The Argentine Thread

Guide · 5. FX and capital controls

Argentina's exchange rate regimes from Convertibility to 2026

Last verified: 27 Oct 2026 · Status: Changing

Since 1991 Argentina has run almost every exchange rate regime in the textbook: a currency board style peg, a forced devaluation with asymmetric conversion of contracts, a managed float, two periods of exchange controls with multiple rates, a free float with a short lived inflation target, a crawling peg, and since April 2025 a float inside a band. For a business, the regime is not background: it decides which rate a contract, an invoice, a dividend or a tax base uses, and whether you can buy the dollars at all.

The twelve points that matter, each traced to a primary source:

  1. Convertibility (1 April 1991 to January 2002). Law 23.928 (BO 28 March 1991) fixed A 10,000 per US dollar for sale from 1 April 1991 and required freely available reserves of at least 100% of the monetary base (arts. 1 and 4). From 1 January 1992 the new peso equalled A 10,000, so the rate became ARS 1 = US$ 1 (Decree 2128/1991).
  2. The exit (January and February 2002). Law 25.561 (BO 7 January 2002) empowered the Executive to set the exchange system (art. 2). Decree 71/2002 (BO 10 January 2002) set an official rate of ARS 1.40 with a free market for everything else (arts. 1 and 2). Decree 260/2002 (BO 8 February 2002) and Com. A 3471 created a single free FX market from 11 February 2002. The wholesale rate peaked at ARS 3.8675 on 26 June 2002 (series 5).
  3. Managed float (2002 to 2011). No norm fixed the rate; the BCRA published a reference rate from March 2002 (Com. A 3500). The wholesale rate stayed between roughly ARS 2.9 and 4.3 from 2003 to October 2011 (series 5). The label "managed float" is an editorial description, not a BCRA term (unconfirmed).
  4. First cepo (31 October 2011 to 16 December 2015). Every sale of foreign currency had to be validated in AFIP's "Programa de Consulta de Operaciones Cambiarias" (RG 3210/2011; Com. A 5239 and A 5245). Purchases for holding without a specific purpose were suspended in July 2012 (Com. A 5318, point II), then partly reopened in January 2014 against declared income (Com. A 5526) with a 20% tax prepayment (RG 3583/2014). Card spending abroad carried 15%, then 20%, then 35% (RG 3378/2012, RG 3450/2013, RG 3550/2013).
  5. Unification and free float (17 December 2015 to August 2019). Com. A 5850 removed the AFIP validation and allowed purchases up to US$ 2,000,000 a month without approval; the wholesale rate jumped 40.1% in one day (ARS 9.8268 to 13.7633, series 5). From 1 July 2017 "all persons may operate freely in the exchange market" (Com. A 6244, Annex, point 1.1). From October 2018 the BCRA ran a non intervention zone of ARS 34 to 44, adjusted 3% a month (BCRA release, 28 September 2018).
  6. Second cepo (1 September 2019 to 13 April 2025 for individuals). DNU 609/2019 and Com. A 6770 brought back mandatory export conversion and prior approval for asset purchases, with an individual cap of US$ 10,000 a month, cut to US$ 200 from 28 October 2019 (Com. A 6815). The PAIS tax of 30% (Law 27.541, arts. 35 and 39) and an income tax prepayment of 35% (RG 4815/2020, art. 5) created the "dólar ahorro" and "dólar tarjeta"; a further 45% and 25% tier followed in 2022 (RG 5232/2022; RG 5272/2022).
  7. Exporter rates. The "soy dollar" paid adhering exporters ARS 200 (Decree 576/2022), ARS 230 (Decree 787/2022) and ARS 300 (Decree 194/2023) per dollar. From late 2023 a "blend" required part of export proceeds to be sold through securities: 75/25 (Decree 492/2023), 70/30 (DNU 549/2023), 50/50 (DNU 597/2023) and 80/20 (DNU 28/2023, BO 13 December 2023).
  8. December 2023 devaluation. The Ministry of Economy announced a new rate of ARS 800 and the BCRA set a 2% monthly crawl (BCRA release, 12 December 2023). The wholesale rate went from ARS 366.5 to 800.525 between 12 and 14 December 2023, a rise of 118.4% (series 5). The official explanation records that the gap between the official rate and the CCL had exceeded 170% (DNU 269/2025, recitals).
  9. 1% crawl. From 1 February 2025 the crawl was cut to 1% a month (BCRA release, 16 January 2025).
  10. Band regime and cepo exit for individuals (14 April 2025). The rate floats in a band that started at ARS 1,000 to 1,400, with the floor falling 1% and the ceiling rising 1% a month; the blend was eliminated and restrictions on individuals were lifted (BCRA release, 11 April 2025; Com. A 8226; DNU 269/2025). The commonly cited pointer is confirmed for individuals and only for them: companies still need BCRA approval to buy currency for savings or investment abroad (see Exchange controls).
  11. 2026 status. From 1 January 2026 the band limits move each month by the latest monthly CPI published by INDEC (two months earlier) and the BCRA runs a pre announced reserve purchase program (BCRA release, 15 December 2025). The BCRA described the band as still in force in its June 2026 report and bought US$ 13,337 million from January to 31 July 2026 (Monetary Policy Report, June 2026, paras. 38 and 39). The commonly cited pointer is confirmed to July 2026; nothing in the sources shows a change to 23 October 2026 (unconfirmed).
  12. The gap today. On 23 October 2026 the 23 Oct 2026 dólar MEP rate (1,563.90) was 2.3% above the wholesale rate and 0.9% above the retail average (series 4 and 5). Compare more than 170% in December 2023 (DNU 269/2025).

COMPARISON: to be sourced by editor

Who should read this page. Foreign investors and boards reading old Argentine contracts, financial statements or court judgments; expats who want to know why prices, rents and savings work as they do; SME owners who must explain past losses or a peso claim to a foreign partner; advisers who need the norm and the date for each rate. Today's rules for access to the market are on Exchange controls; the bond swap rates are on Dólar MEP and CCL; the wider story of inflation, defaults and the IMF is on Argentina's economic history. This page does not repeat those pages; it focuses on the exchange rate regime and the rates themselves.

Peso amounts are converted at the dólar MEP (bolsa) selling rate of ARS 1,563.90 per US$ on 23 Oct 2026 (source: dolarapi.com, MEP quote). Conversions are indicative and move daily.

Key rules

1. Convertibility: the legal peg (Law 23.928, BO 28 March 1991; Decree 2128/1991)

  • The rate. "Convertibility of the austral with the dollar of the United States of America is declared from 1 April 1991, at a rate of ten thousand australes (A 10,000) per dollar, for sale" (art. 1, original text).
  • The obligation to sell. The BCRA "will sell the foreign currency requested of it" at that rate and must withdraw the australes received (art. 2). It could buy at market prices (art. 3). Note the asymmetry: the law obliged the BCRA to sell at the parity, not to buy at it.
  • Full backing. Freely available reserves in gold and foreign currency had to equal at least 100% of the monetary base "at all times", valued at market (art. 4). The reserves were the "common pledge" of the monetary base and could not be attached (art. 6).
  • New currency. The convertible austral was treated "for all purposes as a new currency" and the Executive could change its name (art. 12). Decree 2128/1991 (BO 17 October 1991) created the peso equal to A 10,000 from 1 January 1992 and confirmed one peso per US dollar (arts. 1 to 3).
  • Indexation ban. Indexation of debts, prices and tariffs was banned and repealed from 1 April 1991 (arts. 7 and 10). Unlike the peg, the ban survives today, as rewritten by Law 25.561, art. 4 (see the economic history page).
  • Dollar contracts. Law 23.928 amended Civil Code arts. 617 and 619 so that a debt in foreign currency was a debt of money and was discharged by paying the agreed currency (art. 11). That is why the 1990s produced a huge stock of dollar contracts between residents, which 2002 then converted.

