The SML is a payment system focused on business deals, which allows importers and exporters in Brazil and in Argentina to make and receive payments in their local currencies.
In operational terms, the financial transactions among central banks and financial institutions participating in the SML, and concerning the exporters and importers are made in their local currencies, or for payment of exports, or for the recovery of imports. The cycle is initiated by SML importer in order to register their operation and proceed the payment in its own currency in an authorized financial institution.
The SML applies, initially, to the transactions - up to 360 days - on trade of goods, including services and related expenses, provided in the agreed conditions of sale, such as freight and insurance.
Yes, if it has been agreed on the conditions of sale.
SML may be used by the Brazilian importers and exporters in their trade with Argentina.
The SML enables the implementation of foreign trade in local currencies. Thus, there is no need to conduct operations in real-dollar exchange and dollar-Argentine peso on the imports trades, and Argentine peso-dollar and dollar-in real on the export trades. The SML rate will be, theoretically, more attractive to agents because it is formed by the interchange fee real / dollar (PTAX) and peso / dollar rate (reference). The SML also can simplify procedures for importers and exporters on the need for operation with the U.S. dollar. Thus, it is expected to reduce the cost of transactions, both financial and administrative.
The SML can be used to pay imports of goods from Argentina, since they have been previously negotiated in Argentine pesos.
The Brazilian importer must contract the operation of foreign trade in Argentinean pesos.
Upon payment of the transaction, the importer should seek a financial institution (FI) that is working with the system. FIs which are not engaged in foreign exchange market can also operate in SML.
The record must be done in Argentine Pesos by the participating FI.
The importer must provide the following information from the Argentinean exporter:
Name or legal denomination
CBU (clave bancaria uniforme)
CUIT (código único de identificación tributaria) or CUIL (código único de identificación laboral)
ENT (Argentinean FI number)
Payment will be made in reais to the FI based on an exchange rate negotiated with the financial institution or the SML rate announced by BCB at the end of the day, depending on the procedure adopted by the FI.
No. The FIs can define the real / peso rate for each transaction directly with clients or perform operations according to the rate announced by the BCB SML.
Yes. Fees may be charged, at the discretion of each IF.
For individuals, this service is characterized as a special service under Art. 4 of resolution 3.919, 2010, and the charge is admitted.
The exporter can use SML to receive payment of its operations to Argentina, provided that the operation has been previously negotiated in reais.
The Brazilian exporter must contract the operation of foreign trade in real.
The exporter must provide his bank data to the importer:
The financial institution/bank
CNPJ/CPF (Cadastro Nacional da Pessoa Jurídica / Cadastro de Pessoas Físicas)
The amount specified by the Argentine importer at the moment of the registration of the transaction will be received in reais.
No. The payment will always be initiated in an FI by the importer. The exporter just inform his banking data to the importer.
No. The value of the transaction is flat for the exporter, in its currency, when it is registered by the importer. For the Brazilian exporter, since the transaction is registered in reais, the amount is flat. The SML rate is reference only to determine the amount payable by the importer in Argentine pesos and the Brazilian importer in reais.
Initially, the SML will be used only for payment and receipt transactions for import and export of Brazilian goods to Argentina.
No. The SML is an alternative to payments and receipts available to Brazilian exporters and importers.
There are no changes in the documentation of foreign trade, except in regards to the record of exports, which will be in real.
No, the transactions should be recorded in local currencies. The Brazilian exports should have been engaged in reais, and the imports in pesos.
The forsight to the payment to the exporter’s financial institution is 3 business days, simultaneously in Brazil and in Argentina.
The SML rate is published daily on the main page of the website of BCB after the closure of the Brazilian and Argentinean markets. On this web site you can also find the historic rate of SML.
No. The SML is not a tool for hedging foreign exchange risk.
No. Central banks acts only as intermediaries of the operation. They do not take whether mutual credit risk or credit risk from the financial institutions authorized in their countries.
No. There was no change in the regulation for the entry of foreign currency in the country. For the operations coursed through SML, since there is no exchange of money between the exporter or importer and their financial institution or between financial institutions and BCB, there is no transaction exchange (all occurring in real transfers). Since there is no exchange transaction between the participants, do not apply specific instructions, such as the need to fulfill exchange rate forms.
Yes, SML allows prepayments.
No. As there is no exchange transaction (see response 24) there is not such needs.
No. There are no value limits to transactions.
The SML rate is calculated in accordance with the Operational Regulation of Payments System in Local Currency, signed between the Central Bank of Brazil and the Argentine Central Bank.
Its value is the ratio between the average rate of closure of PTAX (listing of the real against the dollar) to buy and for sale, and the reference rate (rate of the Argentine peso against the U.S. dollar, announced by the BCRA).
The SML rate will have five (5) decimal places. When the value of the fifth decimal place is greater than 5 (five) will take it to the figure 0 (zero) and the value of the fourth decimal place shall be increased by one. When its original value is equal to or lesser than five (5) the fifth decimal place will be rounded for the digit 5 (five).
The rate SML is informed, after calculation, on the main page of BCB on the Internet, in a board of rates and remains available, to the disclosure of the fee value for the following working day. The historical series of the SML rate is available in the SML page and on the Time Series Management System (SGS) of the Central Bank.
The list of FIs authorized to operate the SML is available on the web site of the Central Bank of Brazil.
No. The ACC and ACE are financial instruments addressed toward operations of foreign trade involving exchange, There are already in the market ways to finance receivables in advance. Besides, new products may be developed by financial institutions.
The financial benefits should be evaluated case by case by exporters and importers when negotiating operations in foreign trade. In general, exporters can make contracts to receive in reais, eliminating the risk of the floatation on the exchange rate against the U.S. dollar. For importers, the risk of exchange rate of U.S. dollars will be transferred to the Argentinean peso, which is advantageous in several situations.
There are no restrictions for any good included in the NCM (Nomenclatura Comum do Mercosul).