Argentina: New agreement with the IMF – foreign exchange deregulation

21 Apr 2025    1 minute read

In brief

The International Monetary Fund (IMF) has approved an Extended Credit Facility for Argentina for a period of 48 months, amounting to a total of USD 20 billion. Concurrently, the Central Bank of the Argentine Republic (BCRA) has further deregulated access to the local foreign exchange market.

Contents

In focus

  • The exchange rate will "float" freely within a moving band between ARS 1,000 and ARS 1,400.
  • The "blend dollar," which allowed exporters to settle 80% of export proceeds in the foreign exchange market and the remaining 20% through the operation commonly known as "dolar contado con liqui," will be eliminated.
  • Foreign exchange restrictions for individuals were eliminated. Individuals will be able to acquire foreign currency for holding and/or saving purposes. Additionally, the tax perception for the purchase of foreign currency will be eliminated (except for credit card purchases and expenses related to tourism).
  • Access to the official foreign exchange market will be allowed for the remittance of profits and dividends to foreign shareholders, provided they correspond to distributable profits obtained from realized gains in regular and audited annual financial statements starting as from fiscal years beginning on 1 January 2025.
  • The restrictions to access the foreign exchange market for the payment of foreign trade transactions have been further relaxed and reduced. Specifically: (i) the 30-day period from the customs entry of goods to access the foreign exchange market for import payments was reduced to zero; (ii) the deadline for the payment of services to unrelated companies was eliminated; (iii) the payment of services to related companies was reduced to 90 days as from the provision of service; and (iv) a 30% advance payment for capital goods imports will be allowed.
  • The BCRA will issue a new series of bonds called BOPREAL as a mechanism to settle existing private sector debts with foreign entities and dividends owed corresponding to previous fiscal years.

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Click here to read the Spanish version.

Contact Information
Gabriel Gómez Giglio
Partner
Buenos Aires
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gabriel.gomez-giglio@bakermckenzie.com
Francisco Fernández Rostello
Partner
Buenos Aires
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francisco.fernandezrostello@bakermckenzie.com

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