Central Bank suspends foreign exchange summary proceedings

In this way, until March 31, there will be no bank account inhibitions. Details of the disposition of the monetary authority

The Board of Directors of the Central Bank of the Argentine Republic (BCRA) suspended the inhibitions of bank accounts until March 31, declaring them incapable every day until that date for “any exchange and financial action” provided by the Foreign Exchange Penal Regime, as part of the measures adopted to alleviate the effects of the coronavirus.

The measure, explained from the Central, seeks to provide relief to companies and individuals affected by the slowdown in economic activity and, also, preserve the health of the staff of the Superintendency of Financial and Exchange Entities.

On the other hand, the measure does not affect “the validity of the procedural acts that are carried out in said period because the intervention of the accused is not necessary in them.”

“Beyond this decision, the BCRA empowered the Superintendency of Financial and Exchange Entities to decide which cases urgently need to be resolved and to order the corresponding actions on these dates,” the monetary authority said in a statement.

And he added: “The decision of the Board of Directors is part of the measures adopted by the National Executive Power (Decree No. 260/2020 that extends the public emergency in health matters) and by the Supreme Court of Justice of the Nation that agreed, among others things, declare them incapable on March 16 to 31 of this year for proceedings pending before all the courts that make up the Judicial Power of the Nation

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