The pillar, in detail
FX regime / exit from currency controls
$1,512.75
wholesale FX A3500 as of Aug 27, 2026 · gap ~0 verif · Aug 27, 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 $1,512.75 as of Aug 27, 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 · Aug 27, 2026 ↗
The historical series
3501,513
Nov-23 → Aug-26 · $/USD ↗See the 35 points of the series · between 350 and 1,513
| Period | Value $/USD |
|---|---|
| Aug-26 | 1512.8 |
| 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.
The rules that rest on the same inference11
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 bandsDecree 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 eliminatedDecree 28/2023 → repealed by Decree 269/2025in force
BOPREAL: it orders importers' debt and opens the path to ending the currency controlsBCRA Communication "A" 7918 (12/13/2023) + Decree 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 inference23
Supplier niches that declare this same inference rule: this is the demand that opens up if this pillar holds.
How often it is updated
Frequency
daily
Lag
~1 days after the period closes
Latest period published
2026-08-27
Who publishes it
BCRA wholesale A3500 exchange rate via API: written by the automatic daily refresh.
Ignacio Aredez· Chief analyst
Credentials and track record →
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Built on the official source of each figure, with the gaps declared. Back to the program pillars
How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading