Increase Of The Monthly Limit For Foreign Currency Purchase And Implementation Of The Most Favorable Criminal Law

Author:Mr Gabriel Matarasso and Estanislao Diaz Saubidet
Profession:Marval O'Farrell & Mairal
 
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The Argentine Central Bank ("CBA") by means of Communication "A" 5963 dated May 5, 2016 increased to US$ 5,000,000 the limit set forth in subsection a) of section 10 of Communication "A" 5899 dated February 4, 2016 in order to generate foreign assets. Section 10 of said Communication, which replaced section 2 of Communication "A" 5850, maintained - until the issuance of Communication "A" 5963 - a monthly limit of US$ 2,000,000 in order to generate foreign assets of residents (savings).

According to the CBA Press Release Number 50745 dated May 5, 2016 the increase of the limit is "one of the final steps in the removal of the foreign exchange restrictions established by the previous Government, after the 'exchange blockage' release and the current removal of import debt payment schedule."

In many foreign exchange proceedings which are currently pending before the Central Bank and the courts, criminal responsibility is attributed for presumed excess of the monthly limit amounted to US$ 2,000,000 in the purchase and sale of foreign currency (set forth in Communication "A" 4128 - and its supplementary and amended regulations- dated April 16, 2004)

In cases in which a foreign currency exchange infraction is attributed for the purchase and sale of foreign currency for savings...

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