Argentina: Currency controls and foreign exchange regulations measures – update III

12.09.2019

Following Announcement A19106 and A19108, Clearstream Banking1informs customers that the Central Bank of Argentina has published a new Bulletin under COMUNICACIÓN “A” 6780 in which among other aspects aims at clarifying the restrictions on the repatriation of income and redemption related foreign currency proceeds also apply to the Central Security Depository (CSD).

This restriction implies that any income and redemption proceeds due in currencies other than Argentinian Pesos may not be collected on or paid to any account held by any legal person outside Argentina. Local CSDs as Financial Institutions are subject to the limit of USD 1,000 or its equivalent, to transfer offshore foreign currencies received as a result of coupon and redemption payments. 

Impact on customers

Customers holding domestic Argentinian securities are impacted by this restriction. Foreign currency proceeds to be collected will remain on hold until further notice.

Further information

Clearstream Banking is currently investigating with the Caja de Valores the impact of this recent restriction on payments in foreign currency and will keep you informed as soon as more information is available.

The Market Link Guide - Argentina will be updated to provide additional information on these new measures.

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

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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.