The norm, in detail
Currency controls: exit for individuals and floating bands
Decree 269/2025 + BCRA Com. "A" 8226
in forceNATIONAL
FX and exit from currency controls
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, Decree 269/2025 repeals Decree 28/2023 (the "blend dollar" 80% MLC + 20% CCL) and reinstates the general regime of Decree 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
Decree 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 ↗
Who it affects
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 subject12
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 cheaplyDecree 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
Export blend dollar: created and then eliminatedDecree 28/2023 → repealed by Decree 269/2025in force
Ignacio Aredez· Chief analyst
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