The norm, in detail
The BCRA loosens the cepo: parent-company debt without asking permission
BCRA Com. "A" 8417 (Apr 9, 2026)
in forceNATIONAL
FX and exit from currency controls
Com. BCRA "A" 8417 drops the prior approval to repay financial debt principal to foreign affiliates as of Apr 10, 2026.
What changed and who it applies to
What changed
Communication "A" 8417 (Circular CAMEX 1-1060) eases the FX regime on 9 points; the key ones apply from Apr 10, 2026:(1) INTRA-GROUP FINANCIAL DEBT (point 8): it removes the BCRA's prior-approval requirement (point 3.5.6 of the consolidated FX rules) for paying PRINCIPAL on financial debt with related foreign counterparties in two cases: 8.1 when new funds from the same creditor or other related creditors are settled simultaneously, with a remaining average life of no less than 4 years and at least 3 years of grace; 8.2 when the payment corresponds to debt refinanced with the same creditor since Apr 10, 2026 on those same terms.(2) EXPORTS BY INDIVIDUALS (points 1-2): it exempts collections on exports of goods from the mandatory settlement requirement (provided the funds enter through the FX market within the deadline) and extends the exemption to all services items (broadening Com. A 8330).(3) DEADLINES (points 3-4): it raises the threshold for exports to a company controlled by the exporter (applicable if it exported no more than USD 200 million in the prior calendar year) and extends to 365 calendar days the settlement deadline for goods in NCM chapters 42, 61, 62, 64 and 65 and heading 8401.40.00.(4) CARDS (point 6): it removes the cap on cash advances abroad.(5) OTHER: payment of securities up to 3 business days before maturity (point 5); 3.14.1 transfers with online registration + a sworn statement not to buy securities settled in foreign currency for 90 days (point 7); access to the FX market (MULC) for hedging between foreign currencies (point 9). verif Apr 9, 2026 ↗
In force
2026-04-10 verif Apr 10, 2026 ↗
Are you in or out?
Companies with financial debt owed to foreign parent companies or related creditors (multinationals, subsidiaries, intra-group financing); individual exporters of goods and services (knowledge economy included); project-finance structurers; cardholders spending abroad. Relevant for the RIGI ecosystem: megaprojects are financed mostly intra-group. verif Apr 9, 2026 ↗
The norm
Comunicación "A" 8417 of the BCRA (Circular CAMEX 1-1060), issued Apr 9, 2026, published in the BO on Apr 13, 2026, with its operational points in force from Apr 10, 2026. Signed by Marchelletta (Senior Manager, Foreign Trade and Exchange) and Ongaro (Deputy General Manager, Financial Regulation). verif Apr 9, 2026 ↗
Our reading
Another brick in the orderly exit from the cepo (currency controls): companies with foreign parent companies can now pay and refinance their financial debt without asking the BCRA's permission when fresh dollars come in at long tenors, and exporting carries less friction. Less paperwork and more predictability so that capital can flow (R2 · the RIGI promise is kept). thesis
Where it lands, province by province1
Neuquén Vaca Muerta operators financed by their parent companies (Shell, Chevron, TotalEnergies, Equinor) gain a route free of prior approval to sort out their intra-group debt: the effective cost of capital of the developments falls and the case for FID on new projects improves. favorable the RIGI promise is kept thesis
The other rules on this subject14
Currency controls: exit for individuals and floating bandsDecreto 269/2025 + BCRA Com. "A" 8226in force
The Central Bank reform cleared the Chamber of Deputies and still needs the SenateExecutive branch bill · passed the lower house Aug 26, 2026pending
Multilateral-guaranteed debt under New York law: the Treasury refinances more cheaplyDecreto 478/2026 (Official Gazette Jun 22, 2026)in force
Bands tied to inflation + the BCRA buys reserves againBCRA Monetary Policy Statement (Dec 15, 2025)in force
Ignacio Aredez· Chief analyst
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