Flybondi receives government approval to access foreign currency

Flybondi has reported that it is now operating at 100% after receiving government approval to access foreign currency.

Due to current restrictions that exist in Argentina to make payments abroad in foreign currency, Flybondi needs to file requests to access foreign currency through a system called SIRASE (System for Imports of the Argentine Republic and Payment of Services Abroad). This system requires that, for each payment the company needs to make in USD to a foreign provider, an approval by the Secretary of Commerce needs to be issued. The delays to granting such approval caused the airline to be late on certain payments for its fleet, as well as payments for other specialised services that must be provided by companies abroad. Last week, a small portion of the airline's operations was affected for two days due to such delays in payment approvals. After partial approval by the Secretary of Commerce, Flybondi was able to
normalise its payment obligations to lessors and its operation fully resumed on Friday, June 9.

The airline continues requesting the remaining approvals to comply with its other specialized services that must contract abroad and are essential to its operation. It is important to highlight that the airline industry needs a more agile approval methodology to be able to comply with passengers and suppliers and avoid a situation like the one that occurred in the last months.

Flybondi not only contributes directly to the record-setting tourism indicators that Argentina is obtaining. Also, it is mainly a social and economic player that drives the development of regional economies, generates direct and indirect employment and expands the transportation network at a federal level, boosting economic activity. In addition, Flybondi democratises access to air travel, generating inclusion and opportunities.

Flybondi currently has 12 aircraft, 1,300 direct employees and generates more than 21,000 indirect jobs. It currently has a 21% share of the domestic market, a 13% share of the Argentina-Brazil market through its routes connecting both countries and transports more than 300,000 passengers per month. According to its growth and investment plan, it aims to reach a fleet of up to 20 aircraft by 2023, add at least six new domestic and international routes and generate more than 600 new jobs.