In force since Feb 1, 2025
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.
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 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 ↗
Who it applies to
It sets at 1% a month, from February 1, 2025, the pace of adjustment of the official exchange rate, which the Central Bank uses as a complementary anchor for inflation expectations verif. It applied until Apr 11, 2025, when it was replaced by the exchange-rate bands verif. It reaches the whole official FX market: importers, exporters, dollar debtors, savers and price setters, and it weighs above all on tradable sectors and on the Vaca Muerta energy chain thesis. thesis 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
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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
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Analysis and curation: Ignacio Aredez
Head of Despegue
Method and track record →- 20+ years in technology, 15 of them in data and AI, for clients across Europe and the Americas
- Certified in AI governance (ISO/IEC 42001)
- Machine Learning (Google Cloud)
- Registered expert with the European Commission
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verif primary source · prob primary source pending · unconf a source said it · estim our own calculation · thesis our reading · the date belongs to the datum, at the precision its source allows