In force since Apr 30, 2025
BOPREAL Series 4: a dollar bond to remit withheld dividends
BCRA Com. "A" 8233 and 8234 (Apr 30, 2025)
in executionNATIONAL
FX and exit from currency controls
Com. BCRA "A" 8233 enables BOPREAL Serie 4: a dollar bond subscribed in pesos, due Oct 31, 2028 and capped at 3%, for dividends held back.
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 both chambers and returns to the Chamber of Deputies over the Senate's changesExecutive branch bill · Chamber of Deputies Aug 26, 2026 · Senate with changes Sep 24, 2026pending
What changed and who it applies to
What changed
The BCRA Board authorized BOPREAL Series 4 (Com. "A" 8233, REMON 1-1128) and adjusted the consolidated FX rules (Com. "A" 8234): a dollar-denominated bond, subscribable in pesos at the reference exchange rate (Com. A 3500), with a final maturity of Oct 31, 2028, interest on a 360-day basis at a MAXIMUM annual rate of 3% (payable quarterly or semiannually, to be defined in each auction announcement) and amortization to be defined per auction (bullet at maturity or partial). What Com. A 8233/8234 introduce as new are debtors with RELATED counterparties: (i) compensatory interest due through Jul 4, 2024 on commercial debt, (ii) interest due through Dec 31, 2024 on financial debt, and (iii) past-due principal on financial debt with related parties, all subject to the prior approval of points 3.3/3.5.6. The other eligible items (retained dividends and earnings, importer debt predating Dec 13, 2023) enter by reference to points 4.4, 4.5 and 4.6 of the consolidated rules (prior BOPREAL series). The maximum placement of USD 3 billion and the tranche of up to ~USD 1 billion usable against ARCA obligations were set operationally by Com. "B" 12999 (Jun 10, 2025) and the auction announcements, not by these communications. The first auction was held on Jun 18, 2025 and placed USD 810 million. verif Apr 30, 2025 ↗
In force
2025-04-30 (first auction: Jun 18, 2025) verif Apr 30, 2025 ↗
Who it applies to
Multinationals with dividends and retained earnings locked up by the cepo (currency controls), importers with commercial debt predating Dec 13, 2023, and debtors of principal/interest owed to parent or related companies. Indirectly, the FX front: it drains potential dollar demand away from the official market by swapping it for a bond maturing in 2028. verif Apr 30, 2025 ↗
The norm
BCRA Comunicaciones "A" 8233 (REMON 1-1128) and "A" 8234 (CAMEX 1-1044), both of Apr 30, 2025. The operational rollout (calls for subscription, USD 3,000M cap) ran through Comunicaciones "B" (12999 of Jun 10, 2025) and auction announcements. verif Apr 30, 2025 ↗
Our reading
The Government gives the stock of dividends and debt the cepo had locked up an orderly way out: Series 4 clears the inherited backlog and gives multinationals a formal channel to remit earnings — a direct legal-certainty signal for investors taking a fresh look at Argentina (R2 · the RIGI promise is kept). thesis
Analyze this rule for my company
Where it lands, province by province1
Neuquén Dividend remittance is already resolved for new flows (financial years from 2025); Series 4 resolves the rest: the old stock of retained earnings and of principal and interest overdue with related parties. For the Vaca Muerta parent companies (Shell, Chevron, TotalEnergies) that stock is a precondition for the investment committee: nobody approves new capex with the previous backlog unresolved. favorable the RIGI promise is kept thesis
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Analysis and curation: Ignacio Aredez
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