The norm, in detail
Currency controls: exit for individuals and floating bands
Decreto 269/2025 + BCRA Com. "A" 8226
in forceNATIONAL
FX and exit from currency controls
The BCRA lifts the USD 200 monthly cap on individuals and Decreto 269/2025 ends the dólar blend: buying dollars no longer needs approval.
What changed and who it applies to
What changed
The BCRA eliminated the prior approval for resident natural persons to access the free FX market and buy banknotes: the USD 200/month hoarding cap falls (only a USD 100/month limit remains for the use of cash in local currency) and simultaneous operation with the MEP/CCL dollar is allowed. In parallel, Decreto 269/2025 repeals Decreto 28/2023 (the "blend dollar" 80% MLC + 20% CCL) and reinstates the general regime of Decreto 609/2019, and the BCRA starts Phase 3 with managed floating between bands of $1,000-$1,400 with a ±1% monthly adjustment. It is the exit from the currency controls for individuals, with no reversal or judicial halt to date. verif Apr 14, 2025 ↗
In force
Decreto 269/2025 takes effect on the day of its publication (04/14/2025); BCRA Com. "A" 8226 has operational validity from 04/14/2025. Regime in force as of June 2026, with no reversal or judicial halt. verif Apr 14, 2025 ↗
Are you in or out?
Natural persons resident in Argentina (MULC access to buy banknotes/hoard with no USD 200 cap or prior authorization) and, via the repeal of the blend dollar, goods and services exporters who settle through the free FX market. National scope (issuers BCRA + National Executive). verif Apr 14, 2025 ↗
The norm
Decreto 269/2025 (DNU-2025-269-APN-PTE), issued Apr 11, 2025, published in the B.O. on Apr 14, 2025 (notice 323926) — it repeals Decreto 28/2023 and reinstates Decreto 609/2019. Complemented by BCRA Comunicación "A" 8226 (Apr 11, 2025, operative from Apr 14, 2025; published in the B.O. on Apr 16, 2025, notice 324125), which frees access for individuals to the MULC (the official FX market), and by the BCRA's Phase 3 launch statement, which sets the moving band at $1,000-$1,400. verif Apr 11, 2025 ↗
Our reading
The program does what it says: it lifts the currency controls for individuals and lets the peso float between bands, narrowing the gap and bringing the exchange rate closer to the market one (rule R2, FX/foreign-exchange normalization). Less FX repression is less regulatory risk on profitability and a floor of predictability to invest and repatriate. What would need watching is the sustainability of the bands against external shocks, without that implying a change of course by the Executive. thesis
Where it lands, province by province1
Neuquén FX normalization and the end of the blend dollar bring hydrocarbon export settlement closer to the market exchange rate and reduce the cost of importing equipment and services for Vaca Muerta; a narrower gap and freer MULC access improve the capex predictability and the FX remittance of operators and satellite suppliers. Expected impact: a greater incentive to invest and export from Neuquén shale. favorable the RIGI promise is kept thesis
The other rules on this subject14
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
Bands tied to inflation + the BCRA buys reserves againBCRA Monetary Policy Statement (Dec 15, 2025)in force
Ignacio Aredez· Chief analyst
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