2. The exit: emergency, dual market and single free market (Law 25.561; Decrees 71/2002, 214/2002, 260/2002; Com. A 3471 and A 3500)

  • Power to set the regime. Law 25.561 (BO 7 January 2002) declared a public emergency (art. 1) and empowered the Executive to establish the system that determines the exchange rate between the peso and foreign currencies and to issue FX regulations (art. 2). It repealed arts. 1, 2, 8, 9, 12 and 13 of Law 23.928 (art. 3).
  • Dual market (January 2002). The BCRA bought and sold US dollars in the official market at ARS 1.40 per US$, "thus establishing the exchange rate between the peso and that currency" (Decree 71/2002, art. 1, BO 10 January 2002). Operations outside the official market were "freely agreed" (art. 2).
  • Pesification. Dollar bank deposits were converted at ARS 1.40 and dollar debts to banks at ARS 1.00, then adjusted by the CER (Decree 214/2002, arts. 2 to 4). The detail and its winners and losers are covered on the economic history page.
  • Single free market. "A single free exchange market is established through which all foreign exchange operations will be carried out" (Decree 260/2002, art. 1, BO 8 February 2002), at a rate "freely agreed", subject to BCRA rules (art. 2). The BCRA implemented it from 11 February 2002: "the exchange rate will result from the free play of supply and demand" (Com. A 3471, 8 February 2002, point 1); only BCRA authorised entities may deal (point 2); and operations outside the rules fall under the Criminal Exchange Regime (point 3).
  • Early controls inside the "free" market. For 90 calendar days from 11 February 2002, transfers abroad for financial loan principal and for profits and dividends required BCRA prior approval (Com. A 3471, point 5). The market was free on price, not on access.
  • Reference rate. From March 2002 the BCRA computes a daily wholesale reference rate from quotes taken on the MAE SIOPEL system in three daily rounds, averaged to four decimals (Com. A 3500, 1 March 2002, points 1 to 8). This "Com. A 3500 rate" is still the benchmark in contracts, tax rules and court judgments; the BCRA statistics series 5 starts on 4 March 2002 at ARS 2.0083.

3. The managed float years (2002 to October 2011)

  • No legal peg. Between 2002 and 2011 no decree or BCRA communication in the sources fixes a rate or a band. The market was the single free market of Decree 260/2002, with the BCRA buying and selling in it.
  • The data. Wholesale rate (series 5): 3.363 at end 2002, 2.933 at end 2003, 3.151 at end 2007, 3.4498 at end 2008, 3.9308 on 1 June 2010, 4.2355 on 28 October 2011. In nine years the peso lost about 26% against the dollar while the official CPI rose much faster (series 27), so the peso appreciated in real terms. CPI figures for 2007 to 2015 come from a period later declared a statistical emergency (Decree 55/2016, art. 1); treat real comparisons for those years with caution (unconfirmed).
  • Capital flow controls. Decree 616/2005 imposed a non remunerated deposit on certain inflows; its existence is confirmed by later BCRA texts that amend or repeal it (Com. A 5850, point 19; Com. A 6244, point 4), but its text was not downloaded (unconfirmed).
  • Label. Whether the BCRA described this regime as a "managed float" ("flotación administrada") (unconfirmed).

4. The first cepo (31 October 2011 to 16 December 2015)

  • AFIP validation. AFIP created the "Programa de Consulta de Operaciones Cambiarias" to evaluate "in real time" the fiscal and economic situation of each buyer of foreign currency (RG 3210/2011, 28 October 2011, recitals and art. 1). From 31 October 2011 banks had to consult and register every sale covered by the program, which returned "Validada" or "Con inconsistencias" (Com. A 5239, point 1). Purchases by residents for holding without a specific purpose required validation (point 2). Com. A 5245 (in force 11 November 2011) replaced A 5239 and listed exceptions (points 1 to 4). RG 3356/2012 replaced RG 3210 in August 2012 and required airline or tour operator confirmation for travel purchases (recitals).
  • Holding purchases suspended (6 July 2012). Com. A 5318 suspended "the rules in point 4.2 of the Annex to Com. A 5236" (point II), the rule under which individuals bought foreign currency for holding (unconfirmed). Travel purchases needed a sworn statement, AFIP validation and reasonable amounts (point I, 3.2 and 3.3).
  • Related party services. Payments of listed services to related parties or tax haven residents above US$ 100,000 a year required BCRA approval (Com. A 5318, point I, 3.4).
  • Partial reopening (27 January 2014). Com. A 5526 repealed point II of A 5318 and let resident individuals buy notes "for holding foreign notes in the country" according to income declared to AFIP and "other quantitative parameters", with the amount shown in the AFIP program (point 2). Payment had to come from the buyer's own account (point 4, new 5.1). AFIP added a 20% tax prepayment on those purchases (RG 3583/2014, art. 1, signed 24 January 2014), not applicable when the currency was deposited for at least 365 days in an account in the buyer's name at a local financial entity (art. 1, second paragraph).
  • The card surcharge. Card spending abroad bore a prepayment of income tax or wealth tax of 15% (RG 3378/2012, signed 30 August 2012), raised to 20% (RG 3450/2013, signed 15 March 2013), then 35%, with travel currency purchases added (RG 3550/2013, signed 2 December 2013, art. 1). These percentages were credits against income or wealth tax, not final taxes.
  • The January 2014 devaluation. The wholesale rate moved from 6.8763 on 21 January to 8.0183 on 24 January 2014, up 16.6% in three business days (series 5). The policy decision behind the move is not in the downloaded norms (unconfirmed).

5. Unification and free float (17 December 2015 to 31 August 2019)

  • End of the AFIP validation. From 17 December 2015 the AFIP consultation was abolished and Com. A 5245 repealed (Com. A 5850, point 1). AFIP called the change a "virtual unification" of the market and replaced the 20% and 35% prepayments with a 5% prepayment on tourism services bought through agencies and transport abroad (RG 3819/2015, recitals and art. 5, signed 16 December 2015).
  • Monthly cap. Individuals, companies and local governments could buy for the listed asset concepts without approval up to US$ 2,000,000 per calendar month across all entities (Com. A 5850, point 2(a)); purchases above US$ 500 a month had to be paid from the buyer's own account (point 2(c)); non residents could buy up to US$ 2,500 a month (point 6).
  • One day jump. The wholesale rate went from ARS 9.8268 on 16 December to ARS 13.7633 on 17 December 2015, up 40.1% (series 5).
  • New rulebook (9 August 2016). Com. A 6037 replaced the FX rules with a new ordered text and repealed dozens of earlier communications (points 1 and 2).
  • Full freedom (1 July 2017). "All natural or legal persons... may operate freely in the exchange market" (Com. A 6244, Annex, point 1.1); rates are those "freely agreed between the parties" (point 1.3); the market may operate "without time limits" (point 2.1). Decree 616/2005 provisions were left without effect (point 4). Export proceeds remained subject to mandatory conversion under Decree 2581/1964 as restored by Decree 1606/2001 and Decree 1722/2011 (Annex, point 1.5), though the conversion term mechanics are outside this page.
  • The 2018 crisis and the non intervention zone. The wholesale rate rose from 20.6917 on 27 April to 37.125 on 31 August 2018, up 79.4% (series 5). From 1 October 2018 the BCRA committed to zero growth of the monetary base and defined a non intervention zone between ARS 34 and 44, adjusted daily at 3% a month to the end of 2018; above the zone it would sell up to US$ 150 million a day (BCRA release, 28 September 2018). The zone's later recalibrations in 2019 (unconfirmed).

