The norm, in detail
Export blend dollar: created and then eliminated
Decreto 28/2023 → repealed by Decreto 269/2025
in forceNATIONAL
FX and exit from currency controls
Decreto 28/2023 required 80% to be settled in the official market and 20% via contado con liqui; Decreto 269/2025 repealed it and unified.
What changed and who it applies to
What changed
The full arc of the export 'blend dollar' under the Milei administration. CREATION: Decreto 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 ELIMINATION: Decreto 269/2025 (Apr 11, 2025, published Apr 14, 2025) expressly repealed Decreto 28/2023 and reinstated Decreto 609/2019, returning to settlement of 100% of exports through the MLC.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 Decreto 28/2023 in the Official Gazette). Its elimination is in force from Apr 14, 2025 (publication of Decreto 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 ↗
Are you in or out?
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 Repealed by Decreto 269/2025 (DNU-2025-269-APN-PTE), signed by Milei, Francos, Caputo, Sturzenegger and the cabinet, whose art. 1° repeals Decreto 28/2023 and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
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
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