CEPO is lifted

[Ronnie Hotdogs]

Going straight to 1400 and staying there until they run out of funds to support it?

 

[carride]

Hopefully the service industry can start exporting fast since they are the least bound by seasonal and physical boundaries. Exporting new valuable services and nonmaterial goods.

 

[Jimbob]

Going straight to 1400 and staying there until they run out of funds to support it?

This is what I expect.

 

[sergio]

This is what I expect.

This is what I expect.

Until the elections probably. What is the IMF getting out of this? It's not going to solve Argentina's long term problems, just add more debt.

 

[antipodean]

Just received the following mail from a bank explaining what customers can do with a local bank account from Monday:
(Any issues with Castellano, Google Translate is your friend)

Also interesting to note an announcement from last week, that the autoservicio terminals of Galicia will start dispensing USD banknotes for those wanting to make withdrawals from their local USD accounts.

​ Te informamos que el Banco Central de la República Argentina (BCRA) comunicó nuevas condiciones en el acceso al Mercado Libre de Cambios (MLC) , que estarán vigentes desde el lunes 14 de abril de 2025. A continuación, te compartimos un resumen de los principales puntos de la Comunicación “A” 8226. Para personas físicas (residentes) Podrán comprar moneda extranjera sin límite de monto para tenencia local (código A09) y para ahorro en cuentas en el exterior de titularidad del cliente (código A07), siempre que acrediten la capacidad económica correspondiente a través de ingresos y/o activos consistentes con el ahorro en moneda extranjera. En operaciones en efectivo, se mantiene un límite mensual de 100 dólares por cliente en todo el sistema. Las operaciones con dinero en cuenta no tienen restricciones. Se elimina la restricción cruzada de 90 días entre operaciones en el mercado oficial y operaciones bursátiles (MEP/CCL). Queda sin efecto la exigencia de titularidad coincidente entre las cuentas de origen y destino en operaciones de dólar MEP y CCL.

​ Para personas jurídicas Se elimina, por única vez, el historial de operaciones con títulos valores hasta el 11/04/25. Esto implica que todas las empresas podrán operar nuevamente en el MLC a partir del 14/04, sin necesidad de esperar 90 días. Queda habilitado el acceso al mercado para el pago de dividendos a no residentes, sobre utilidades generadas desde ejercicios iniciados a partir del 01/01/2025. Para personas físicas y jurídicas Las nuevas importaciones oficializadas desde el 14/04/25 podrán acceder al MLC de forma inmediata. Las anteriores mantienen el plazo de 30 días. Se amplían las facilidades para pagos anticipados y a la vista para MiPyMEs y bienes de capital no suntuarios, respetando ciertos topes sobre el valor FOB. En cuanto a servicios contratados desde el 14/04/25: Con terceros no vinculados: se podrán pagar desde la fecha de prestación o devengamiento. Fletes de importación: podrán pagarse desde el arribo de la mercadería al país. Entre empresas vinculadas: se reduce el plazo mínimo de espera de 180 a 90 días. Se elimina el límite a la formación de activos externos en operaciones vinculadas a importación de energía o combustibles (punto 10.6.7 de las normas de Exterior y Cambios). Las operaciones de más de 100.000 dólares deben informarse con 48 horas de anticipación. Vamos a seguir contándote las novedades en los próximos días. Si querés más detalles sobre estas nuevas medidas, ingresá en “Conocer más”.

 

[artigas]

So let me get this straight, its Liberation Day in Argentina and the bad old CEPO is totally lifted and you can now exchange Pesos and Dollars without limit at your bank and so we can finally say good bye to the Blue Dollar? However at the same time you can only change or withdrawal $100 per month in USD cash from you bank, and if you purchase anything outside Argentina with your credit card you still have to pay a 30% tax? Meet the new CEPO, same as the old CEPO, looks like we'll be fooled again!

 

[David_HaSofer]

So let me get this straight, its Liberation Day in Argentina and the bad old CEPO is totally lifted and you can now exchange Pesos and Dollars without limit at your bank and so we can finally say good bye to the Blue Dollar? However at the same time you can only change or withdrawal $100 per month in USD cash from you bank, and if you purchase anything outside Argentina with your credit card you still have to pay a 30% tax? Meet the new CEPO, same as the old CEPO, looks like we'll be fooled again!

My reading of the policy on the BCRA website is that there is no limit on withdrawals of dollars from your bank account, nor is there a limit on the amount of dollars that can be purchased with pesos via the funds in your bank account. The 100 USD per month limit is regarding the purchase of USD with pesos in efectivo. This limit was placed with the intent to stop the blanqueo of illicit funds. I am not sure where the corralito rumors are coming from. Perhaps a follow on decree was issued that I have not yet seen. If I am reading this wrong someone please correct me as I want to make sure the information I am putting out is correct and up to date.

 

[antipodean]

However at the same time you can only change or withdrawal $100 per month in USD cash from you bank, and if you purchase anything outside Argentina with your credit card you still have to pay a 30% tax? Meet the new CEPO, same as the old CEPO, looks like we'll be fooled again!

1. You can only exchange pesos in physical cash for up to US$100. If you deposit your pesos into your bank account you can then buy unlimited amount of dollars from the bank electronically and then you can withdraw the desired amount of USD banknotes from the bank as normal. This is presumably to curb money laundering from the cash economy and push people into regularising their assets inside the financial system.

2. The 30% surcharge on card payments is a tax retention - you get it back / offset against your taxes at the end of the year. You can also avoid it entirely simply by paying your card consumption in USD with USD from your local USD bank account, after close but before your payment date as you can do today. Since you can now buy an unlimited amount of dollars each month without this 30% retention, I assume people will pay their USD consumos with USD - thus incentivising more dollars to circulate within the financial system. I for one am a heavy user of my AR credit cards abroad as I pay foreign consumption using my local dollar account so USD1 = USD1 (while other foreign currencies are converted to USD at the interbank rates) and there are no pesky FX conversion fees or commissions charged by my banks here, unlike my foreign banks who want to add like 2%++ to every purchase made in a foreign currency and generally have less favorable exchange rates on top.

 

[sergio]

My reading of the policy on the BCRA website is that there is no limit on withdrawals of dollars from your bank account, nor is there a limit on the amount of dollars that can be purchased with pesos via the funds in your bank account. The 100 USD per month limit is regarding the purchase of USD with pesos in efectivo. This limit was placed with the intent to stop the blanqueo of illicit funds. I am not sure where the corralito rumors are coming from. Perhaps a follow on decree was issued that I have not yet seen. If I am reading this wrong someone please correct me as I want to make sure the information I am putting out is correct and up to date.

So no street vendors on Calle Florida, no casas de cambio?

 

[antipodean]

So no street vendors on Calle Florida, no casas de cambio?

Just like in the CEPO-free Macri days, the Blue (and Cuevas) were still and will continue to be a thing, albeit with the Blue trading slightly below the official. Dirty tax evaders will still need to launder their dirty money…