Clearstream Banking1 wishes to inform its customers of the modifications introduced by the Central Bank of Argentina (Communication “A” 5850 and Resolution 3/2015) on foreign exchange regulations, applicable to foreign investors in Argentina.
Effective
17 December 2015
modifications were introduced on the repatriation of funds and on cash reserve requirements for funds entering Argentina, as follows:
- New Portfolio investments entering Argentina on 17 December 2015 and thereafter can be repatriated with no limit in the amount as long as the foreign investor complies with certain conditions; and
- The 30% cash reserve requirement for funds entering Argentina established by Decree 616/05 is no longer in effect.
Impact on customers
As Clearstream Banking does not currently offer these services, customers are not impacted.
Clearstream Banking’s repatriation procedure for transactions that fall under the exception of the repatriation limit, remain unchanged and applicable. Customers can request to have Argentine Pesos (ARS) converted into U.S. Dollars (USD) according to the existing procedure. Please refer to Announcement A15125, dated 29 June 2015, describing this procedure and to the Creation Link Guide - Argentina.
Clearstream Banking will continue to monitor the Central Bank regulations via its local Cash Correspondent Bank, Citibank Argentina N.A. , Buenos Aires and will keep its customers informed with any relevant updates.
Further information
The Creation Link Guide - Argentina has been 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 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.