6. The second cepo (1 September 2019 to 13 April 2025 for individuals; ongoing for companies)

  • Legal basis. DNU 609/2019 (BO 1 September 2019) required export proceeds to be brought in and sold and empowered the BCRA to require prior approval for purchases, distinguishing individuals from companies (arts. 1 and 2; see the economic history page).
  • First rulebook (1 September 2019). Companies needed BCRA approval to buy foreign assets (Com. A 6770, point 5). Individuals needed approval above US$ 10,000 a month for assets, family aid and derivatives (point 6). Non residents needed approval above US$ 1,000 a month (point 7). Dividends needed approval (point 10). Payments between residents in foreign currency could not use the market (point 9).
  • The US$ 200 cap (28 October 2019). The individual threshold fell to US$ 200 a month, paid by debit to the buyer's account, with cash allowed only up to US$ 100 (Com. A 6815, point 1). Non residents: US$ 100 a month (point 2).
  • The PAIS tax (from December 2019). Law 27.541 created, for five fiscal periods, the "Impuesto Para una Argentina Inclusiva y Solidaria" on residents' purchases of notes and currency for holding, card spending abroad, services from non residents paid by card, travel services and international passenger transport (art. 35), at 30% (art. 39). AFIP's collection regime is RG 4659/2020 (BO 7 January 2020). The law's BO date (unconfirmed). Its expiry: "the application of the PAIS tax extends to 22 December 2024 inclusive" (RG 5617/2024, recitals).
  • The 35% prepayment (16 September 2020). AFIP added a 35% prepayment of income tax or wealth tax on the same operations (RG 4815/2020, art. 5, BO 16 September 2020). On the same day the BCRA deducted card spending abroad from the US$ 200 monthly cap (Com. A 7106, point 1), required a 90 day undertaking not to sell securities for dollars (point 3), and barred non residents from selling securities for dollars in the country unless held for a year (point 5).
  • The cross restriction. From 29 May 2020 most market access required a sworn statement of no securities sales for dollars in the previous 90 days (Com. A 7030, point 1); the rule is analysed on the MEP and CCL page.
  • The 45% tier (14 July 2022). For card spending, services and travel (art. 35 (b) to (e) of Law 27.541) the prepayment rose to 45%; purchases for holding stayed at 35% (RG 5232/2022, art. 1).
  • The "Qatar" tier (13 October 2022). Card spending of US$ 300 or more a month per person, and all travel and transport services, bore 45% plus 25% (RG 5272/2022, art. 9, replacing RG 4815 art. 5 (c)). The 25% was creditable against wealth tax or refundable for those who did not pay it (art. 10).
  • The 30% prepayment (from 23 December 2024). When the PAIS tax expired, ARCA replaced RG 4815 with RG 5617/2024 (BO 19 December 2024), a 30% prepayment of income or wealth tax on the same operations (arts. 1 and 6).

7. Exporter rates: soy dollar and blend (2022 to 2025)

  • Soy dollar 1 (5 to 30 September 2022). The "Programa de Incremento Exportador" was created "in an extraordinary and transitory manner" for exporters of the soy products in its Annex (Decree 576/2022, art. 1, BO 5 September 2022). The BCRA was to establish mechanisms so that proceeds were settled at ARS 200 per US dollar (art. 5), for sales and settlement up to 30 September 2022. Producers who sold under the program could not buy savings dollars (Com. A 7609, 19 September 2022, point 1).
  • Soy dollar 2 (28 November to 30 December 2022). Re established at ARS 230 (Decree 787/2022, arts. 1 and 5, BO 28 November 2022).
  • Soy dollar 3 (April and May 2023). Re established at ARS 300 for soy sales up to 31 May 2023, with staged settlement (Decree 194/2023, arts. 1, 3 and 5, BO 10 April 2023); the program extended to other regional products (art. 12). Decrees 378/2023 and 443/2023 followed (unconfirmed).
  • First blend (2 to 25 October 2023). 75% of proceeds sold in the MLC and 25% through securities bought for dollars and sold for pesos (Decree 492/2023, arts. 3 and 6, BO 2 October 2023).
  • 70/30 (23 October to 17 November 2023) for all goods and listed services exports (DNU 549/2023, art. 1); 50/50 to 10 December 2023 (DNU 597/2023, arts. 1 and 2, BO 21 November 2023).
  • 80/20 (13 December 2023 to 13 April 2025). "80% through the MLC", with "the remaining 20%" through securities (DNU 28/2023, art. 1, BO 13 December 2023). Repealed by DNU 269/2025, art. 1 (BO 14 April 2025). The Infoleg header of DNU 28/2023 shows "13-nov-2023" as the signing date while DNU 269/2025 calls it "Decree 28 of 13 December 2023" (unconfirmed).

8. December 2023 to 2026: crawl, band and partial exit

  • New framework (12 December 2023). "The Ministry of Economy announced a new peso dollar rate of $800 in the Single Free Exchange Market"; "in the immediate term a path of 2% monthly displacement is set for the exchange rate" (BCRA release, 12 December 2023). The BCRA called the adjustment "a complementary anchor" to the fiscal anchor and said full credibility required removing controls to achieve "definitive unification" (same release).
  • 1% crawl. "A new displacement path of 1% monthly... beginning on 1 February 2025" (BCRA release, 16 January 2025).
  • Band (14 April 2025). "The dollar quotation in the MLC may fluctuate within a moving band between $1,000 and $1,400, whose limits will widen at a rate of 1% monthly"; the blend is eliminated; FX restrictions on individuals are eliminated (BCRA release, 11 April 2025). At the floor the BCRA buys and does not sterilise; at the ceiling it sells; inside the band it may buy for reserves and sell to moderate "unusual volatility" (same release).
  • Individuals' access. Resident individuals may buy notes for holding or deposit (codes A07 and A09) without BCRA approval if paid by debit to their own account (cash up to US$ 100 a month), the bank registers the operation in the BCRA online system and has evidence of consistent income or assets (Com. A 8226, point 1, in force 14 April 2025). ARCA removed the 30% prepayment on individuals' purchases for holding from 14 April 2025 (RG 5672/2025, art. 1, point 2, adding art. 2 (e) to RG 5617), but kept it on card spending, travel and transport (RG 5617, art. 1 (b) to (e)).
  • The 90 day undertaking returns. From 26 September 2025 individuals buying official dollars for savings must promise not to buy securities settled in foreign currency for 90 days (Com. A 8336; see the MEP and CCL page).
  • 2026: band indexed to CPI. "From 1 January 2026, the ceiling and floor of the floating band will evolve each month at the rate of the latest monthly inflation figure reported by INDEC (T minus 2)", with a reserve purchase program whose base case is US$ 10,000 million in 2026 and daily execution near 5% of market volume (BCRA release, 15 December 2025).
  • Companies. Companies still need BCRA prior approval to buy foreign currency for savings or investment abroad (FX rules, point 3.10, per the exchange controls page).

Step by step

This is the routine an adviser should follow when a contract, a tax return, an audit or a court case asks "what exchange rate applies?".

  1. Fix the date and the legal nature of the operation. Spot conversion of a payment, a dollar debt between residents, a bank deposit, a public contract, a tax base, or a card purchase abroad all used different rates in 2002 and again from 2019 to 2025. Write down the exact date because several regimes changed overnight (17 December 2015, 13 December 2023, 14 April 2025).
  2. Read the contract clause. Many contracts name the "Com. A 3500" rate, the BNA selling rate or a "dólar MEP" rate. If the clause names a rate that no longer exists (for example the 2002 "official market"), check how the governing norm converted it (Law 25.561, art. 8, and Decree 214/2002, arts. 3 and 8, for 2002).
  3. Identify the regime in Table 1 and the norm in Table 6. Download the norm from Infoleg or the BCRA list of communications and confirm the article. BCRA texts change by communication, so the version in force on the date matters.
  4. Get the official number. For any date from 4 March 2002, take the BCRA wholesale reference rate from series 5 in the BCRA statistics API (https://api.bcra.gob.ar/estadisticas/v4.0/monetarias/5). For retail, series 4 starts on 1 June 2010. For the BNA selling rate used by tax rules, use the BNA publication.
  5. Add the legal surcharges if the operation was a card payment, travel service or savings purchase. Use Table 2: 30% PAIS (Law 27.541, art. 39) plus the AFIP or ARCA prepayment of the date.
  6. For exporters, check whether a sector rate applied. Soy dollar decrees (2022 and 2023) and the blend (October 2023 to 13 April 2025) changed the pesos received. The blend part was settled through securities at the CCL rate of the day; no official CCL series exists, so keep the broker's settlement records.
  7. Restate in real terms if the question is economic, not legal. Use the BCRA monthly CPI (series 27) or the CER (series 30). Example 1 below shows the method.
  8. Document. Keep the PDF of the norm, the API extract with the retrieval date, and, for MEP or CCL rates, the broker's trade confirmation. Courts and auditors ask for the source of the rate, not just the number.

