The Central Bank took a new step to ease access to the foreign exchange market by shortening the timeframes for companies to access the official dollar to pay for imports and increasing the amount for which service exporters are exempt from selling foreign currency in the exchange market.

After acknowledging that the four installments implemented for import payments over 120 days allowed it to accumulate reserves, the Central Bank noted that during the first half of the year, payments for imports processed through the foreign exchange market returned to 100% of the monthly average import amount.

Two installments, at 60 days

Thus, for products that were paid over 120 days and in installments, the period was shortened to two installments over 60 days. These measures will allow importers to access the official exchange market more quickly to fulfill their payment obligations, facilitating the flow of goods and services into the country.

The decision comes amid ongoing efforts by the Central Bank to balance the need for accumulating reserves with the demand for dollars from various sectors of the economy. By easing some of the restrictions, the Central Bank aims to support economic activity while maintaining a degree of control over the foreign exchange market.

Exporters of services

In addition, the Central Bank increased the threshold for which service exporters must liquidate their foreign currency earnings in the local market. This move is intended to provide greater flexibility for service exporters, who have been advocating for more favorable conditions to compete internationally.

The gradual loosening of currency controls reflects the Central Bank’s attempt to adapt its policies to the current economic context, marked by high inflation, a volatile exchange rate, and the need to foster economic growth. While these measures are seen as positive steps, the road to full flexibility remains long, with further adjustments likely needed to stabilize the economy and ensure sustainable growth.