The pillar, in detail
FX regime / exit from currency controls
$1,510.10
wholesale FX A3500 as of Sep 8, 2026 · gap ~0 verif Sep 8, 2026 ↗
What was promised
Exit from the currency controls toward free availability of foreign exchange and a unified exchange rate (the thesis's literal promise).
Where it stands today
Wholesale FX A3500 $1,510.10 as of Sep 8, 2026 (official BCRA series), floating between bands since Apr-2025, with no relevant split: the gap with the financial rates operates around zero (market data). verif Sep 8, 2026 ↗
The historical series
3501,510
Nov-23 → Sep-26 · $/USD ↗See the 36 points of the series · between 350 and 1,510
| Period | Value $/USD |
|---|---|
| Sep-26 | 1510.1 |
| Aug-26 | 1509.5 |
| Jul-26 | 1488.5 |
| Jun-26 | 1483.0 |
| May-26 | 1410.3 |
| Apr-26 | 1381.1 |
| Mar-26 | 1382.8 |
| Feb-26 | 1409.0 |
| Jan-26 | 1447.7 |
| Dec-25 | 1459.4 |
| Nov-25 | 1450.8 |
| Oct-25 | 1,443 |
| Sep-25 | 1366.6 |
| Aug-25 | 1323.8 |
| Jul-25 | 1351.8 |
| Jun-25 | 1194.1 |
| May-25 | 1195.3 |
| Apr-25 | 1,172 |
| Mar-25 | 1073.9 |
| Feb-25 | 1064.4 |
| Jan-25 | 1053.5 |
| Dec-24 | 1032.5 |
| Nov-24 | 1011.8 |
| Oct-24 | 990.8 |
| Sep-24 | 970.9 |
| Aug-24 | 952.8 |
| Jul-24 | 932.8 |
| Jun-24 | 911.8 |
| May-24 | 895.2 |
| Apr-24 | 876.8 |
| Mar-24 | 857.4 |
| Feb-24 | 842.2 |
| Jan-24 | 826.2 |
| Dec-23 | 808.5 |
| Nov-23 | 360.5 |
| Nov-23 | 350.0 |
How it is computed: the series is daily; here it is plotted one point per month, the last of each
Our reading
Trend▬ stable (editorial reading, anchored to the data)
What it enables if sustained thesis
Gap ~0 sustained → the incentive to under-invoice exports and over-invoice imports dies → trade dollars go through the official market and feed reserves (Reserves pillar). R2
Without currency controls, RIGI pays out in full: profit remittance abroad without permits → the Argentina discount in project valuation disappears. R2
A unified, floating exchange rate → relative prices tell the truth → investment is allocated by real profitability, not by regulatory arbitrage. R2+R4
What we watchReappearance of the gap (>10% sustained) — the observable symptom of real FX pressure — breaks R2 and the carry of the RIGI projects. Watch the bands, net reserves and the REM.
Which policy pushes this number, and where each rule stands11
The rule is R2 · the RIGI promise is kept. These rules declare it too: they push in the direction this axis measures. Another 2 axes of the dashboard rest on it.
Currency controls: exit for individuals and floating bandsDecreto 269/2025 + BCRA Com. "A" 8226in force
The BCRA loosens the cepo: parent-company debt without asking permissionBCRA Com. "A" 8417 (Apr 9, 2026)in force
Bands tied to inflation + the BCRA buys reserves againBCRA Monetary Policy Statement (Dec 15, 2025)in force
Export blend dollar: created and then eliminatedDecreto 28/2023 → repealed by Decreto 269/2025in force
BOPREAL: it orders importers' debt and opens the path to ending the currency controlsBCRA Communication "A" 7918 (12/13/2023) + Decreto 72/2023in force
BOPREAL Series 4: an orderly exit for the dividends the cepo had trappedBCRA Com. "A" 8233 and 8234 (Apr 30, 2025)in execution
Import payments: from the phased 30/60/90/120 to 30 daysBCRA Com. 'A' 7917 (Dec 13, 2023) → BCRA Com. 'A' 8118 (Oct 17, 2024)in force
December 2023 devaluation: dollar to $800 + 2% crawlFX policy decision by the BCRA/Economy (announced Dec 12, 2023, in force Dec 13, 2023)in force
Property shield: expropriating costs more, evicting is fasterBill PE-13/2026 (Message 22/26) — majority committee report in the Senatepending
The markets that exist because of this same inference27
Supplier niches that declare this same inference rule: this is the demand that opens up if this pillar holds.
High-altitude logistics, hazardous goods and outbound freight across Catamarca's three corridorsCatamarca
How often it is updated
Frequency
daily
Lag
~1 days after the period closes
Latest period published
2026-09-08
Who publishes it
BCRA wholesale A3500 exchange rate via API: written by the automatic daily refresh.
How to read the seals → verif primary source · prob primary source pending · unconf a source said it · estim our own calculation · thesis our reading · the date belongs to the datum, at the precision its source allows
Ignacio Aredez· Chief analyst
Credentials and track record →- 10+ years in data science for clients across Europe and the Americas
- Certified in AI governance (ISO/IEC 42001)
- Machine Learning (Google Cloud)
- Registered expert with the European Commission
Built on the official source of each figure, with the gaps declared. Back to the program pillars