Cost to do it. Finding and documenting a historical rate costs nothing in fees: Infoleg, the BCRA communications archive and the BCRA API are free and online, and the work takes from one hour to a day per question. Buying dollars today: individuals pay the bank's spread (on 23 October 2026 the retail average of ARS 1,549.77 was 1.4% above the wholesale 1,528.263, series 4 and 5), no PAIS (expired 22 December 2024) and no prepayment on savings purchases (RG 5617, art. 2 (e)); card spending abroad paid in pesos bears the 30% prepayment, creditable against income or wealth tax (RG 5617, arts. 1, 6 and 7). The transaction settles the same day; no capital or registration is required. Broker fees for MEP (unconfirmed).

Costs and timelines

Table 1. The regimes at a glance

Period Regime Rate rule Core norms Individuals' access to buy dollars
1 Apr 1991 to 6 Jan 2002 Convertibility (legal peg with 100% backing) A 10,000 = US$ 1; from 1 Jan 1992 ARS 1 = US$ 1 Law 23.928 arts. 1, 2, 4; Decree 2128/1991 Free
3 Dec 2001 to 2002 Corralito (bank withdrawal and transfer limits) Peg formally alive until 6 Jan 2002 Decree 1570/2001 art. 2 Cash ARS/US$ 250 a week; transfers abroad restricted
10 Jan to 10 Feb 2002 Dual market Official ARS 1.40; free market for the rest Decree 71/2002 arts. 1, 2 Free market
11 Feb 2002 to 30 Oct 2011 Single free market; managed float in practice (unconfirmed) Market rate; BCRA reference (Com. A 3500) Decree 260/2002; Com. A 3471, A 3500 Largely free (unconfirmed)
31 Oct 2011 to 16 Dec 2015 First cepo Official rate managed; parallel rates emerge RG 3210/2011; Com. A 5239, 5245, 5318, 5526 AFIP validation; holding purchases suspended Jul 2012, reopened Jan 2014 with 20% prepayment
17 Dec 2015 to 30 Jun 2017 Unification, float with residual limits Market rate Com. A 5850, A 6037 Up to US$ 2,000,000 a month without approval
1 Jul 2017 to 31 Aug 2019 Free float; inflation targeting, then from Oct 2018 base money target with non intervention zone Market rate; zone ARS 34 to 44 from 1 Oct 2018, +3% a month Com. A 6244; BCRA release 28 Sep 2018 Free
1 Sep 2019 to 12 Dec 2023 Second cepo; crawling official rate (unconfirmed); multiple rates Official rate managed; tax and sector rates on top DNU 609/2019; Com. A 6770, 6815, 7030, 7106; Law 27.541; RG 4815 US$ 10,000, then US$ 200 a month plus 30% PAIS and 35% prepayment
13 Dec 2023 to 31 Jan 2025 Step devaluation then 2% monthly crawl; 80/20 blend for exporters ARS 800 plus 2% a month BCRA release 12 Dec 2023; DNU 28/2023 US$ 200 cap continues
1 Feb 2025 to 13 Apr 2025 1% monthly crawl +1% a month BCRA release 16 Jan 2025 US$ 200 cap continues
14 Apr 2025 to 31 Dec 2025 Float inside a band; blend eliminated Band ARS 1,000 to 1,400, floor down 1% and ceiling up 1% a month BCRA release 11 Apr 2025; Com. A 8226; DNU 269/2025 No cap; 90 day undertaking from 26 Sep 2025
1 Jan 2026 to date Band indexed to CPI (T minus 2); reserve purchase program Limits move by latest monthly CPI BCRA release 15 Dec 2025 Same as above (unconfirmed)

Table 2. Every official rate type, with dates and norm (Example 2 of some secondary summaries)

"Official" here means a rate set or created by a legal norm or BCRA rule. Rates that exist only in the market (blue, MEP, CCL) are listed separately in Table 3.

Rate What it was Effective dates Formula or level Norm and article
Convertibility rate Legal parity for BCRA sales 1 Apr 1991 to 6 Jan 2002 A 10,000 per US$, then ARS 1 Law 23.928 art. 1; Decree 2128/1991 arts. 2, 3
Official rate 2002 BCRA purchases and sales in the official market 10 Jan to 10 Feb 2002 ARS 1.40 Decree 71/2002 art. 1
Deposit pesification rate Conversion of dollar bank deposits From 3 Feb 2002 (unconfirmed) ARS 1.40 plus CER Decree 214/2002 arts. 2, 4
Debt pesification rate Conversion of dollar debts to banks Same ARS 1.00 plus CER Decree 214/2002 arts. 3, 4
Public contracts rate Public law contracts in dollars From 7 Jan 2002 ARS 1 = US$ 1 Law 25.561 art. 8
Reference wholesale rate ("Com. A 3500") BCRA daily benchmark of the wholesale market From 4 Mar 2002 to date Average of three rounds of MAE quotes Com. A 3500 points 1 to 8
Banco Nación selling rate Conversion rate for PAIS and the perception regimes 2019 to date BNA selling rate at close of the previous business day Law 27.541 art. 39; RG 3819 art. 5 (earlier regime)
"Dólar ahorro" (savings dollar) 2014 to 2015 Holding purchase plus 20% prepayment (none if deposited 365 days) 27 Jan 2014 to 16 Dec 2015 Official × 1.20 Com. A 5526; RG 3583/2014 art. 1
"Dólar tarjeta" 2012 to 2015 Card spending abroad plus prepayment 2012 to 16 Dec 2015 Official × 1.15, 1.20, then 1.35 RG 3378/2012; RG 3450/2013; RG 3550/2013
"Dólar turista" 2016 Tourism services through agencies, transport From 16 Dec 2015 (unconfirmed) Official × 1.05 RG 3819/2015 art. 5
"Dólar solidario" or "ahorro" 2019 to 2020 Holding purchase plus PAIS From Dec 2019 Official × 1.30 Law 27.541 arts. 35, 39
"Dólar ahorro" or "tarjeta" 2020 to 2022 PAIS plus 35% prepayment 16 Sep 2020 to 13 Jul 2022 Official × 1.65 Law 27.541 art. 39; RG 4815/2020 art. 5
"Dólar tarjeta" 2022 PAIS plus 45% on cards and travel 14 Jul to 12 Oct 2022 Official × 1.75 (cards); × 1.65 (savings) RG 5232/2022 art. 1
"Dólar Qatar" Cards at or above US$ 300 a month, travel 13 Oct 2022 to 22 Dec 2024 (unconfirmed) Official × 2.00 RG 5272/2022 art. 9
"Dólar tarjeta" 2024 to date 30% prepayment only 23 Dec 2024 to date Official × 1.30 RG 5617/2024 arts. 1, 6
"Dólar ahorro" 2025 to date Individuals' holding purchases 14 Apr 2025 to date Official, no surcharge Com. A 8226 point 1; RG 5672/2025 art. 1
Soy dollar 1 Adhering soy exporters 5 to 30 Sep 2022 ARS 200 Decree 576/2022 art. 5
Soy dollar 2 Same 28 Nov to 30 Dec 2022 ARS 230 Decree 787/2022
Soy dollar 3 Soy and regional products 10 Apr to 31 May 2023 (soy) ARS 300 Decree 194/2023 arts. 3, 5, 12
Blend 75/25 Exporters adhering to the program 2 to 25 Oct 2023 0.75 × MLC + 0.25 × CCL Decree 492/2023 arts. 3, 6
Blend 70/30 All goods and listed services exporters 23 Oct to 17 Nov 2023 0.70 × MLC + 0.30 × CCL DNU 549/2023 art. 1
Blend 50/50 Same 21 Nov to 10 Dec 2023 0.50 × MLC + 0.50 × CCL DNU 597/2023 arts. 1, 2
Blend 80/20 ("dólar blend") Same 13 Dec 2023 to 13 Apr 2025 0.80 × MLC + 0.20 × CCL DNU 28/2023 art. 1; repealed DNU 269/2025 art. 1
New official rate Step devaluation 13 Dec 2023 ARS 800 announced; 800.525 wholesale on 14 Dec BCRA release 12 Dec 2023; series 5
Crawl 2% Pre announced monthly path 13 Dec 2023 to 31 Jan 2025 +2% a month BCRA release 12 Dec 2023
Crawl 1% Same 1 Feb to 13 Apr 2025 +1% a month BCRA release 16 Jan 2025
Band Float with BCRA intervention at the limits 14 Apr 2025 to date ARS 1,000 to 1,400 at start; ±1% a month in 2025; CPI T minus 2 from 2026 BCRA releases 11 Apr and 15 Dec 2025

