Exporter blend dollar: created and gone

What changed

The full arc of the export 'blend dollar' under the Milei administration. CREATION: Decree 28/2023 (DNU, Dec 13, 2023, three days after the inauguration) required settling the counter-value of exports 80% through the Free Exchange Market (MLC) and the remaining 20% via the purchase-sale of tradable securities settled in foreign currency and sold in local currency (contado con liquidación, CCL) — the 80/20 regime. ELIMINATION: Decree 269/2025 (Apr 11, 2025, published Apr 14, 2025) expressly repealed Decree 28/2023 and reinstated Decree 609/2019, returning to settlement of 100% of exports through the MLC. That is, the blend was a measure of this administration that the same administration reversed: from Apr-2025 the blend no longer applies and settlement is unified in the official market. BCRA Communication 'A' 8227 (Apr 15, 2025) implemented the operation (secondary data, not opened in the BCRA primary source). verif · Apr 14, 2025 ↗

In force

The 80/20 blend was in force from Dec 13, 2023 (publication of Decree 28/2023 in the Official Gazette). Its elimination is in force from Apr 14, 2025 (publication of Decree 269/2025 in the Official Gazette): from that date 100% of exports are settled through the MLC and the blend no longer applies. verif · Apr 14, 2025 ↗

Who it affects

All goods exporters required to settle foreign exchange (energy/Vaca Muerta, mining, agriculture/soy complex, manufactures). Under the blend they received an effective export exchange rate improved by the 20% settled at CCL; with the elimination they settle 100% at the unified official MLC exchange rate. verif · Apr 14, 2025 ↗

The norm

Decreto 28/2023 (DNU-2023-28-APN-PTE), national Executive, signed by Milei, Posse, Petri, Caputo, Bullrich and the cabinet — creates the 80/20 blend. Repealed by Decreto 269/2025 (DNU-2025-269-APN-PTE), signed by Milei, Francos, Caputo, Sturzenegger and the cabinet, whose art. 1° repeals Decreto 28/2023 and reinstates Decreto 609/2019 (100% settlement through the MLC, the official FX market). Operational implementation: BCRA Comunicación 'A' 8227/2025 (secondary data, not verified against a BCRA primary source). verif · Apr 14, 2025 ↗

Our reading

The blend was a transition bridge (a better effective exchange rate for the exporter while the gap was enormous), and its elimination in April 2025 is the substantive news: through R2 (currency controls/FX) the FX unification —settling 100% through the official market— is exactly the predictability every long-term export project asks for. The decree itself bases the step on the compression of the FX gap and the EFF agreement with the IMF that props up reserves. That the Government removed its own tool when conditions allowed is a signal of direction toward a single market, not a retreat. What is worth watching: unification exposes the exporter to the official exchange rate without the CCL cushion, so its profitability becomes more tied to the official rate not lagging. thesis

Where it lands, province by province1

Neuquén Vaca Muerta is a hydrocarbon exporter: during the blend (2023-2025) oil and gas exports received an effective exchange rate improved by the 20% settled at CCL. The elimination (Apr-2025, 100% MULC) removes that bonus but delivers a unified, predictable FX market, a condition that long-term export projects (pipelines, LNG, energy RIGI) value more than a transitory FX subsidy. Mechanism R2 (currency controls/FX): unification → predictability → a better base for export capex decisions. mixed the RIGI promise is kept thesis

Export blend dollar: created and then eliminated

What changed and who it applies to

Our reading

Where it lands, province by province1

The other rules on this subject12

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