Communication “A” No. 8226 from the Central Bank of the Argentine Republic

Effective April 14, 2025, through Communication “A” No. 8226, the Central Bank of the Argentine Republic (“BCRA”) has significantly eased the restrictions on the purchase of U.S. dollars (“USD”) through the Official Exchange Market (“MLC”). The main changes introduced to the foreign exchange regulations include:

Payments of dividends and profits

• Legal entities may access the MLC to pay dividends and profits to non-resident shareholders, provided such distributions arise from earnings reported in regular, audited annual financial statements for fiscal years beginning on or after January 1, 2025.
• The BCRA will soon issue a new series of "BOPREAL" bonds as a mechanism for the payment of dividends and profits owed to non-resident shareholders corresponding to previous fiscal years. The BCRA has not yet ruled the issuance of new BOPREAL bonds.

Payments of imports of goods and services

• Local entities may pay for imported goods through the MLC starting from the date of customs clearance in Argentina, provided the import was formalized on or after April 14, 2025. This change eliminates the previous 30-day waiting period.
• Entities qualifying as micro, small, or medium-sized companies (“MIPYMES”) may pay for goods imports through the MLC from the moment the goods are shipped from the port of origin, if the shipment occurred on or after April 14, 2025.
• Imports of capital goods may be paid through the MLC according to the following schedule: (i) up to 30% of the FOB value in advance; (ii) up to 50% of the FOB value from the moment of shipment at the port of origin; and (iii) the remaining 20% from the date of customs clearance in Argentina.
• Local entities may pay for service imports through the MLC from the date the service is rendered or accrued, only if the service is provided by an unrelated counterparty and rendered or accrued on or after April 14, 2025. This eliminates the prior 30-day waiting period for service payments to unrelated foreign providers.
• For service imports from related foreign parties, the mandatory waiting period is reduced from 180 to 90 days from the date of service provision or accrual, provided the service is rendered or accrued on or after April 14, 2025.

Purchase of freign currency for savings

• Individuals residing in Argentina may purchase U.S. dollars through the MLC for holding or deposit purposes without any quantitative limit, provided the transaction is carried out via debit from their own bank account. For cash purchases, a monthly limit of USD 100 applies. This effectively lifts the previous USD 200 monthly cap. However, financial institutions may require proof that the individual has income and/or assets consistent with foreign currency savings.
• Additionally, restrictions on access to the MLC are lifted for individuals who have previously received government assistance or participated in public utility subsidy programs, among others.

Securities Transactions

• Restrictions that prevented individuals from accessing the MLC if they had carried out transactions involving securities or other assets (settled in foreign currency) within 90 days before or after accessing the MLC have been removed.
• Legal entities that conducted transactions involving securities or other assets before April 11, 2025, will be granted one-time access to the MLC without restriction. If this exception did not exist, a 90-day waiting period would apply.

Decree No. 269/2025

Through Decree No. 269/2025, the Export Enhancement Program (commonly referred to as the “dollar blend”) has been repealed. This program allowed exporters of goods and services—whether involving pre-financing and/or post-financing of exports—to settle 20% of their foreign currency earnings in the capital market.

This mechanism enabled exporters to access a more favourable exchange rate, especially during periods with a significant gap between the official exchange rate and the financial market rate (known as the “CCL” rate).

The aim of this measure is to ensure that all foreign currency proceeds from the export of goods and services are settled through the MLC. Additionally, the current administration intends to unify the multiple exchange rates in force.