Table 3. The gap between official and parallel rates, by period

This is the table some secondary summaries asked for "with data", and it is where the primary sources are thinnest. No Argentine official body publishes a blue rate series, and the BCRA statistics API used here has no MEP or CCL series. What the official sources do give is (a) the legal surcharges, which fix the gap of the tax inclusive "official" rates to the wholesale rate by formula, (b) the sector rates fixed by decree, and (c) a few official statements about the CCL gap.

Period Rate compared Gap over the official wholesale rate How derived Source
1991 to 2001 None 0% (single legal rate) By law Law 23.928 art. 1
Feb 2002 to Oct 2011 Single free market No legal gap; parallel market size (unconfirmed) Decree 260/2002
2012 to 2015 Card dollar 15%, 20%, then 35% Legal surcharge RG 3378, 3450, 3550
Jan 2014 to Dec 2015 Savings dollar 20% Legal surcharge RG 3583/2014 art. 1
2011 to 2015 Blue (unconfirmed)
16 to 17 Dec 2015 Official before and after unification The official rate rose 40.1% in a day, which suggests the order of the gap that was closed (unconfirmed) Series 5 Com. A 5850
2017 to Aug 2019 All rates Unified; no legal gap Com. A 6244 point 1.1
Dec 2019 to Sep 2020 Savings and card dollar 30% PAIS Law 27.541 art. 39
Sep 2020 to Jul 2022 Savings and card dollar 65% PAIS 30% + 35% RG 4815/2020 art. 5
Jul to Oct 2022 Card dollar 75% PAIS 30% + 45% RG 5232/2022 art. 1
Sep 2022 Soy dollar 1 vs wholesale 140.2 on 5 Sep 2022 42.7% 200 ÷ 140.2 Decree 576/2022; series 5
Oct 2022 to Dec 2024 "Qatar" card dollar 100% 30% + 45% + 25% RG 5272/2022 art. 9
Nov 2022 Soy dollar 2 vs 166.625 on 28 Nov 2022 38.0% 230 ÷ 166.625 Decree 787/2022; series 5
Apr 2023 Soy dollar 3 vs 213.3283 on 10 Apr 2023 40.6% 300 ÷ 213.3283 Decree 194/2023; series 5
Dec 2023 CCL "exceeded 170%", "the highest value in all recent history" Official statement DNU 269/2025 recitals
Dec 2023 "The exchange rate gap" (rate not named) "close to 180%" Official statement DNU 179/2025 recitals
Apr 2025 CCL "has narrowed notably" (no figure) Official statement DNU 269/2025 recitals
23 Oct 2026 MEP (dólar MEP selling rate (dolarapi.com)) vs wholesale 1,528.263 2.3% 1,563.90 ÷ 1,528.263 Brief (unconfirmed); series 5
23 Oct 2026 MEP (dólar MEP selling rate (dolarapi.com)) vs retail 1,549.77 0.9% 1,563.90 ÷ 1,549.77 Brief (unconfirmed); series 4
23 Oct 2026 Card dollar 30% Prepayment RG 5617/2024 art. 6

Reading the table: the legal surcharges (the 30% today on card spending) are not a market gap. They are tax prepayments that a taxpayer who files income or wealth tax returns can credit (RG 5617/2024, art. 7). The economic gap is the one between the official and the MEP or CCL rate, which official sources quantify only at its December 2023 peak.

Table 4. Wholesale rate at turning points (BCRA series 5, ARS per US$)

Date Rate Change Event
1 Apr 1991 to 6 Jan 2002 1 (A 10,000 until 1991) Convertibility
Jan 2002 1.40 official Decree 71/2002
4 Mar 2002 2.0083 First day of series 5
26 Jun 2002 3.8675 2002 peak
31 Dec 2003 2.933 Managed float
28 Oct 2011 4.2355 Eve of the first cepo
21 to 24 Jan 2014 6.8763 to 8.0183 +16.6% January 2014 devaluation (unconfirmed)
16 to 17 Dec 2015 9.8268 to 13.7633 +40.1% Unification, Com. A 5850
27 Apr to 31 Aug 2018 20.6917 to 37.125 +79.4% 2018 crisis
9 to 13 Aug 2019 45.4033 to 56.3167 +24.0% Post primary election shock (unconfirmed)
2 Sep 2019 57.0917 First business day of the second cepo
30 Dec 2020 84.145
30 Dec 2021 102.75
11 to 14 Aug 2023 287.2917 to 349.975 +21.8% August 2023 step (unconfirmed)
12 to 14 Dec 2023 366.5 to 800.525 +118.4% New framework
30 Dec 2024 1,032.5 End of the 2% crawl year
11 to 14 Apr 2025 1,078.375 to 1,182.4167 +9.6% Band starts
30 Dec 2025 1,459.4167
23 Oct 2026 1,528.263 +4.7% since 30 Dec 2025 Band indexed to CPI

Table 5. The crawl in the data (BCRA series 5, last business day of each month)

Month end Rate Note
29 Dec 2023 808.4833
31 Jan 2024 826.25 +2.2%
28 Jun 2024 911.75
30 Dec 2024 1,032.5 Average monthly change over 2024: 2.06% (808.4833 to 1,032.5 over 12 months)
31 Jan 2025 1,053.5
31 Mar 2025 1,073.875 Average monthly change February and March: 0.96%
30 Apr 2025 1,172.0 Band
31 Jul 2025 1,351.8333
31 Oct 2025 1,443.0 Mid term elections in October 2025 (BCRA release, 15 Dec 2025, mentions the electoral uncertainty)
30 Jan 2026 1,447.6657
31 Mar 2026 1,382.7578 Peso appreciation in early 2026
30 Jun 2026 1,483.0198 June depreciation noted by the BCRA (Monetary Policy Report, June 2026, para. 38)
30 Sep 2026 1,517.5209

The 2024 data confirm the 2% path in practice; the February and March 2025 data confirm the 1% path.

Table 6. Timeline of norms with Boletín Oficial dates

BCRA communications are not published in the BO; the date shown is the date of issue and, when different, the date in force.

