The Central Bank decided today to adapt the foreign trade payment system, to respond to the extraordinary needs for foreign exchange to meet energy imports, in order to sustain economic growth, the level of activity of SMEs and avoid speculative maneuvers on imports.

The measures extend the import financing system to those carried out under a Non-Automatic License and to the importation of services and will be valid for one quarter, to give time for the normalization of foreign trade, the monetary entity said in a statement.

In this framework, small and medium-sized companies will be exempted from the current requirements to finance their imports for an increase of 15% over the previous year, with a limit of up to one million dollars.

For his part, the head of the Central Bank (BCRA), Miguel Pesce, framed the foreign exchange measures taken by the entity in the “complex moment” that is going through, in which “energy imports have been growing a lot” due to the increase international prices. In this sense, the BCRA points out that “in this way, the recovery of commercial credit that Argentina saw fall significantly as an effect of the Covid-19 pandemic is promoted.”

Source: Telam