Dólar MEP and CCL: legal bond swap exchange in Argentina

Key rules

How MEP and CCL work

The mechanism in one paragraph

Many securities listed in Argentina trade in three "currencies" on the same exchange: pesos, dollars paid locally, and dollars paid abroad. The market convention is a ticker suffix: AL30 (pesos), AL30D (dollars paid locally, MEP) and AL30C (dollars paid abroad, cable) (unconfirmed). The Ministry of Economy itself uses the short name "AL30" for the Argentine law version of the "BONOS DE LA REPÚBLICA ARGENTINA EN DÓLARES ESTADOUNIDENSES STEP UP 2030" and "GD30" for the "BONOS GLOBALES DE LA REPÚBLICA ARGENTINA EN DÓLARES ESTADOUNIDENSES STEP UP 2030" (Joint Resolution SH/SF 27/2025, recitals and arts. 1 and 2). The resolution says both were issued "en el marco de la ley 27.544", while the AL30 terms appear in Annex III of Law 27.556 (unconfirmed). If you buy 1,000 nominal of AL30 in pesos and sell the same 1,000 nominal of AL30 for dollars, you have exchanged pesos for dollars at the ratio of the two prices. That ratio is the MEP rate if the dollar leg is local, and the CCL rate if the dollar leg is abroad.

Why bonds and not dollars

The official FX market is the only place where foreign currency itself may be bought and sold, and only through entities authorised by the BCRA (Decree 609/2019 and FX rules point 1.1, see Exchange controls). A securities trade through a CNV registered agent (Law 26.831, art. 47: to act as an agent, a person needs CNV authorisation and registration) is a different legal act. The BCRA does not prohibit it. It regulates its interaction with the official market (points 3.8.5, 3.14.1.2, 3.16.3 and 4.3) and asks the CNV to regulate the trading side. The CNV recitals say so expressly: the BCRA "solicitó formalmente" the CNV to adopt measures "a los fines de evitar las prácticas y operaciones elusivas" (RG 1062/2025 and RG 1128/2026, recitals).

Which securities can be used

No norm in the sources lists the securities "allowed" for MEP or CCL. In principle any security that has both a peso and a dollar line in a CNV authorised market can be used. AL30 and GD30 are the usual examples because they are liquid sovereign bonds. Points to know:

• AL30 is under Argentine law; GD30 is under foreign law. AL30 was issued on 4 September 2020 under Law 27.556 (Annex III, item A: "Ley aplicable: se regirán por la Ley de la REPÚBLICA ARGENTINA"). GD30 was issued in the foreign law exchange (unconfirmed). The CNV has at times set longer holding periods for foreign law securities (for example 3 business days in RG 959/2023 and 5 business days in RG 979/2023 for sales settled abroad). Since RG 988/2023 the rule has been the same for both laws.
• AL30 amortises. AL30 repays principal in 12 equal semiannual instalments every 4 March and 4 September, from 4 March 2025 to 4 September 2030, and pays interest at 0.75% a year from 4 September 2023 to 4 September 2027 and 1.75% after (Law 27.556, Annex III, item A). By 23 October 2026, four instalments (March 2025, September 2025, March 2026, September 2026) have been paid, so each unit of original nominal value has a residual value of 8/12, that is 66.67% (own calculation from Law 27.556, Annex III). Prices are commonly quoted per 100 of original nominal value (Joint Resolution 27/2025 uses "por cada valor nominal original dólares estadounidenses cien (VNO USD 100)"). Check whether your broker screen quotes per original or per residual value (unconfirmed).
• Minimum unit. AL30 has a minimum denomination of US$1.00 (Law 27.556, Annex III, item A). You can only trade whole units, so the dollar result is never exactly round.
• Other instruments. CEDEARs, corporate bonds (ONs) and shares can also have dollar lines. They carry different risks (price, liquidity) and, for non individuals, different treatment in the BCRA statements: buying CEDEARs is itself a listed operation in points 3.16.3.1 v) and 3.16.3.2 v), and holdings of CEDEARs count toward the USD 100,000 liquid foreign assets ceiling (point 3.16.2.1).

