On May 19, 2017, the Argentine Central Bank issued Communication A6244 defining the new model of regulating the free circulation of capital in the country and abrogating all prior regulations on the matter.
The key amendments relevant to the GTA are:
- Permission to financial and foreign exchange institutions to freely determine the level and use of their general exchange position;
- Elimination of the requirement to conduct foreign exchange transactions through foreign exchange tickets;
- Reduction of the amount of information that must be provided about transactions by financial and foreign exchange institutions;
- Elimination of all time restrictions on foreign exchange transactions;
- Permission for the allocation of export proceeds directly to certain financing operations including (a) advanced payments for the export of goods; (b) pre-export financing; (c) post-export financing; (d) settlements related to financing of exports to non-Argentine residents provided by local financial institutions; and (e) financial indebtedness (loans from international organisations, loans in foreign currency granted by local financial institutions and the issuance of notes abroad); and,
- Permission to allocate foreign currency held abroad to payments to non-Argentine residents.