The norm, in detail
Crawling peg: from 2% to 1% (later replaced by bands)
BCRA statement Jan 16, 2025 (no Communication A cited)
in executionNATIONAL
FX and exit from currency controls
Announced Jan 16, 2025: the BCRA cut the crawl to 1% monthly from February, and on Apr 11, 2025 replaced it with floating bands.
What changed and who it applies to
What changed
The BCRA reduced the pace of the scheduled devaluation of the official exchange rate (crawling peg) to 1% monthly, in force from Feb 1, 2025, due to the consolidation of falling inflation. The measure does NOT remain in force as such: on Apr 11, 2025 the BCRA eliminated the crawling peg and replaced it with a floating-band regime (ARS 1,000-1,400/USD). The 1% crawling peg was in force only ~2.5 months (Feb 1 to Apr 11, 2025); the 1% adjustment then passed to the band edges until Dec-2025 and from Jan-2026 it is indexed by inflation (INDEC T-2). verif Jan 16, 2025 ↗
In force
It was in force from Feb 1, 2025 to Apr 11, 2025 (end of the crawling peg, replaced by floating bands). verif Feb 1, 2025 ↗
Are you in or out?
The entire official FX market: importers, exporters, dollar debtors, savers and price setters. The crawl pace is the economy's FX reference. The FX anchor is especially followed by tradable sectors and the energy chain (Vaca Muerta). verif Jan 16, 2025 ↗
The norm
BCRA exchange-rate policy announcement/decision of Jan 16, 2025 (institutional press release). It is NOT a law or a decree from the Boletín Oficial; the announcement itself does NOT cite a Comunicación 'A' number. The later reversal was implemented with the launch of the currency band regime on Apr 11, 2025. verif Jan 16, 2025 ↗
Our reading
Lowering the crawl to 1% monthly reinforced the anti-inflation FX anchor (R2: monetary-FX order), a signal that the program validates disinflation with the devaluation pace. The measure fulfilled its transition role and was later superseded by a more flexible floating-band scheme (Apr-2025) and inflation indexation (Jan-2026): it is not a retreat, it is the evolution of the anchor toward a market regime. To watch (what breaks it): the debate over real FX lag that a crawl below inflation can feed. thesis
Where it lands, province by province1
Río Negro The same anchor lands in opposite directions on the province's two engines. A crawl below inflation appreciates the peso in real terms and squeezes the margin of Alto Valle fruit growing — costs in pesos, income in dollars and already in structural decline — while the energy corridor, with dollar contracts and 30-year RIGI tax stability, barely feels it. mixed better export netback 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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