The norm, in detail
BOPREAL: it orders importers' debt and opens the path to ending the currency controls
BCRA Communication "A" 7918 (12/13/2023) + Decreto 72/2023
in forceNATIONAL
FX and exit from currency controls
Com. BCRA "A" 7918 creates BOPREAL in Dec 2023: a dollar bond that takes the importer's trade debt out of the MULC, maturing Oct 31, 2027.
What changed and who it applies to
What changed
The BCRA created the US-dollar Notes with a redemption option for importers with pending payments (BOPREAL): a bond that channels importers' commercial debt outside the MULC, giving them an instrument to regularize payments abroad without pressuring reserves. It is subscribed in pesos at the reference exchange rate Com. "A" 3500 and amortized in dollars; maximum term 10/31/2027, maximum annual rate 5%, CRyL agent (all confirmed in the text of "A" 7918). Regulatory complement: under Decreto 72/2023 the series can be used to cancel tax and customs obligations before AFIP. An instrument effectively issued and awarded in successive auctions since Dec-2023 (it was not merely announced). verif Dec 13, 2023 ↗
In force
12/13/2023 (date of Communication "A" 7918). The first Series 1 auctions started in December 2023; an instrument in force with a maximum amortization term to 10/31/2027. verif Dec 13, 2023 ↗
Are you in or out?
Only importers of goods and services (natural and legal persons) up to the amount of the imports they have pending payment abroad. The text of "A" 7918 is explicit: 'only importers of goods and services may participate in the subscriptions of these instruments, up to the imports they have pending payment'. The temporal cutoff of the eligible universe (debt with customs registration/services rendered up to 12/12/2023 inclusive) does NOT come from "A" 7918 but from Decreto 72/2023. verif Dec 13, 2023 ↗
The norm
Comunicación BCRA "A" 7918 of Dec 13, 2023 (Ref. Circular REMON 1-1103): creates the BCRA's dollar-denominated notes with a redemption option for importers (BOPREAL). Using the series to settle tax and customs obligations with AFIP does NOT come from "A" 7918 but from Decreto 72/2023 (PEN, BO Dec 22, 2023), a complementary rule; the auctions of each series are carried out through later BCRA Comunicaciones. verif Dec 13, 2023 ↗
Our reading
The BOPREAL was the valve that ordered the legacy of importers' commercial debt (USD 50-60 billion) without triggering a run on the MULC: it channeled those payments into a dollar bond and relieved pressure on reserves. Through R2 (currency controls/FX), it was a transition piece that cleared the path toward exiting the currency controls; through R6/R1 (fiscal-monetary anchor), it avoided printing pesos to honor that debt. It is a technical instrument, it already did its job and is low-priority today. What we watch: the BCRA's capacity to pay dollars at maturity (2025-2027), a variable observable in net reserves. thesis
Where it lands, province by province1
Neuquén The BOPREAL ordered importers' commercial debt and was a transition piece toward exiting the currency controls. Vaca Muerta depends intensively on importing equipment and services (rigs, fracking, pipe, sand): an FX regime that clears importer debt and advances toward FX normalization reduces the friction of paying abroad and lowers the cost of capital of the energy satellite ecosystem. Expected impact: less FX friction for the Vaca Muerta import chain. favorable the RIGI promise is kept thesis
What it leads to1
BOPREAL Series 4: an orderly exit for the dividends the cepo had trappedBCRA Com. "A" 8233 and 8234 (Apr 30, 2025)in execution
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
The BCRA loosens the cepo: parent-company debt without asking permissionBCRA Com. "A" 8417 (Apr 9, 2026)in force
Multilateral-guaranteed debt under New York law: the Treasury refinances more cheaplyDecreto 478/2026 (Official Gazette Jun 22, 2026)in force
Ignacio Aredez· Chief analyst
Credentials and track record →- 10+ years in data science for clients across Europe and the Americas
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