Argentina Central Bank Authorizes USD Salary Payments via Communication A 8460

Argentina's Central Bank on Friday issued Communication A 8460 directing private banks to process salary payments in U.S. dollars. The directive titled 'Savings, Salary, and Special Accounts. Adjustments' instructs financial institutions to include USD as an accepted currency for wage deposits and withdrawals. The policy follows the Labor Modernization Law's authorization of foreign currency wages and targets dollar-earning firms including commodity exporters and software development companies that previously paid employees informally through foreign accounts.

Central Bank Directive Mandates USD Wage Infrastructure

Communication A 8460 requires private banks and financial institutions to include the U.S. dollar as an accepted currency for deposits into salary accounts. The directive specifies that institutions must accept and support deposits and withdrawal operations involving USD to service customers utilizing this option. Banks are required to provide these services gratuitously according to the document.

The central bank's communication states institutions are to "include the U.S. dollar as an accepted currency for deposits into the 'Salary Account' provided for in point 2.1 of the consolidated text on Savings, Salary, and Special Accounts." The policy follows the Labor Modernization Law which previously authorized payment and collection of wages in foreign currency but excluded digital wallets.

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Companies positioned to utilize this policy are those receiving payments in dollars including commodity exporters, software development houses, and digital design and marketing firms. Most of these companies were already paying employees in dollars informally through foreign accounts or other methods according to the source.

Firms not receiving payments in dollars are unlikely to pay in foreign currency as they remain limited from accessing the official forex market by law. The currency of payment must be agreed upon between employer and employee. Adoption depends on employees' willingness to receive payments through national banks given historical distrust stemming from the cash withdrawal limitation established in 2001 informally called "corralito."

FAQ

What did Argentina's Central Bank authorize on Friday? The Central Bank issued Communication A 8460 on Friday directing private banks to process salary payments in U.S. dollars by including USD as an accepted currency for wage deposits and withdrawals in salary accounts.

Which companies can pay wages in dollars under this policy? Companies receiving payments in dollars can utilize this policy including commodity exporters, software development houses, and digital design and marketing firms that previously paid employees informally through foreign accounts.