The Official Gazette published today Resolution No. 3/2015 issued by the Ministry of Treasury and Public Finance (the “Resolution”) amending the regime applicable to inflows of foreign currency through the foreign exchange market with respect to the framework originally set forth by Decree No. 616/2005.
The Resolution reduces to 0% the non-transferable, non-interest-bearing deposit (“encaje”) (originally set forth in 30%) and reduces the minimum stay period from 365 to 120 calendar days as from the date when the funds entered into Argentina. This applies to inflows of funds resulting from foreign financial indebtedness of Argentine residents of the private sector and to the inflow of funds of non-Argentine residents destined to hold positions in Argentine pesos, the acquisition of financial assets and liabilities of the private sector, and investments in securities issued by the public sector acquired in secondary markets.