Rules for banks to collect dollars from exporters are relaxed

Regulations are adjusted to facilitate the entry of dollars from exporters to banks. The Financial System Supervisory Authority (ASFI) modified the Interest Rate Regulation, Commissions and Fees removing the 10% limit set in April of this year for transfers made by this sector.

At the beginning of the year, the regulatory body established this band to regulate the price of the dollar and try to maintain the official exchange rate at Bs 6.96, at a time when the rates for the transfer service skyrocketed. However, the measure limited the ability of banks to meet foreign exchange requirements, because they could not acquire dollars at the official price, when their market cost was higher.

The ASFI, through a resolution, decided to eliminate article 16 of the regulation. This section established that banks could only charge companies selling their products abroad a commission equivalent to 10% of the total value of the export that is deposited in the exporter’s account. This commission was intended to cover the costs associated with the banks’ international transactions.

Through a circular that was sent to all banks, ASFI reported that Article 16 (Transfers of resources from exporters) where the 10% band was set, was removed from the operating regulations.

“This measure, in line with the provisions of recent supreme decrees, seeks Provide greater flexibility to exporting companies in the management of its international resources, which could translate into greater dynamism for the sector,” ASFI informed EL DEBER.

To alleviate the shortage of foreign currency in the country, the Government issued Decree 5227, which speeds up the return of Tax Refund Certificates (Cedeim) within a period of 180 days.

With this rule, according to the Executive Branch, Exporters are encouraged to bring in foreign currency to the national economy, based on an agile and timely scheme for exporting companies.

Exporters will be able to import their foreign currency in specific percentages. The agro-industrial sector must do so by 73%%the metallurgical mining sector at 70% and the industrial and other sectors at 60%.

Finance specialist Jaime Dunn said that these changes represent a fulfillment of the promises made to the private sector, but also raise certain questions about the efficiency of their implementation.

Dunn explained that the resolution issued by ASFI is in line with previous agreements between the State and the private sector, specifically with regard to the return of Cedeim and the delivery of dollars to exporters.

In this context, he noted that by eliminating the limits on the commissions that financial institutions could charge exporters, “what they are trying to do is that, When exporters withdraw dollars, bank commissions may be higher”he mentioned.

This would mean that banks would be able to offer dollars at a price closer to the parallel exchange rate, which could facilitate access to foreign currency for exporting companies.

One of Dunn’s most critical observations concerns the time frame within which the return of Cedeim is now promised.

According to the new regulations, this process would be completed within 10 to 15 days. However, Dunn questions why in the past the process used to take between 3 and 5 years if it was possible to do it in such a short period.either.

“If that is the case, it is clear that it could always have been done in 15 days. Why does it take 3 or 5 years?” the specialist asked.

He also stressed that the elimination of any type of cap or limit on financial fees applied to exporters could be very beneficial for the sector.