On April 9, 2026, through Communiqué “A” 8417 (the “Communiqué”) the Argentine Central Bank (“Central Bank”) adopted a series of measures aimed at partially easing export controls and further liberalizing access to the Argentine Foreign Exchange Market (“FX Market”).
In particular, the Communiqué introduces the following foreign exchange changes:
Relaxation of Mandatory Repatriation and Settlement Requirements for Export Proceeds
(i) Exporters are exempted from the obligation to repatriate and exchange export proceeds derived from exports of goods and services through the FX Market, provided that the following conditions are jointly met:
a. the export proceeds are credited to foreign currency accounts held by the exporter with local financial institutions; and
b. the transaction is tax neutral.
This exemption does not apply to individuals acting on behalf of or for the account of legal entities, estates, or other collective assets.
(ii) In the case of exports of goods carried out by Argentine exporters to related parties abroad, the deadline to repatriate and settle foreign currency through the FX Market is 60 consecutive days, provided that the exports do not involve grains and their by‑products, energy and fuels, minerals, or precious metals or stones. As from January 1, 2026, this 60‑day deadline applies where the exporter has not exceeded USD 200,000,000 in export revenues during the previous calendar year, increasing the prior threshold of USD 50,000,000.
(iii) The deadline to repatriate and settle export proceeds through the FX Market has been extended to 365 days for exports to non‑related parties involving the following goods:
a. leather manufactures; saddlery and harness goods; travel goods, handbags and similar containers; articles of gut;
b. garments and clothing accessories knitted or crocheted;
c. garments and clothing accessories not knitted or crocheted;
d. footwear, gaiters and the like, and parts thereof;
e. headgear and parts thereof; and
f. parts of nuclear reactors.
Adjustments to the Foreign Currency Transfer and Cash Withdrawal Regime for Individuals
(iv) The foreign exchange limits applicable to cash advances withdrawn abroad by cardholders using credit and/or charge cards issued by local financial institutions and other local card issuers have been eliminated.
(v) As from April 10, 2026, in order for individuals to transfer foreign currency from their local foreign currency accounts to their own bank accounts abroad, financial institutions must:
a. register the transaction in the Central Bank’s new system; and
b. obtain an affidavit from the Argentine resident stating that, from the date the foreign currency transfer is made and for the following 90 days, the individual will not purchase bonds or other financial securities settled in foreign currency, whether directly or indirectly or through third parties. This restriction does not apply to: (a) the acquisition of newly issued securities in Argentina, provided they are held for at least 15 business days; and (b) the reinvestment of foreign currency proceeds from principal or interest payments on securities issued by the Argentine Treasury or the Central Bank, if reinvested within 15 business days from receipt.
Further Easing for the Payment of Financial Debt through the FX Market
(vi) Access to the FX Market will be permitted up to 3 business days prior to maturity for the payment of principal and interest under publicly offered debt securities denominated in foreign currency, including issuances by local financial institutions carried out on or after May 26, 2025, publicly offered promissory notes, and fiduciary debt securities issued under the Argentine Securities Commission regime, provided that the funds were previously repatriated through the FX Market and at least 1 year has elapsed since issuance.
(vii) Prior approval from the Central Bank will no longer be required to access the FX Market for the payment of principal and interest in financial indebtedness with related parties abroad in the following cases:
a. where the payment is made simultaneously with the inflow of new funds from abroad granted by the same creditor (or another creditor related to the Argentine debtor), provided that the financing has an average remaining maturity of at least 4 years and a minimum 3‑year grace period for principal repayment; or
b. where the payment relates to financial indebtedness refinanced with the same creditor as from April 10, 2026, under terms that maintain an average remaining maturity of no less than 4 years and a minimum 3‑year grace period for principal repayment. In these cases, the refinancing must be formally registered, even if it does not involve an actual inflow of foreign currency.
(viii) Financial institutions may grant access to the FX Market for the payment of premiums, the posting of collateral, and settlements related to foreign‑currency hedging contracts, provided that such transactions are linked to foreign obligations of Argentine residents duly declared and, where applicable, validated.
In all cases, hedging transactions may not exceed the amount of the debtor’s effectively registered external liabilities in the currency being hedged. In addition, the client must appoint a financial institution responsible for monitoring the transaction and submit an affidavit committing to repatriate and sell any amounts received in its favor, or released from posted collateral, within 5 business days from collection or release.
