Improving SME Import Payments: Central Bank Agrees to Accelerate Payment Process

2024-04-14 17:28:00
File photo: A worker operates a machine in an industrial factory in the province of Buenos Aires, Argentina. Nov 1, 2018. REUTERS/Marcos Brindicci

Through Communication A 7990, the Central Bank agreed to the request of small and medium-sized enterprise (SME) sectors to accelerate the payment of imports.

This Sunday, the Argentine Confederation of Medium Enterprises (CAME) indicated in a statement that based on a meeting that the entity had with the Secretary of the Knowledge Economy, Marcos Ayerra, and with the Chief of Staff of the economic portfolio, Miguel Schmukler, the Government “gave rise to one of the requests made by the entity to sustain the activity of SMEs.”

The Central Bank’s measure will allow the payment of official imports starting April 15 (that is, starting tomorrow, Monday) within 30 calendar days for micro, small and medium-sized companies. In this way, CAME noted, “the payment system in four installments of 25% of the FOB value (merchandise placed on board maritime transport) at 30, 60, 90 and 120 days was left aside.”

In addition, the Central Bank, in coordination with the Ministry of Economy, enabled the advance payment of 20% in cases of importation of capital goods, one of the claims that different sectors had been making several weeks ago, especially those indicated by the amount of their price increases.

CAME also recalled that in response to different points that it had requested in a meeting it had two weeks ago with Economy officials, the Central Bank modified certain regulations so that now micro, small and medium-sized companies up to the so-called “Tranche I” will have access to the exchange market (that is, to the official dollar) for the payment of import of goods with customs entry registration following December 13 in two installments: 50% at the time of entry into Customs and the remaining 50% following 30 calendar days.

The statement from the business entity concludes by pointing out that the regulation of the import operations of MSMEs that import inputs for the national industry is “fundamental.”

Thus, he concludes, the focus is placed on the manufacturing sector, which is where the flow of goods for production is most needed.

In the first two quarters of 2017, GDP accumulated an increase of 1.7% compared to 2016.

The measure reflects the decision of the Economy and the Central Bank to improve the flow of import payments based on the recomposition of the monetary authority’s reserves, which in the coming days might – in net terms – enter positive territory.

At the end of January, the Ministry of Commerce defined a new system for small imports via Courier, a demand in particular from SMEs, which since September 2022 had a limit of just USD per month and announced that it would triple the monthly limit, up to $3,000. . In this way, it was said then, the country would cease to be one of the most restrictive in the region for this type of imports, which affected the provision of spare parts, parts and supplies and purchases through platforms, such as Amazon or Alibaba.

Then, in mid-February, the Central Bank provided access for SME companies to the official dollar to pay off debts for imports, giving them until March 9 to do so. This measure gave access to nearly 10,000 micro, small and medium-sized companies with declared commercial debt of up to USD 500,000 to cancel foreign debts. At that time, through a statement, the Central Bank established that the tenders will be open to all those importers who have balances pending cancellation of their debt registered in the Register of Commercial Debts for Imports with Foreign Suppliers.”

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