Norm BO or issue date What it did Article or point
Law 23.928 BO 28 Mar 1991 Convertibility, 100% backing, indexation ban 1, 2, 4, 7, 10, 11
Decree 2128/1991 BO 17 Oct 1991 Peso = A 10,000 = US$ 1 from 1 Jan 1992 1 to 3
Decree 1570/2001 BO 3 Dec 2001 Corralito 2
Law 25.561 BO 7 Jan 2002 Emergency; FX power; public contracts at 1:1 1 to 4, 8
Decree 71/2002 BO 10 Jan 2002 Official ARS 1.40, free market for the rest 1, 2
Decree 214/2002 BO 4 Feb 2002 Pesification 1.40 and 1.00, CER 2 to 4
Decree 260/2002 BO 8 Feb 2002 Single free FX market 1, 2
Com. A 3471 Issued 8 Feb 2002, in force 11 Feb 2002 MULC rules; 90 day approval for debt and dividends 1 to 5
Com. A 3500 Issued 1 Mar 2002 Reference rate method 1 to 8
Decree 616/2005 Inflow controls, non remunerated deposit 4 (unconfirmed)
AFIP RG 3210/2011 Signed 28 Oct 2011 AFIP validation program 1
Com. A 5239 Issued 28 Oct 2011, in force 31 Oct 2011 Banks must consult AFIP 1, 2
Com. A 5245 Issued 10 Nov 2011, in force 11 Nov 2011 Replaces A 5239; exceptions 1 to 4
Com. A 5318 Issued 5 Jul 2012, in force 6 Jul 2012 Holding purchases suspended; travel and services rules I, II
AFIP RG 3356/2012 Signed 3 Aug 2012 New validation program Recitals
AFIP RG 3378/2012 Signed 30 Aug 2012 15% on card spending abroad 1
AFIP RG 3450/2013 Signed 15 Mar 2013 20% 1, 5
AFIP RG 3550/2013 Signed 2 Dec 2013 35%; travel currency included 1
AFIP RG 3583/2014 Signed 24 Jan 2014 20% on holding purchases 1
Com. A 5526 Issued and in force 27 Jan 2014 Holding purchases reopened by income 1, 2
AFIP RG 3819/2015 Signed 16 Dec 2015 5% on tourism services; earlier regimes repealed 5, 9
Com. A 5850 Issued and in force 17 Dec 2015 Unification; US$ 2 million monthly 1, 2, 6
Com. A 6037 Issued 8 Aug 2016, in force 9 Aug 2016 New FX rulebook 1, 2
Com. A 6244 Issued 19 May 2017, in force 1 Jul 2017 Free operation in the FX market Annex 1.1, 1.3
BCRA release 28 Sep 2018 Non intervention zone ARS 34 to 44
DNU 609/2019 BO 1 Sep 2019 Controls return 1, 2
Com. A 6770 Issued 1 Sep 2019 Prior approval; US$ 10,000 individual cap 5, 6, 10
Com. A 6815 Issued and in force 28 Oct 2019 US$ 200 cap 1, 2
Law 27.541 PAIS tax 30% for five fiscal periods 35, 39
AFIP RG 4659/2020 BO 7 Jan 2020 PAIS collection regime
Com. A 7030 Issued 28 May 2020, in force 29 May 2020 90 day cross restriction 1
AFIP RG 4815/2020 BO 16 Sep 2020 35% prepayment 5
Com. A 7106 Issued 15 Sep 2020, in force 16 Sep 2020 Card spending deducted from the cap 1, 3, 5
Com. A 7340 Issued 12 Aug 2021, in force 13 Aug 2021 Securities settlement only via own accounts 4.3.3
AFIP RG 5232/2022 BO 14 Jul 2022 45% on cards and travel 1
Decree 576/2022 BO 5 Sep 2022 Soy dollar ARS 200 1, 5
Com. A 7609 Issued 19 Sep 2022, in force 20 Sep 2022 Program sellers barred from savings dollars 1, 2
AFIP RG 5272/2022 BO 13 Oct 2022 "Qatar" 45% + 25% 9, 10
Decree 787/2022 BO 28 Nov 2022 Soy dollar ARS 230 1
Decree 194/2023 BO 10 Apr 2023 Soy dollar ARS 300 1, 3, 5, 12
Decree 492/2023 BO 2 Oct 2023 Blend 75/25 3, 6
DNU 549/2023 BO 23 Oct 2023 Blend 70/30 1
DNU 597/2023 BO 21 Nov 2023 Blend 50/50 1, 2
BCRA release 12 Dec 2023 ARS 800; 2% crawl
DNU 28/2023 BO 13 Dec 2023 Blend 80/20 1
ARCA RG 5617/2024 BO 19 Dec 2024 30% prepayment after PAIS 1, 5
BCRA release 16 Jan 2025 1% crawl from 1 Feb 2025
DNU 179/2025 BO 11 Mar 2025 IMF EFF operations; gap "close to 180%" Recitals
BCRA release 11 Apr 2025 Band ARS 1,000 to 1,400
Com. A 8226 Issued 11 Apr 2025, in force 14 Apr 2025 Individuals freed 1 to 5
ARCA RG 5672/2025 BO 14 Apr 2025 No 30% on individuals' holding purchases 1
DNU 269/2025 BO 14 Apr 2025 Blend repealed 1
ARCA RG 5677/2025 BO 16 Apr 2025 Listed digital platforms excluded from the 30% 1
Com. A 8336 26 Sep 2025 in force 90 day undertaking for individuals See MEP page
BCRA release 15 Dec 2025 Band indexed to CPI from 1 Jan 2026

Worked examples

Example 1. US$ 10,000 converted into pesos in each regime, in pesos of the day and in real terms

Question. A foreign company or an expat sold US$ 10,000 for pesos at the official rate on a key date in each regime. How many pesos did it get, and what were those pesos worth in today's money?

Method.

  1. Pesos of the day = US$ 10,000 × official rate of the date (Law 23.928 art. 1 for 1991; Decree 71/2002 art. 1 for January 2002; BCRA series 5 from March 2002).
  2. Restate in September 2026 pesos by compounding the BCRA monthly CPI (series 27) from the month after the reference month to September 2026. The reference month is the month before the conversion for conversions early or mid month, and the conversion month for 31 December 2003 and 28 October 2011.
  3. Divide by today's rate to express the real value in current dollars: wholesale ARS 1,528.263 (series 5) and MEP ARS 1,563.90 (dólar MEP selling rate (dolarapi.com)).

A result above US$ 10,000 means the dollar bought more Argentine goods then than it does now (the peso was cheap in real terms). A result below US$ 10,000 means the peso was expensive (overvalued) then.

Conversion date Rate Pesos of the day CPI factor to Sep 2026 Value in Sep 2026 pesos US$ at wholesale today US$ at MEP today (unconfirmed)
1 Apr 1991 (Convertibility) A 10,000, i.e. ARS 1 10,000 (A 100,000,000) 1,336.48 (from Mar 1991) 13,364,800 8,745 8,546
10 Jan 2002 (official 1.40) 1.40 14,000 855.03 (from Dec 2001) 11,970,450 7,833 7,654
26 Jun 2002 (peak) 3.8675 38,675 678.91 (from May 2002) 26,256,855 17,181 16,789
31 Dec 2003 (managed float) 2.933 29,330 585.90 (from Dec 2003) 17,184,561 11,245 10,988
28 Oct 2011 (eve of cepo) 4.2355 42,355 301.83 (from Oct 2011) 12,784,040 8,365 8,174
16 Dec 2015 (last day of cepo) 9.8268 98,268 172.42 (from Nov 2015) 16,943,822 11,087 10,834
17 Dec 2015 (unified) 13.7633 137,633 172.42 23,731,317 15,528 15,174
2 Sep 2019 (cepo returns) 57.0917 570,917 52.05 (from Aug 2019) 29,717,256 19,445 19,002
12 Dec 2023 (before the step) 366.5 3,665,000 4.4416 (from Nov 2023) 16,278,471 10,652 10,409
14 Dec 2023 (after the step) 800.525 8,005,250 4.4416 35,556,135 23,266 22,736
11 Apr 2025 (end of crawl) 1,078.375 10,783,750 1.4981 (from Mar 2025) 16,155,070 10,571 10,330
14 Apr 2025 (band) 1,182.4167 11,824,167 1.4981 17,713,713 11,591 11,327
23 Oct 2026 (today) 1,528.263 15,282,630 1.0000 15,282,630 10,000 9,772

Step by step for one row (14 December 2023).

