Economy announced that it would make the SWAP entered into with China operational for the payment of imports carried out between both countries. Official sources confirmed that since May there will be an average of USD 790 million in imports of goods of Chinese origin that will begin to be paid in yuan.
When the expansion of SWAP was announced, the door had been opened for operations with Chinese suppliers to be channeled in that country’s currency. This caused many companies to place orders, even at the insistence of the foreign supplier who had been informed by his own government.
After the announcement, inquiries from firms wanting to make SIRA official in yuan for imports grew. It is important to highlight that many doubts remain regarding the implementation. “For the time being, and until the BCRA issues any Communication in this regard, the SIRAs requested in yuan would receive the same exchange treatment as the rest of the operations regardless of the currency in which they are denominated. What does this mean? That unless the imported good can be included in one of the exceptions of point 8 or 9 of Communication A 7622 or successive, it cannot be paid before the final term indicated in the MOA (My Customs Operations) counted from the date of nationalization.” Explains Lic. Lojo.
Then the question arises: Is it possible when applying for a SIRA in yuan to be able to pay in advance? “At the moment, it would only be possible if the good to be imported falls within the exceptions that allow it or if the quota of USD 50,000 per calendar year has not been used up. Otherwise, it should be waited the same as if the operation were in dollars.” Adds Ms. Lojo and also explains that as of this week Customs reported that the advantage code “ACCESO_MLC_YUAN” would be operative in the MALVINA Information System, in order to enable the use of the yuan as currency to be acquired in cases that, in the SIRA and associated dispatches, the FOB value has been declared in a different currency.
“We know that from Economy they indicated that payment terms could be shortened, but no changes have been reported regarding the possibility of being able to pay in advance, nor if a more expeditious treatment will be given to orders made in this currency..” Concludes the Lic. Lojo
Lic. Yanina S. Lojo
mg. in Finance Management
www.consultoralojo.com
@mg.yaninaslojo
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