What is the MEP dollar and how do I buy it?

Last verified: 26 Oct 2026 · Status: Changing

Short answer. The MEP dollar ("dólar bolsa") is the exchange rate you get by buying a bond such as AL30 in pesos and selling the same bond for dollars through a CNV registered broker. It is legal. Since April 2025 resident individuals face no holding period and no cap. Companies and non residents must hold one business day.

As of 26 Oct 2026. Rules in force at that date.

Key rules

The MEP dollar is two ordinary securities trades; the rate is the bond's peso price divided by its dollar price.

Registered broker. Only CNV authorised and registered agents may act as brokers (Law 26.831, art. 47). The broker identifies you with your DNI (foreigners: passport or identity card) and your CUIL, CUIT or CDI (UIF Resolution 78/2023, art. 22).
Holding period ("parking"). Clients that are not resident individuals must hold the security 1 business day from its credit at the central depositary before selling it for dollars. Resident individuals have no holding period. Nobody may sell for dollars while holding a peso caución, pase or other peso financing in the capital market (CNV RG 1062/2025, art. 1, replacing arts. 2 and 3 of Title XVIII, Chapter V, CNV Rules; BO 15 Apr 2025).
Daily cap. Foreign clients with a CDI or CIE, and CUIT clients acting for third parties, may not exceed ARS 200,000,000 a day (US$ 127,885 at MEP) (CNV RG 1128/2026, art. 1, replacing art. 6 ter; BO 10 Apr 2026).
BCRA cross restrictions. For resident individuals, MEP trades do not block a later official purchase (Com. A 8226, point 4, from 14 Apr 2025). But an individual who buys official dollars promises not to buy securities settled in foreign currency for 90 calendar days (BCRA "Exterior y Cambios", point 3.8.5, text of Com. A 8336, from 26 Sep 2025). Companies and non residents that sell securities for dollars lose official market access for 90 calendar days before and after (points 3.16.3.1 and 3.16.3.2) and must settle through own accounts (point 4.3.2).

What changes the answer

Company or non resident. 1 business day hold (art. 2), own account settlement (point 4.3.2), a 90 day official market lock both ways (points 3.16.3.1 and 3.16.3.2), and the ARS 200,000,000 daily cap for CDI or CIE clients (art. 6 ter).
Official dollars bought in the last 90 days. On the text of point 3.8.5 you can still buy MEP dollars (a sale for dollars), but cannot sell dollars through MEP or buy any bond with dollars until the 90 days end. Brokers may block more (practice varies by bank or broker).
Open peso financing. A peso caución or pase blocks every sale for dollars (art. 2).

Worked examples

A resident individual wants US$ 5,000 net in their own dollar account in Argentina. Hypothetical prices give an implied rate equal to the dólar MEP of ARS 1,563.90 per US$ on 23 Oct 2026 (live rate: /data/mep/): AL30 at ARS 938.34 per unit in pesos and US$ 0.60 in local dollars. Fees assumed: commission 0.50% per leg plus 21% VAT, market fee 0.01% per leg (fees vary and are not set in an official source).

Step or item	Time	Cost ARS	Cost USD
Open broker account	1 to 5 business days (estimate)	0, usually free (not set in an official source)	0
Buy 8,385 AL30 in pesos	Same day	7,867,980.90
Fees on peso leg	Same day	48,388.08	30.94
Sell 8,385 AL30 for dollars	Same day (no parking)		5,031.00 gross
Fees on dollar leg	Same day		30.94
Net		7,916,368.98 paid	5,000.06 received

Net dollars per unit: 0.60 × (1 − 0.005 × 1.21 − 0.0001) = US$ 0.59631. US$ 5,000 ÷ 0.59631 = 8,384.9, rounded up to 8,385 units.
Peso leg: 8,385 × 938.34 = ARS 7,867,980.90, plus commission 39,339.90, VAT 8,261.38 and market fee 786.80 = ARS 7,916,368.98.
Dollar leg: 8,385 × 0.60 = US$ 5,031.00, less commission 25.16, VAT 5.28 and market fee 0.50 = US$ 5,000.06.
Effective rate: 7,916,368.98 ÷ 5,000.06 = ARS 1,583.25 per US$, 1.24% above the screen rate.
Versus official: the BCRA average retail selling rate on 23 Oct 2026 was ARS 1,549.77 and the wholesale reference rate (Com. A 3500) ARS 1,528.263 (BCRA API series 4 and 5; /data/oficial/). US$ 5,000 at the retail average costs ARS 7,748,850 before any bank charge (fees vary and are not set in an official source). MEP costs ARS 167,518.98 more (US$ 107.12), a 2.16% gap. On that date MEP was not cheaper. What it avoids is the 90 day promise (point 3.8.5) and the bank's income evidence check (point 3.8.4).

Cost to do it: capital ARS 7.92 million; fees about US$ 62 (1.24%) on the assumed tariff; same day once funded; no months of waiting.

Practical traps

MEP is not an official rate. No norm publishes it. Contracts citing "dólar MEP" must name the quote source and time.
Legging risk. Orders placed minutes apart can move. A 0.5% fall in the dollar price on US$ 5,031 costs about US$ 25.
Tickers and settlement. The AL30 and AL30D suffix convention and the settlement terms offered (immediate or next day) are exchange practice not found in any official norm downloaded (not confirmed in an official source). AL30 amortises every 4 March and 4 September, so check whether quotes are per original or residual nominal (Law 27.556, Annex III).

FAQ

Is buying MEP dollars legal? Yes. It is a securities trade through a CNV registered agent. The street "blue" market is not: exchange deals without an authorised institution carry fines of up to 10 times the amount for a first offence (Decree 480/1995, arts. 1 a) and 2 a)).

Is there a monthly limit for individuals? None appears in the sources for a resident individual trading on own account. Brokers still apply risk profile and AML checks (CNV Rules Title VII, arts. 12 j) and 16 j)).

Can a foreigner buy MEP dollars? Yes, with a broker account and a CDI or CIE (UIF Resolution 78/2023, art. 22), subject to the 1 business day hold and the daily cap. MEP pays into an Argentine account; dollars abroad mean CCL (/data/ccl/).

Is the gain taxed? A resident individual's gain on listed sovereign bonds is exempt (Income Tax Law, art. 26 u), last paragraph).