UPDATE - Argentina: Amendments to and new measures for foreign exchange regime open to foreign investors
Note: This Announcement, originally published on 6 June 2025, has been updated to include modifications following the issuance of BCRA "A"8257 and "A"8261 and Resolution 1068/2025. The changes have been highlighted.
Clearstream Banking1 informs clients that the Argentine Central Bank (BCRA) announced by official statements issued on 11 April 2025 with references to “A” 8226, “A” 8230 and on 22 May 2025 to “A” 8245, certain changes related to the current foreign exchange (FX) (Mercado Libre de Cambios) regime in Argentina.
Further modifications were issued via BCRA “A” 8257 and “A”8261 and via Resolution 1068/2025 from Comisión Nacional de Valores (CNV), the local securities regulator.
Effective
immediately
“A” 8226
“A” 8226 amends and allows access for foreign shareholders to the FX market for repatriation of dividends distributed in ARS.
This applies to dividend distributions to be made in 2026, corresponding to profits recorded in regular and audited annual financial statements for the 2025 fiscal year (from 1 January 2025 to 31 December 2025).
“A” 8230
“A” 8230 introduces two key possibilities:
- exchanging ARS received as dividend income payments for fiscal years prior to 2025 into new series of Bonos Para la Reconstruction for Argentina Libre (BOPREAL), under condition of the opening or detention of an ARS cash account in the name of the final investor.
- Repatriation of Direct Investments by non-residents in companies that are not controlling entities of local financial institutions, as long as the capital contribution was received and settled through the FX market on or after 21 April 2025., and the repatriation of interest and/or proceeds from the sale occurs at least 180 days after the settlement date.
“A” 8245
“A” 8245 amends in point (2):
The primary market settlement requirement provided for in subsection i) of point 3 of Comunicación “A” 8230.
It establishes that foreigners who subscribe in USD MEP (local USD) will not require BCRA authorisation to access the official FX market to repatriate if they invest in National Treasury instruments (specifically “BONTE 2030”). and hold the investment for at least 180 days period after the settlement.
“A” 8257
“A” 8257 lifts the 180 holding period for repatriating proceeds, which was originally part of "A"8245 communication.
This concerns any investments in eligible instruments performed with
- “new inflow” ARS or “new inflow” USD coming into the country (USD through a Primary Auction of Treasury Bond - BONTE 2030); or
- the secondary market; or
- inflow FX.
Please note that foreign investors who can access the repatriation process are:
- the ones that formerly participated to a Primary Auction with “new inflow” USD, or
- the ones that acquire eligible instruments through the secondary market with “new inflow” ARS or “new inflow” USD.
“A” 8261
Outflow FX transactions equivalent to USD 100,000 or more, no longer require BCRA notification.
Starting 23 June 2025, foreign investors can close outflow FX transactions from income derived or proceeds of sale without prior notification to the BCRA.
Resolution 1068/2025 Comisión Nacional de Valores “CNV”
Resolution 1068/2025 lifts the ARS 200 million daily limit for securities acquired in primary auctions to transfer to the ICSDs.
This applies in cases where:
- the involved instrument’s amortisation date is not less than 2 years from their issuance date; or
- the securities are issued by the National Treasury with an amortisation date of not less than 180 days; or
- the instruments acquired in primary auctions are BOPREAL Bonds issued by the Argentinean Central Bank.
Impact on clients
Under the current provisions, a local cash account in the name of the investor is also mandatory, therefore the request to repatriate funds that meet the above must be performed by the local institutions and therefore cannot be addressed to Clearstream Banking.
Clients are required to contact their local brokers/dealers.
No changes announced regarding parking periods or repatriation of existing onshore USD deposited in local cash accounts.
Further information
For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.