The President Javier Milei in recent days the intention that the stocks to the dollar is completely disabled for when it starts 2026. To achieve this, the libertarian management must fulfill certain steps and the agreement with the International Monetary Fund (IMF) will be key, now issued via DNU to the Congress.
The Pact with the IMF will include a disbursement of funds from the agency that the Government expects to use to clean up the balance of the Central Bank. With the reinforcement of international reserves, the Minister of Economy, Luis Caputo, will advance with the elimination of layers in the stocks until its total extinction.
When will the stocks get up to the dollar?
The exact date for the total elimination of the stocks is still uncertain. While the president Javier Milei He assured that the restrictions will completely disappear the January 1, 2026also left open the possibility of accelerating the exit if the country receives new IMF disbursements.
However, the market is skeptical. They discount that the CEPO will not rise before the legislative elections to avoid volatility and impacts on inflation.
The 7 restrictions that the Government must eliminate to release the exchange market
Despite the flexibility applied in the first months of management, there are still Seven key obstacles that prevent the free circulation of currencies and impact the arrival of foreign investments:
1. Limit to the purchase of dollars for savings and expenses abroad
Currently, individuals can only acquire until U $ 200 per month For savings. In addition, credit card payments are reached by taxes that more expensive access to the currency.
2. Restriction to the free availability of bank accounts
Investors who buy or sell values in dollars are obliged to deposit them in local bank accountslimiting capital mobility.
3. Work for the dividends turn abroad
The multinational companies cannot freely transfer their dividends A matrices houses outside the country, which discourages new investments.
4. Import restrictions
Although the average period to access dollars was reduced from 180 to 30 daysimporters still face difficulties in getting currencies immediately.
5. Limit to financial transactions
Foreign investors can only buy and sell Up to $ 200 million daily (under US $ 190,000) In values, in addition to requiring Prior authorization of the Central Bank.
6. “Parking” of a day in the sale of bonds
Who operate in the financial market must keep your assets at least 24 hours Before selling them in dollars, which reduces market agility.
7. Prohibition of operating in the exchange and financial market at the same time
Investors cannot buy dollars in the official market If they carried out purchase operations in the financial market (MEP or CCL) in the 90 previous or subsequent days.
How does the CEPO affect the arrival of investments?
The hardening of exchange controls has directly impacted the capital entrance. In 2024direct foreign investment fell to U $ S89 millionthe lowest figure from 2003according to the Central Bank.
For 2025banks project a recovery of up to US $ 1,400 millionalthough its concretion will depend on the progressive elimination of these restrictions. The government bets on Incentive regime to large investments (Rigi) To unlock millionaire projects, although for now only six were announced, all minors than US $ 10,000 million.
While the Milei administration plans completely release the exchange market in 2026economic and political reality could accelerate or delay This process. The key will be in negotiations with the IMF, the stability of the exchange rate and the results of the legislative elections.
Source: Ambito
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