More obstacles for car imports: now they must be authorized by the BCRA

OCTOBER 16, 2020
Importing cars is becoming more complicated as restrictions are extended and there are more threats to the sector

By means of a communication from the Central Bank of the Republic of Argentina, from today onwards the clamp on car imports imposed by the national government since last June 1st, a measure that has already caused the reaction of the importers and a great discomfort in the automotive sector, which is not going through its best moment either.

According to the statement issued by the entity, it was established that all imports exceeding US$50,000 must be approved in advance by the same bank.

This is a special permit to access the foreign exchange market and will be granted for each specific import operation.

Until now, this decision was in the hands of the Secretariat of Industries, where it is accepted or not in the SIMI: Integral System of Imports Monitoring. However, access to the foreign exchange market was free and allowed the payment of vehicles abroad, pending SIMI approval for their release from Customs.

Now, we will have to wait for the "exit" of the SIMI and wait for the Central Bank to approve the release of foreign currency for the payment of the vehicles. Only then will the process of buying and sending cars to the country begin, a long process that will take more time than desired.

Hard blow to importers

For the importers, this is a hard restriction to the entrance of cars that will end up affecting even more the automotive market, with lack of stock and more problems that can end up in new surcharges in the few 0km that are left in the country, a history that has already been lived and that nobody wants to repeat.

As for the clarifications set forth in the statement of the Central Bank of Argentina, it says, among other things, the following specifications:

" To establish that, in addition to the current requirements to give access to the exchange market for the payment of imports of goods with pending customs entry registration, the intervening entity must verify that the importer has the declaration made through the Integral Import Monitoring System (SIMI) in "OUTPUT" status in relation to the goods involved, in all cases in which such declaration is a requirement for the registration of the application for import destination for consumption.

The same requirement will apply for access to the exchange market by local financial entities for the cancellation of letters of credit or guaranteed letters issued or granted as of 16.10.2020.

It also adds: "As of November 2, 2020, payments for imports of goods with pending customs entry registration between September 2, 2019 and October 31, 2019, shall be considered in arrears for operations included in points to that are not regularized as provided for in point 10.5.

The importers who register this type of operations in a situation of delay will not be able to make new advance payments of imports of goods until they regularize the situation.

Source: IProfesional

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