  • Pesos of the day: 10,000 × 800.525 = ARS 8,005,250.
  • CPI factor: monthly inflation from December 2023 (25.5%) to September 2026 (1.9%), compounded, equals 4.4416 (series 27).
  • Real value: 8,005,250 × 4.4416 = ARS 35,556,135 in September 2026 pesos.
  • In today's dollars: 35,556,135 ÷ 1,528.263 = US$ 23,266 at the wholesale rate, or 35,556,135 ÷ 1,563.90 = US$ 22,736 at the 23 Oct 2026 dólar MEP rate.
  • Reading: right after the December 2023 devaluation, a dollar sold in the official market bought about 2.3 times as many Argentine goods as a dollar sold on 23 October 2026. The peso has appreciated strongly in real terms since then: prices rose by a factor of 4.44 while the official rate rose by a factor of 1.91 (1,528.263 ÷ 800.525).

What the table shows.

  • Convertibility was an expensive peso. US$ 10,000 converted in 1991 bought goods worth about US$ 8,745 today, and the January 2002 official rate of 1.40 still left the peso expensive (US$ 7,833).
  • Devaluations make the dollar cheap in real terms, then inflation erodes the gain. Mid 2002, December 2015, September 2019 and December 2023 all show real values far above US$ 10,000. Each was followed by real appreciation.
  • The cepo years hid a strong peso at the official rate. On 28 October 2011 the official rate gave US$ 8,365 of today's value. On 16 December 2015 it gave US$ 11,087, while the next day the unified rate gave US$ 15,528. The 40.1% one day jump was the gap closing.
  • Today is near the middle of the range. By construction the 23 October 2026 row equals US$ 10,000 at the wholesale rate.

Limits. The calculation ignores US inflation (no US price index was downloaded). CPI data for 2007 to 2015 may understate inflation (Decree 55/2016), which would understate the real values in the 2011 and 2015 rows. Monthly CPI is rounded to one decimal, so factors are approximate. Before 2002 the rate is the legal parity; there was no market reference series.

Example 2. The same card bill at five dates: how legal surcharges made the "dólar tarjeta"

Question. A resident pays a US$ 1,000 hotel bill abroad with an Argentine credit card and settles it in pesos. What did it cost in pesos at the official rate plus the legal surcharges?

For simplicity the wholesale rate (series 5) stands in for the BNA selling rate that the rules actually use (Law 27.541, art. 39; RG 3819/2015, art. 5).

Date Official rate Surcharges in force Multiplier Pesos paid Of which creditable prepayment Of which final tax (PAIS)
30 Dec 2013 6.518 35% (RG 3550/2013) 1.35 8,799.30 2,281.30 0
30 Dec 2019 59.8908 (27 Dec) PAIS 30% (Law 27.541 art. 39) 1.30 77,858.04 0 17,967.24
30 Dec 2020 84.145 PAIS 30% + 35% (RG 4815 art. 5) 1.65 138,839.25 29,450.75 25,243.50
30 Dec 2022 177.1283 PAIS 30% + 45% + 25% (RG 5272 art. 9; bill ≥ US$ 300 a month) 2.00 354,256.60 123,989.81 53,138.49
23 Oct 2026 1,528.263 30% (RG 5617 art. 6) 1.30 1,986,741.90 458,478.90 0

Arithmetic for 30 December 2022. Base: 1,000 × 177.1283 = ARS 177,128.30. PAIS 30%: 53,138.49. Prepayment 45%: 79,707.74. Prepayment 25%: 44,282.08. Total: 177,128.30 + 53,138.49 + 79,707.74 + 44,282.08 = ARS 354,256.61 (rounded in the table), exactly twice the base. The 45% and 25% (ARS 123,989.82) were credits against income or wealth tax, and the 25% could be refunded to someone who paid neither (RG 5272/2022, art. 10). PAIS was a final cost.

Arithmetic for 23 October 2026. Base: 1,000 × 1,528.263 = ARS 1,528,263. Prepayment 30%: ARS 458,478.90. Total ARS 1,986,741.90, about US$ 1,270 at the 23 Oct 2026 dólar MEP rate (1,986,741.90 ÷ 1,563.90). If the cardholder files income tax and can absorb the credit, the true cost is the base, ARS 1,528,263 (about US$ 977 at MEP). Paying the card bill with own dollars avoids the prepayment altogether, because it applies "to the extent and in the proportion that the operations are paid in pesos" and require access to the FX market (RG 5617, art. 1, last paragraph).

Lesson. The "dólar tarjeta" was never a market rate. It was the official rate times a legal multiplier, and most of the multiplier was a tax credit. A company reimbursing employees' card expenses should record the base and the creditable part separately.

Example 3. A soy exporter in September 2022 and a goods exporter under the 80/20 blend

Part A: soy dollar 1. An exporter adhered to the program and settled US$ 1,000,000 of soy proceeds on 5 September 2022.

  1. Program rate: ARS 200 per US$ (Decree 576/2022, art. 5). Pesos: 1,000,000 × 200 = ARS 200,000,000.
  2. Official wholesale rate the same day: ARS 140.2 (series 5). Pesos at that rate: ARS 140,200,000.
  3. Extra pesos from the program: ARS 59,800,000, or 42.7% more.
  4. Today's equivalent of the extra: not meaningful without restating by CPI; in nominal terms, ARS 59,800,000 is about US$ 38,238 at the 23 Oct 2026 dólar MEP rate. Restated with the CPI method of Example 1, the reader should compound series 27 from September 2022 [not computed here].
  5. Cost: the producer that sold under the program could not buy official savings dollars (Com. A 7609, point 1). Export duties were paid in advance on the program's terms (unconfirmed).

Part B: 80/20 blend. A manufacturer exported US$ 1,000,000 on 14 December 2023, with the official rate at ARS 800.525 (series 5).

  1. 80% in the MLC: 800,000 × 800.525 = ARS 640,420,000 (DNU 28/2023, art. 1).
  2. 20% through securities: the exporter buys bonds abroad with US$ 200,000 and sells them in Buenos Aires for pesos at the CCL rate of the day. No official CCL figure for that date is in the sources (unconfirmed). For illustration only, if the CCL were 25% above the official rate (ARS 1,000.66), the 20% would give 200,000 × 1,000.66 = ARS 200,132,000.
  3. Total under the illustration: ARS 840,552,000, an effective rate of ARS 840.55, which is 0.8 × 800.525 + 0.2 × 1,000.66.
  4. General formula: effective rate = 0.8 × official + 0.2 × CCL. The blend's premium over the official rate equals 20% of the CCL gap. With a gap of 170% (DNU 269/2025, recitals), the premium would have been 34%; with a gap of 25%, only 5%.
  5. After 14 April 2025 the blend no longer exists (DNU 269/2025, art. 1): 100% of the proceeds are sold in the MLC.

Lesson for audits and transfer pricing. Revenue booked in 2023 to 2025 by exporters reflects two rates. Auditors and tax inspectors will ask for the securities trades that settled the blend part.

Practical traps

  1. "The official rate" is not one number. From 2002 the BCRA reference rate (Com. A 3500) is the wholesale benchmark; tax rules use the BNA selling rate (Law 27.541, art. 39; RG 3819/2015, art. 5); retail banks charge their own spread (series 4). Name the rate in every contract.
  2. January 2002 had two legal rates. Decree 71/2002 created an official market at 1.40 and a free market for the rest (arts. 1 and 2). Contracts and judgments from that month often fight over which one applies.
  3. Pesification was asymmetric. Deposits at 1.40, bank debts at 1.00 (Decree 214/2002, arts. 2 and 3). Never assume one conversion rate for both sides of a 2002 balance sheet.
  4. Tax surcharges are not market rates. The 35%, 45%, 25% and 30% prepayments were credits for taxpayers. Using the "tarjeta" rate to value assets or to set prices overstates the dollar.
  5. Soy and blend rates were opt in and sector specific. Do not use them to value non export transactions.
  6. Parallel rates have no official source. If a contract or a damages claim relies on the blue rate, the evidence will be private publications, not BCRA data (unconfirmed). MEP and CCL can be proven with broker trade confirmations.
  7. CPI for 2007 to 2015. Official inflation in those years is contested (Decree 55/2016). Real comparisons across those years are approximate.
  8. The "cepo exit" was for individuals. Since 14 April 2025 individuals buy without a cap (Com. A 8226), but companies still need approval to buy foreign assets (point 3.10) and face the 90 day cross restrictions (see the MEP and CCL page). Do not tell a board "controls are gone".
  9. The band is not a peg. Inside the band the rate floats; the BCRA intervenes at the limits and may buy reserves inside (BCRA release, 11 April 2025). Budgets should model the rate anywhere in the band.
  10. Band limits after 2026 depend on CPI with a two month lag (BCRA release, 15 December 2025). The exact daily path of the limits is not in the release (unconfirmed).
  11. Infoleg dates can be wrong. The Infoleg header of DNU 28/2023 shows a November signing date; DNU 269/2025 says 13 December 2023. Check the BO.
  12. Old FX communications are often replaced, not amended. Com. A 6037 (2016) and A 6244 (2017) repealed dozens of earlier communications; quote the version in force on the date.

