Argentina: Abolition of Foreign Exchange Restrictions

28.09.2017

Further to our Marketflash M17019, of 30 May 2017, Clearstream Banking1 informs customers that, on 1 July 2017 the Central Bank of Argentina (CBA) amended, under Communication “A” 6244, the conditions on repatriation restrictions for non-residents.

Effective

2 October 2017

Clearstream Banking’s foreign exchange procedure for transactions that fall under the exceptions to the repatriation restrictions is no longer applicable.

If you wish to instruct a foreign exchange transaction you must instruct in accordance with the Clearstream Banking Customer Handbook.

Important: The CBA still requires, that all FX related to securities or portfolio investments are reported to them. Therefore, in addition to the standard instruction formats, you must include the following reason in the narrative field of your foreign exchange instruction: P11 other non-resident investments.

The deadline to instruct foreign exchange transactions is VD-2 at 11:30.

Important notice: By entering into such transaction(s) you agree to indemnify and hold harmless Clearstream Banking from and against any and all liabilities, expenses, damages and other costs of any kind (including legal fees and expenses) arising from or in connection with any misrepresentation, insufficiency, inaccuracy, illegitimate and/or omission.

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

Clearstream Banking will continue to monitor the Central Bank regulations via its local Cash Correspondent Bank, Citibank Argentina; custodian, Caja de Valores S.A. and local legal advisers and will keep customers informed.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.