Continuing with the policy implemented since 2024, the Central Bank of the Argentine Republic (BCRA) has announced new provisions that grant greater flexibility in access to the foreign exchange market. However, as will be analyzed below, some of the concessions introduced were subsequently subject to restrictions.
Long-term pre-financing of foreign exports
In August 2025, with Communication “A” 8296, the Central Bank of the Argentine Republic (BCRA) issued the regulation that allows guarantees to be established abroad for new pre-financing of exports, with an average life of no less than three (3) years, which contemplate at least one (1) year of grace for the payment of capital, or, alternatively, an average life of no less than two (2) years, with eighteen (18) months of grace for the payment of capital, and which have been granted by financial entities abroad or by local financial entities with funding from credit lines from abroad.
Funds originating from the collection of exports of goods and services from the debtor may be accumulated in foreign currency accounts opened in local or foreign financial institutions, intended to guarantee the payment of the pre-financing payments, as provided in the financing contract.
This option will be available up to 125% of the principal and interest payments, payable in the current month and the following six calendar months.
We recall that only the provision of foreign guarantees for foreign financial debt was planned, but not for commercial loans, such as pre-financing for exports.
Under the new RIGI (Large Investment Incentive Regime) projects, long-term commercial lines from foreign banks are required for investments that will mature within two or three years and for which creditors require collateral.
Therefore, this regulation opens the possibility of obtaining these lines from abroad.
Checking accounts and Echeq in dollars
With the issuance of Communication “A” 8299, the BCRA incorporates the US dollar as the currency accepted for operations in the “Bank Current Account.”
Checks may be issued in that currency only when issued electronically (ECHEQ), and overdrafts may be authorized on these accounts, opened in US dollars.
The cancellation of overdrafts authorized for these current accounts in US dollars may only be made with funds in that currency freely available to the client.
This rule will come into effect on 1/12/2025.
Surveys of external assets and liabilities
With Communication A 8304, the BCRA makes it more flexible to submit the statement of external assets and liabilities.
Beginning in early 2026, all legal entities with external assets and liabilities of less than US$10 million at the end of each calendar quarter will be required to file only one annual return.
Entities may not charge fees for reporting circumstances that imply a reduction in such debts without access to the foreign exchange market.
Remember that, today, in order to make transfers abroad for any reason that exceed one calendar quarter, all individuals or legal entities must present proof of validation of the Survey of External Assets and Liabilities from BCRA Communication A 6401.
Therefore, starting next year, individuals or companies with external liabilities and assets of less than USD 10.000.000 will be required to file a single annual return.
Freelancer income
Through Communication A 8330, the BCRA repealed the annual limit of USD 36.000, enabling individuals to use the exception mechanism from the obligation to settle collections from service exports established in said regulation, without a limit on the amount.
All individuals who receive services from abroad may deposit foreign currency into their foreign currency accounts through exchange or arbitrage.
Likewise, the BCRA establishes that entities may not charge fees for transactions carried out by resident individuals that involve the crediting of foreign currency income from abroad to accounts opened by the client in foreign currency.
Repatriation of Foreign Direct Investments
The BCRA, through COM A 8331, allows the repatriation of a direct investment from a non-resident, with the entry of new financial debt from abroad, with an average term of 4 years and a 3-year grace period for the repayment of capital, for the acquisition of resident companies from all economic sectors, as long as they are not financial entities.
It is established that entities may also provide access to the foreign exchange market to resident clients when the transaction involved involves the purchase of 100% (one hundred percent) of the share capital of a non-resident company, whose sole asset is the stake in the local company that is the subject of the transaction.
It is also permitted to repatriate investments from a non-resident, associated with the acquisition by the resident of the non-resident's interest in a concession for the exploitation of natural resources granted in the country.
That is, today, if a non-resident decides to sell their local company in the country or a natural resource, they will be able to repatriate their direct investment, provided the local buyer obtains financial debt from abroad within the required terms and simultaneously pays the non-resident seller.
Closing of arbitration in financial dollars (Exchange rate)
The BCRA, through Communications A 8332 and A 8336, prohibits individuals who purchased dollars at the official exchange rate in the foreign exchange market and then sold them in MEP and Contado con Liquidación (CCL) financial dollars, from entering into, directly or indirectly, or on behalf of and on behalf of third parties, purchases of securities with settlement in foreign currency for 90 days, from the moment they request access.
This means that savers who purchase official dollars will not be able to trade in the MEP or CCL dollar market for the next 90 days.
The cross-restriction on the purchase of official and financial dollars was eliminated on April 14, 2025, along with the lifting of the exchange rate restrictions (Communication A 8226).
After the new measure was announced, the exchange rate gap jumped to 6% for the MEP and almost 9% for the CCL, the highest since the end of the currency controls.
In this case, before the BCRA's measure, a saver could buy dollars on the exchange market at the official price through their home banking, then transfer those dollars to a brokerage account with an ALyC (Settlement and Clearing Agent), and sell them at a higher price on the MEP or CCL dollar market.
That is, he would buy the bond against dollars and sell it against pesos at a higher price, and then repeat the purchase of dollars on the official market, and so on.
In recent days, the exchange rate gap (the difference between the official dollar and the financial ones) had widened as the liquidation of dollars from the agricultural sector progressed, which, in just three days, recorded foreign currency inflows of USD 7 billion, following the temporary elimination of export taxes on grain and meat.
Finally, following the Central Bank's decision to ban the "rulo," the spread between the official dollar and financial currencies widened as a result of the cut in supply that halted arbitrage: it closed at 6% for the MEP and almost 9% for the CCL, the widest since the end of the exchange rate restrictions.
It should be noted that the current exchange rate system, which had worked relatively well until March of this year, has seriously compromised the BCRA's reserve accumulation due to political and economic turmoil, in addition to the elimination of restrictions on individuals. Data indicates that nearly USD 17.9 billion has been sold to individuals through September 30, 2025, of which USD 9.5 billion has been transferred to financial dollars. This occurs despite the IMF loan and assistance from the US Treasury.
In this context, it is likely that after the elections on October 26, 2025, we will have a new exchange rate scheme.
Source: Information provided by the Central Bank of the Argentine Republic (BCRA)
He is a certified public accountant from the University of Buenos Aires (UBA). He has a postgraduate degree in Finance from the Universidad Argentina de Empresas (UADE). Currently, he is Head of the Comex Technical Area at Banco Santander Argentina, since 1987. He also serves as Secretary of the Comex Commission at the Association of Argentine Banks (ABA), since 2011. He has been married for 34 years to Adriana Barsanti, and has three children aged 33, 31 and 26, all professionals.