SMEs to have access to dollar exchange to pay commercial debts in Argentina

About 10,000 micro, small, and medium-sized enterprises (SMEs) with commercial debts of up to US$500,000 will be able to access the Single and Free Foreign Exchange Market (MULC in Spanish) this week to settle their debts with foreign suppliers.

Until March 9, the Argentine Central Bank (BCRA) will allow interested companies to obtain up to US$50,000 to pay off commercial debts.

Subsequently, starting on March 10, they will be able to access an additional US$100,000, and from April 10, the remaining amount of their registered debt.

The decision was made by the BCRA days ago due to “the accumulation of international reserves in recent weeks and the high acceptance of Bopreal Serie 1,” as explained by the monetary authority in a statement.

This was also made possible thanks to the completion of the Commercial Debt Registry jointly developed by the Ministry of Commerce and AFIP.

“The Commercial Debt Registry was designed to make transparent and understand the situation of the commercial debt left by the previous government, whose management restricted access to dollars for the payment of obligations abroad,” highlighted the BCRA.

The registry recorded net debts of US$42.6 billion, after deducting about US$8.5 billion that were declared as paid without access to the foreign exchange market.

The analysis of the information revealed a high dispersion of debt. In this context, the Ministry of Commerce and the BCRA decided to provide an alternative to resolve this situation.

According to official data, of the 10,000 companies that will be able to access the MULC, more than 5,100 are micro-enterprises, about 3,900 are small, and about 1,000 are medium-sized, representing “almost 80% of the total universe of SMEs, and more than 70% of the total companies registered in the Registry,” detailed the BCRA.

The stock of commercial debt for imports was one of the first issues faced by the government’s economic team led by Javier Milei.

Bonus for the Reconstruction of a Free Argentina

The Central Bank (BCRA) developed an instrument for importers of goods and services called the Bonus for the Reconstruction of a Free Argentina (Bopreal), to liquidate the stock of commercial debt of companies, totaling US$42.6 billion according to the official Registry.

With the bonuses, the monetary authority intends to extend payment terms in the context of declining international reserves and, at the same time, capture pesos in the hands of the private sector.

Series 1 was very successful and, throughout January, managed to place the US$5 billion in nominal values (NV) stipulated. Meanwhile, Series 2 began to be offered last week in an exclusive auction for SMEs with commercial debt registered in the Registry.

The Central Bank (BCRA) received 349 offers and awarded them in full for a nominal value (NV) of US$271 million. Thus, 54% of the US$500 million available in this auction were placed, below previous expectations.

Series 2 will continue to be offered in weekly auctions until reaching the maximum amount of NV US$2 billion.

Starting this week, “the auctions will be open to all importers who have outstanding balances to cancel their debt registered in the Commercial Debt Registry for Imports with Foreign Suppliers,” the BCRA said in a statement.

Source: Télam

Clique aqui para acessar a matéria original em espanhol: https://www.telam.com.ar/notas/202402/655077-mipymes-dolar-oficial-cancelar-deudas-comerciales.html

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