The Central Bank (BCRA) prohibited banks and companies providing credit from financing, in installments, the purchase of products or services acquired abroad, which It includes from tickets and tourist services to products received through postal shipments.
The measure was published through Communication “A” 7535, in which it was established that as of July 4, financial entities and non-financial credit providers (both non-financial companies that issue credit cards and /or purchase like other non-financial credit providers) should not finance their customers’ purchases in these items in installments.
The rule includes “passages abroad and tourist services abroad (such as accommodation, car rental, etc.), whether made directly with the service provider or indirectly, through a travel agency and/or tourism, electronic platforms or other intermediaries”.
It also covers “products abroad that are received through the postal system for non-commercial purposes according to the Customs Code, or international freight services, couriers and customs procedures management.
In November of last year, the BCRA had prohibited the financing of purchases in installments without interest with credit cards for tickets and tourism services abroad as a way to discourage the purchase of packages abroad given that, between 2011 and 2020, the Argentina suffered a significant trade deficit due to tourism, which translated into a considerable outflow of foreign currency.
According to a report by the Center for Production Studies (CEP XXI) of the Ministry of Productive Development, the income and expense deficit of the travel account through operations of the Single Free Exchange Market (MULC) accumulated between 2012 and 2020 was of $47.8 billion.
