With immediate effect, the National Executive Branch repealed the regime that, since January 2023, regulated the entry and settlement of foreign currency for exporters of goods and services. This regime, based on the "dollar blend" mechanism, assigned access to the foreign exchange market 80% through the free exchange market and 20% through the securities market with MEP or CCL dollars. Through the Decree 269 / 2025, published today (14.04 2025) in the Official Gazette, The original regime of Decree 609/19 is reinstated, allowing exporters to liquidate 100% of the foreign currency obtained without the restrictions of the "dollar blend.".
The measure is adopted in a context of improving macroeconomic indicators, as detailed in the recitals, which emphasize that "from December 2023 to the present, this Administration has adopted a series of measures that significantly reduced public spending in order to guarantee fiscal balance," which resulted in "a growing stabilization of macroeconomic variables and a marked reduction in inflation from 25,5% per month in December 2023 to 2,2% per month in January 2025."
Within this framework, the Executive considers that "the marked imbalances that existed at the time the aforementioned decree was issued are no longer present to the same extent," which is why it has decided to terminate a regime that it describes as "temporary and exceptional," designed for times of crisis.
It also warns of the risks of anticipating exchange rate policy decisions: "The pre-announcement of decisions related to the exchange market generates potentially untimely changes in the behavior of economic agents," which justifies the measure's immediate effect, with no "delays of any kind" permitted.
On the other hand, it is highlighted that the strengthening of international reserves from the agreement with the IMF within the framework of the program Extended Fund Facilities "This will allow this measure to be adopted at the same time as progress is made toward liberalizing foreign exchange and capital movement restrictions."
Finally, Article 1 of the new Decree establishes that Exporters must continue paying "duties, taxes, and other items in the terms, periods, and conditions established by current regulations," with the "respective Export Duty (DE) rate being applied to them."
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