Agricultural companies may finance part of the annual increase in imports of fertilizers and plant protection products for 90 calendar days at a minimum as from the customs registration date, when the Imports Monitoring Comprehensive System (SIMI, in Spanish) has assigned them a B category. These measures were established by the Board of the BCRA taking into account the usual trading cycle of this activity.
Imports with SIMI statements under category B for the rest of the activities must be financed for 180 calendar days at a minimum as from the customs registration date, as regulated by Communication A7466 dated March 3. The SIMI statements under category A continue to allow importers to pay in cash.
The Ministry of Productive Development manages commercial policy, while the Federal Administration of Public Revenue controls the economic and financial capacity of importing companies. The BCRA, in turn, defines the mechanism for market access for importers that obtained the relevant permit.
The measures adopted by the BCRA seek to optimize the use of foreign currency and maximize its social and economic impact, and aim at building up international reserves to strengthen the monetary and foreign exchange policy.
March 22, 2022