Argentina Advances in FX Deregulation with New IMF-Backed Measures

Last month, the Argentine government announced a series of measures aimed at deregulating the foreign exchange (FX) market—one of the key demands of business leaders and a cornerstone of President Javier Milei’s economic agenda.

In a press conference, Economy Minister Luis Caputo presented a new FX regime under which the official exchange rate will be allowed to fluctuate within a managed band. The band will gradually widen, with monthly adjustments of up to 1%. In addition, restrictions on foreign currency purchases for individuals were lifted, access to FX for importers was improved, and companies will be allowed to access the official FX market to transfer dividends on earnings generated from 2025 onward and to service new financial debt abroad.

The announcement was made in the context of a new agreement with the International Monetary Fund, which includes disbursements of USD 15 billion in 2025. Additional financing from other international institutions, totaling over USD 6 billion, is also expected. The injection of fresh reserves into the Central Bank is seen as critical to supporting the transition to a more flexible and sustainable exchange rate regime.

The measures were well received by markets and foreign investors, who regard them as a meaningful step toward macroeconomic normalization and a more predictable investment environment. ATCC welcomes these developments and remains optimistic that Argentina will continue advancing toward greater macroeconomic stability and improved conditions for international business.