Argentina: Reduction In The Terms For The Transfer Into Argentina Of Foreign Exchange Proceeds From Exports

Through two new regulations, the Ministry of Economy and the Central Bank reduced the terms for the liquidation of foreign exchange proceeds from exports.

Resolution No. 142/2012 of the Ministry of Economy and Public Finance, published in the Official Gazette on April 25, 2012 ("Resolution 142"), amended Resolution No. 269/01 of the National Secretary of Industry and Commerce ("NSIC"), as amended, which provided the term for the transfer into the financial system of foreign exchange proceeds from export transaction.

Following Resolution 142, the Argentine Central Bank (the "Central Bank"), through Communication "A" 5300, effective as from April 27, 2012, also introduced certain changes related to the term to transfer into Argentina of foreign exchange proceeds obtained from the payment of exports, among other changes.

1) Resolution No. 142/2012

a) Reduction of terms

Effective as of April 26, 2012, Resolution 142 reduced the terms stated in Resolution No. 269/2001 of the NSIC for the transfer of foreign exchange proceeds from export operations into the Local Foreign Exchange Market ("Mercado Único y Libre de Cambio" or "MULC"), affecting approximately 800 tariff codes.

Resolution 142 stated that exporters must transfer foreign exchange into the MULC within 15, 90 or 360 consecutive days (from the shipment), according to the tariff code in which the goods are classified under the Common Nomenclature of the Mercosur (Nomenclatura Común del Mercosur). These new terms were fixed according to the tariff code of the goods and were included in Appendix I of Resolution 142. As a result, the new regulation obliges the exporters to accelerate the liquidation of their sales, having to enter foreign exchange into the country in a shorter term.

For instance, Resolution 142 sets forth 15 consecutive days to transfer into the MULC foreign exchange proceeds from exports of cereals, oils, preparations based on cereals, metal ores, fuel, cars, weapons and artwork. The regulation also fixed a maximum term of 90 days to enter foreign exchange proceeds from exports of meat, dairy products, fruits and vegetables, juices and vegetable extracts, sugars, publishing products, textile products, footwear and common metals.

b) Transactions between related companies

On the other hand, Resolution 142 introduced one change to the terms that does not follow the ones included in the Appendix I (which depend on the tariff code of a specific good). In this regard, it provided that foreign exchange proceeds from transactions between related companies (disregarding their tariff code) shall be transferred into the MULC within 15 consecutive days from the shipment date.

c) Extension of the term. Evaluation Unit

Notwithstanding the term reductions, the regulation grants exporters the possibility of requesting an extension of the terms, taking into consideration the nature and particular features of each transaction.

The request for an extension of the period will be analyzed by the Evaluation Unit (integrated by different representatives of Secretaries of the Ministry of Economy), who shall issue a report per request.

2. Communication "A" 5300 of the Central Bank

Effective as from April 27, 2012, Communication "A" 5300 of the Central Bank sets forth 15 working days to transfer and liquidate the export proceeds into the MULC. The term starts as of the collection abroad, that is, the day that the exporter receives the funds. According to the new regulation, the same term shall be applicable to the payments of anticipated payments and loans of export pre-financings.

However, Communication "A" 5300 afterwards clarifies that the expiry date for the liquidation of foreign exchange proceeds from exports shall be the shorter between: (i) the 15-day term mentioned in the previous paragraph; or (ii) the corresponding term considering the type of good, according to the general applicable regulations.

For example, if, under Resolution 142, the exporter of certain product had 90 consecutive days since the shipment date to transfer the foreign exchange proceeds from exports into the MULC, but receives the payment of the export on day 40, then the 50 remaining days to liquidate the foreign exchange will not be available, because that will have to be done within the following 15 working days. And vice versa, if the payment is received on day 80, the exporter shall liquidate such funds within the following 10 consecutive days (observing the 90-day limit); therefore, will not count with the 15-working-day term from the payment date to do so.

Following the aforementioned novelties, the new Communication revoked (regarding shipments with official consumption –embarques con oficialización a consumo- date as from April 27, 2012) the additional 120-working-day term for the liquidation of foreign exchange proceeds from exports, which were added to the terms established depending on the type of exported good. This revocation also affected the additional 180-working days in the event of transactions that were not paid by the buyer and foreign exchange transferred proceeded from the liquidation of the payment of an exportation credit insurance.

Secondly, the new Communication replaces paragraph 1 of Communication "A" 4860 by including the payments of pre-financings of exports in foreign accounts to the obligation to transfer such funds to correspondent accounts held in local financial entities within 10 working days as from the payment date of the funds abroad.

In addition, as transitory provisions, Communication "A" 5300 established, among other provisions, that:

a) The payments of exports, advance payments and pre-financing of exports that are held in correspondent accounts by April 26, 2012 –"by this date [of the Communication]"- shall be transferred into the MULC within 15 working days since such date; and

b) The loans of pre-financings of exports paid out by April 26, 2012 –"by this date [of the Communication]"- and with pending transfer to correspondent accounts in local financial institutions shall be: (i) transferred to a correspondent account held on a local financial institution within a 10-working -day term since April 26, 2012; and (ii) liquidated in the MULC within a 15-days-term since April 26, 2012.

Last but not least, Communication "A" 5300 provided that Argentine Pesos proceeding from the liquidation of the foreign exchange proceeds (from the export of goods), advance payments and loans of pre-financings of exports shall be held in a sight account under the client's name and in a local financial entity.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Sign Up
Gain free access to lawyers expertise from more than 250 countries.
Email Address
Company Name
Confirm Password
Mondaq Newsalert
Select Topics
Select Regions
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions