2024-11-01 14:53:00
Yesterday, the central bank issued Communication No. A 8122, which identified “Sand determines the deadline for access to the foreign exchange market to pay for non-resident services provided or to be provided as of December 13, 2023, as follows: eThis payment corresponds to an operation belonging to the concept of “S31.” Freight services for goods export business” where the freight is part of the conditions of sale agreed with the buyer of the goods and is finalized after the export has received transportation approval granted by customs.” This means that export freight charges may be waived if they are included in conditions agreed with the buyer (e.g. CFR or CIP or CIF) and the export has customs-approved shipping clearance.
Until now, import-related shipments have not been treated differently, so generally, cancellations can be made after 30 days from the date of effective provision of the service, which is deemed to have been performed upon the arrival of the goods. .
Circular A 8121 was also issued to remove the minimum capital requirement for foreign currency financing provided by banks to agricultural companies whose stocks of agricultural products are worth more than 5% of their annual harvest.
Dictators don’t like this
The practice of professional and critical journalism is a fundamental pillar of democracy. That’s why it bothers those who think they have the truth.
These two measures are added to the decision of the monetary authorities through Circular A 8118, which stipulates that all goods officially imported from October 21, 2024 can be imported after 30 calendar days from the date of customs registration. Cancel. Dramatically shorten delivery times for large quantities of products.
The foreign exchange market is gradually moving towards normalization, although there are still some major unresolved issues, such as allowing advances in all cases instead of specific cases, or completing the regularization of outstanding debt in 2023 and taking initiation measures in the current context. Remarkable. Considering that more than 70% of imported products will supply the country’s production chain, any simplification, debureaucratization and flexibility will reduce costs and improve conditions for the correct development of national industry and economy.
touch
Lik. Yanina S. Rojo
Lojo Consulting Owner
www.consultoralojo.com
@mg.yaninaslojo
1730473125
#foreign #exchange #market #gradually #opening
**Interview with Financial Analyst Maria Gonzalez on Recent Forex Market Developments**
**Interviewer**: Good afternoon, Maria! Thank you for joining us today to discuss the recent changes announced by the central bank regarding access to the foreign exchange market.
**Maria Gonzalez**: Thank you for having me! It’s a pleasure to be here.
**Interviewer**: Let’s start by breaking down Communication No. A 8122. What does this mean for businesses involved in exporting goods?
**Maria Gonzalez**: This communication is significant for exporters because it provides clarity on how freight charges can be managed in foreign exchange transactions. It stipulates that if freight services are part of the sale agreement with the buyer and the export has received customs approval, these charges can potentially be waived. This is particularly important for companies aiming to streamline their costs.
**Interviewer**: That sounds like it could ease some financial burdens. Can you elaborate on how this will impact the calculation of costs for exporters?
**Maria Gonzalez**: Certainly! By allowing freight charges to be included in the conditions of sale, exporters can better manage their cash flows and pricing strategies. This means they can present a more competitive offer to international buyers without necessarily increasing their internal costs. By aligning freight with the terms of the sale, exporters may also find it easier to forecast expenses related to transportation.
**Interviewer**: And what does the removal of the minimum capital requirement for foreign currency financing mean for businesses?
**Maria Gonzalez**: This is another positive change. The removal of the minimum capital requirement allows more flexibility for companies looking to engage in foreign currency transactions. It can empower small to medium-sized enterprises that may not have met the previous capital thresholds to access financing in a more straightforward manner. This can stimulate international trade, as more businesses will have the opportunity to operate in global markets.
**Interviewer**: It seems like these changes are aimed at boosting economic activity. What should companies be cautious about amidst these adjustments?
**Maria Gonzalez**: While these developments are favorable, companies should remain vigilant about compliance with customs regulations and the specifics outlined in the new communications. Understanding the terms of their agreements with buyers is crucial in ensuring they can take advantage of these new provisions effectively. Additionally, as with any updates in policy, there can be unintended consequences, so continuous monitoring of the economic landscape is key.
**Interviewer**: Excellent points, Maria. As we look ahead, how do you see these changes influencing the overall economy in the upcoming months?
**Maria Gonzalez**: If these policies are implemented effectively, I believe we will see an uptick in exports, which could contribute positively to our economy. The increased access to foreign currencies for financing also gives businesses a tool to enhance their competitiveness internationally. However, global economic conditions, such as demand fluctuations and geopolitical factors, will still play significant roles in shaping outcomes.
**Interviewer**: Thank you, Maria! Your insights are incredibly valuable as we navigate these changes. We appreciate your time.
**Maria Gonzalez**: Thank you! I’m glad to share my thoughts on this important topic.