Recent changes

  • 12 December 2023. New official rate ARS 800 and 2% monthly crawl (BCRA release). The wholesale rate was 800.525 on 14 December 2023 (series 5).
  • 13 December 2023. 80/20 blend for exporters (DNU 28/2023, art. 1).
  • 19 December 2024. RG 5617/2024 replaced RG 4815 with a 30% prepayment, effective as the PAIS tax ended on 22 December 2024 (recitals; arts. 1 and 6).
  • 1 February 2025. Crawl cut to 1% a month (BCRA release, 16 January 2025).
  • 11 March 2025. DNU 179/2025 recorded that the gap had been "close to 180%" when the government took office (recitals).
  • 14 April 2025. Band regime; individuals' cap removed (Com. A 8226); 30% removed on individuals' holding purchases (RG 5672/2025); blend repealed (DNU 269/2025).
  • 16 April 2025. Listed digital service platforms excluded from the 30% (RG 5677/2025, art. 1).
  • 26 September 2025. 90 day undertaking for individuals buying savings dollars (Com. A 8336; see the MEP and CCL page).
  • 20 October 2025. US Treasury FX stabilisation agreement for up to US$ 20,000 million (BCRA release list, 20 October 2025).
  • 1 January 2026. Band limits move by the latest monthly CPI (T minus 2); reserve purchase program (BCRA release, 15 December 2025).
  • January to July 2026. BCRA bought US$ 13,337 million; the band was described as a "shock absorber" (Monetary Policy Report, June 2026, paras. 38 and 39).
  • 26 October 2026. Infoleg's list of norms modifying RG 5617 shows only RG 5672/2025 and RG 5677/2025 (retrieved 26 October 2026), so the 30% card prepayment appears unchanged (unconfirmed).

Pending changes

  • Band values. The BCRA release does not publish a table of daily floor and ceiling values, and the sources do not say whether the floor also moves up by CPI from 2026 or keeps falling (unconfirmed). A rough estimate of the ceiling (1,400 grown 1% a month to December 2025, then by monthly CPI) would put it well above the 23 October 2026 rate, but this is an editorial estimate, not an official figure (unconfirmed).
  • Company access. No source sets a date for removing prior approval for companies' foreign asset purchases (point 3.10).
  • The 30% card prepayment. It has no expiry date in RG 5617 (unconfirmed).
  • The 90 day undertaking for individuals (Com. A 8336) remains; the CNV holding rules are described as "extraordinary and transitory" without an end date (see the MEP and CCL page).
  • Criminal Exchange Regime Law. Still the 1971 law (t.o. 1995); reform (unconfirmed).
  • Status August to October 2026. No BCRA FX policy release after 15 December 2025 was found in the downloaded list; a separate check found no new FX circular from A 8482 to A 8497 (16 September to 22 October 2026) (unconfirmed).

FAQ

1. What was Convertibility, legally? A statute, Law 23.928, that fixed A 10,000 per dollar from 1 April 1991 (art. 1), obliged the BCRA to sell dollars at that rate (art. 2) and required reserves of at least 100% of the monetary base (art. 4). From 1 January 1992 the new peso made it ARS 1 = US$ 1 (Decree 2128/1991). It was not a formal currency board, but it worked like one. Congress repealed the peg articles in January 2002 (Law 25.561, art. 3).

2. Why did 2002 have rates of 1.00, 1.40 and then a float? Because each served a different purpose. Dollar bank debts were converted at 1.00 and deposits at 1.40 (Decree 214/2002, arts. 2 and 3); the BCRA's official market used 1.40 in January 2002 (Decree 71/2002, art. 1); from 11 February 2002 all operations went through a single free market (Decree 260/2002; Com. A 3471). The free rate peaked at 3.8675 on 26 June 2002 (series 5).

3. What was the "cepo" of 2011 to 2015? Exchange controls built on AFIP validation of each purchase (RG 3210/2011; Com. A 5239), the suspension of holding purchases in July 2012 (Com. A 5318), their partial reopening in January 2014 against income with a 20% prepayment (Com. A 5526; RG 3583/2014), and card surcharges of up to 35% (RG 3550/2013). It ended on 17 December 2015 (Com. A 5850).

4. Which rates existed between 2019 and 2023? The official rate (MLC); the savings or card rate with PAIS and AFIP prepayments (30% plus 35%, later 45% and 25% on cards); the soy dollar (ARS 200, 230, 300); the blend for exporters (75/25 to 80/20); and the market rates MEP and CCL (legal) and blue (illegal, with no official data). Table 2 lists every official one with its norm.

5. Is the blue dollar legal? No. Buying or selling foreign currency outside authorised entities is covered by the Criminal Exchange Regime (Com. A 3471, point 3; Com. A 6244, Annex, point 1.6). MEP and CCL are lawful because they are securities trades within CNV and BCRA rules (see the MEP and CCL page).

6. What exactly happened on 12 to 14 December 2023? The Ministry of Economy announced ARS 800 per dollar and the BCRA a 2% monthly crawl (BCRA release, 12 December 2023). The wholesale rate rose from 366.5 to 800.525 (series 5), up 118.4%. The next day the 80/20 blend started for exporters (DNU 28/2023).

7. Did Argentina exit the cepo in April 2025? For individuals, yes: the US$ 200 cap and its conditions were removed from 14 April 2025 (Com. A 8226, points 1 and 2) and the 30% prepayment on their holding purchases ended (RG 5672/2025). For companies, no: buying foreign assets still needs BCRA approval and the cross restrictions remain. Dividends were opened only for financial years starting from 1 January 2025 (BCRA release, 11 April 2025).

8. What is the regime in October 2026? A float inside a band whose limits, from 1 January 2026, move by the latest monthly CPI with a two month lag, plus a BCRA reserve purchase program (BCRA release, 15 December 2025). The BCRA confirmed the band in its June 2026 report. No later change appears in the sources (unconfirmed).

9. How large is the gap today? Small. With the 23 Oct 2026 dólar MEP rate of 1,563.90 against the wholesale 1,528.263, the gap is 2.3% on 23 October 2026, and 0.9% against the retail average (series 4 and 5). In December 2023 the official statement put the CCL gap above 170% (DNU 269/2025).

10. Which rate should my contract use? For peso settlement of dollar amounts, most practitioners name the BCRA Com. A 3500 reference rate of a fixed day, with a fallback. If the parties want the rate at which dollars can actually be obtained through securities, they name MEP or CCL with a defined source. The contract law questions are on other guide pages (unconfirmed).

11. Why does the real value of US$ 10,000 swing so much in Example 1? Because devaluations are sudden and inflation is gradual. After each step devaluation (2002, 2015, 2019, 2023) a dollar bought much more in Argentina; then local prices caught up while the rate moved slowly, and the peso appreciated in real terms.

12. Where can I get the historical official rate for free? The BCRA statistics API: series 5 (wholesale, from 4 March 2002) and series 4 (retail, from 1 June 2010), as JSON at https://api.bcra.gob.ar/estadisticas/v4.0/monetarias/5 and /4.

Published 27 Oct 2026 from our research draft. Points marked (unconfirmed) have not yet been checked line by line against the official text; rely on the primary sources linked below before acting, and expect this page to change as we verify it.

Primary sources

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