs registration operations or services actually provided until December 12, 2023.
In this sense, importers will have the opportunity to purchase these instruments with the peso liquidity they have to meet their commitments abroad and will receive in exchange some currency flow from the BCRA.
The BCRA will offer a range of alternatives through three instruments, taking into account the impossibility of providing a single short-term solution for all importers. The three instruments, which will be denominated and payable in dollars, They can be purchased in pesos via a technical exchange ticket for the purchase of foreign currency.
Based on the expected flow of the trade balance for the next few years, the future commitments of the BCRA have been staggered, spreading the delivery of foreign currency through a short-term bond (series 2 maturing in June 2025 and rate of 0%), an average rate a short-term bond (Series 3 maturing May 2026 which will yield 3%) and a third bond (Series 1 maturing October 2027 and yielding 5% per annum). Those who buy This bond will be exempt from paying PAIS tax.
The BOPREAL Series 1 will be offered by the BCRA starting from 26 December 2023. The BOPREAL Series 2 and 3 will be offered in the maximum amounts established on the basis of the data provided by the importers’ trade debt register prepared jointly by the AFIP and the Trade and Industry (the “Register of commercial debts with foreigners”).
Source: Clarin
