Argentine Central Bank President Miguel Pesce gestures as Economy Minister Silvina Batakis (unframed) holds a press conference at the Ministry of Economy headquarters in downtown Buenos Aires on July 11, 2022. – L Argentina will maintain the objectives agreed with the International Monetary Fund, which foresees a reduction this year of the fiscal deficit to 2.5% of the gross domestic product, assured on Monday the new Minister of Economy, Silvina Batakis. (Photo by JUAN MABROMATA / AFP)
Given the alarm signals in some factories over the lack of dollars to import and continue to produce, the Central Bank announced on Thursday the easing of access to the foreign exchange market for the payment of imports of goods and services in the sector. The measure was announced a few hours after the tightening of the dollar exchange rate.
The measures reach into energy activity, the production of fertilizers and plant protection products, inputs destined for the production of products for export and the automotive industry, where they have been well received. Some sectors had come to express their concern to the government and to ask for relief from the restrictions imposed at the end of June.
Due to the reserve hemorrhage, the BCRA extended the deadline for obtaining official dollars to 180 days for all businesses with non-automatic licenses, with the exception of SMEs that do not exceed 15% of their imports in 2021. This resulted in a worsening of stocks, which affected the lack of stocks of some items and the brake on input purchases, as in the case of Agrale and Yazaki.
In this context, the BCRA reported this Thursday that “the operational services of companies in the energy sector (whether it be exploitation, generation and distribution) will have access to 60 days, instead of the current 180 days, for the payment of the increase in imports over the previous year “. The sector imports machinery, inter alia, for the Vaca Muerta field.
The payment of basic supplies entering the country under the specific customs sub-regimes as temporary imports for processing and subsequent export is also released.
For the import of fertilizers, plant protection products and production factors for their production in the country, the deadline has been reduced to 60 calendar days from customs registration for the expiry of advances and pre-financing of exports.
Finally, the terminals have been enabled to hand over the dollar share to their direct suppliers for the payment of auto parts destined for the production of units for export, a measure already announced, although now the customs regime has been entered in the factory (RAF ), which will allow producers to increase their quota.
“In some cases it will bring calm, even if the 60-day deadline from nationalization is still long, you have to get financed by your supplier without advance and the production takes from 30 to 40 days, shipping if it comes from Asia is 60 days. plus, plus 60 after nationalization, it’s obviously better than 180 days, “said an importer.
Giovanni Manuel Barca