The Ministry of Economy and the Central Bank of the Argentine Republic (BCRA) announced this Friday (10.04.2025) the start of the third phase of the economic program, which includes the flexibility of the exchange rate regime and the implementation of a band system in the Free Exchange Market (MLC).
By Communication “A” 8226, effective April 14, the BCRA It establishes the elimination of foreign exchange restrictions for resident individuals, who will now be able to access the foreign exchange market without prior approval. It also authorizes the distribution of dividends to non-resident shareholders, and expands access to the MLC for companies.
New exchange scheme
The dollar will now be able to fluctuate freely between $1.000 and $1.400, within a range that will be adjusted monthly (+/- 1%). The goal is for the exchange rate to fluctuate according to supply and demand, but within clear and predictable limits.
End of the stocks for human beings
The BCRA eliminated the USD 200 monthly limit on dollar purchases and also removed all restrictions related to subsidies, public employment, or assistance during the pandemic. Bonds can also be bought and sold without restrictions to access the dollar.
In addition, along with ARCA, the tax on the purchase of dollars in the MLC will be eliminated (although it will remain in place for travel and expenses abroad with a card).
Facilities for importers
Import payments are being streamlined. Companies will be able to pay:
- Goods: from the moment they enter the country (previously they had to wait 30 days).
- SMEs: from dispatch at the port of origin.
- Services: from the moment they are provided.
- Capital goods: with a 30% advance payment, 50% upon departure from the port of origin, and 20% upon arrival.
Changes for companies
Companies will be able to operate in the foreign exchange market again without waiting 90 days, as was the case until now. Furthermore, they will be able to pay interest and dividends abroad starting with balances beginning in 2025.
The BCRA is also preparing new bonds (BOPREAL) to settle debts prior to 2025.
Other measures
- The "blend dollar" is eliminated for exporters.
- There will no longer be mandatory “parking” for buying or selling bonds.
No issuance to finance the deficit
The BCRA reaffirmed that it will not issue more pesos to cover the fiscal deficit or to pay interest on its own liabilities.
La The measure was celebrated by the President of the Nation, Javier Milei, who, after the announcements, emphasized in a special message addressed to all Argentines that the elimination of exchange restrictions represents a milestone on the path to stability.This new fiscal, monetary, and exchange rate reality means two things for the country: first, there is no longer any reason for Argentina to suffer self-inflicted turbulence; and second, we are better prepared than ever to deal with potential external shocks.", the president stated.
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