A reference price from an official source: on 17 June 2025 the Treasury bought AL30 from the BCRA at ARS 80,080 per VNO USD 100 and GD30 at ARS 82,320 per VNO USD 100, settlement "veinticuatro horas (24 hs)" (Joint Resolution 27/2025, recitals and arts. 1 and 2). The resolution gives peso prices only, so it cannot be used to compute an implied MEP rate. It shows that GD30 traded at a peso premium to AL30 on that day.

MEP and CCL compared

A. BCRA: individuals (points 3.8 and 3.14)

1. Savings purchases at the official market. Resident individuals may buy foreign currency for holding or deposit (codes A07 and A09) without BCRA prior approval if they pay by debit to their own account (cash use limited to USD 100 a month), the bank registers the operation in the BCRA online system and the bank has evidence of income or assets consistent with the saving (points 3.8.1 to 3.8.4; Com. A 8226, point 1).
2. The 90 day promise after official access. The bank must obtain a sworn statement in which the individual promises not to make, directly or indirectly or through third parties, purchases of securities settled in foreign currency from the moment of access and for the 90 calendar days that follow (point 3.8.5, text given by Com. A 8336). Two exceptions: primary subscriptions of debt issued by residents held at least 15 business days (point 3.8.5.1), and reinvestment within 15 business days of foreign currency collections of principal or interest of Treasury or BCRA securities (point 3.8.5.2).
3. What the promise does and does not cover. The text covers "compras" (purchases) settled in foreign currency. Buying MEP dollars means buying a security in pesos and selling it for dollars, so on the words of point 3.8.5 it is not caught. Selling dollars through MEP (buying the bond with dollars and selling it for pesos), or simply investing dollars in a bond or a CEDEAR through its dollar line, is a purchase settled in foreign currency and is caught. This reading follows the text; banks and brokers may apply a wider internal policy (unconfirmed).
4. No lookback for individuals. The statements on prior securities trades (points 3.16.3.1 and 3.16.3.2) do not apply to resident individuals' outflows (Com. A 8226, point 4). An individual who bought MEP dollars last week can buy official dollars today.
5. Transfers of own dollars abroad. An individual who transfers dollars from a local account to an own account abroad needs registration in the BCRA online system and the same 90 day promise not to buy securities settled in foreign currency, with the same two exceptions (points 3.14.1.1 and 3.14.1.2). Com. A 8417 provides for a new online system that applies once the BCRA announces it (Com. A 8417, point 7.1; see Exchange controls).
6. Bank insiders. From 19 September 2025, Com. A 8332 introduced the 90 day promise only for shareholders with 5% or more of a financial entity, directors, statutory auditors, managers and their relatives. Com. A 8336 extended it to all individuals from 26 September 2025.

B. BCRA: companies and other non individual clients (points 3.16.3 and 4.3)

1. The two way 90 day statement. For any outflow through the official market, a client that is not a resident individual needs BCRA prior approval unless it declares that on the day of access and in the previous 90 calendar days, directly, indirectly or through third parties, it has not (i) sold securities in Argentina for foreign currency; (ii) swapped resident issued securities for foreign assets; (iii) transferred securities to foreign depositaries; (iv) bought in Argentina securities issued by non residents settled in pesos; (v) bought CEDEARs; (vi) bought private debt issued under foreign law; or (vii) delivered pesos or other local assets to anyone in exchange for foreign assets, crypto assets or securities held abroad (point 3.16.3.1). It must promise the same for the 90 calendar days after access (point 3.16.3.2).
2. Group and controller statements. A legal entity must also list its direct controllers and group companies (point 3.16.3.3) and declare that in the previous 90 days it has not delivered pesos or liquid local assets to any of them, except for ordinary purchases of goods and services (point 3.16.3.4). Point 3.16.3.7 accepts alternatives, including a statement signed by each recipient of the funds that it complied with points 3.16.3.1 and 3.16.3.2 (point 3.16.3.7 ii) and iii)).
3. Exclusions from the 90 day count. Among others: transfers of securities abroad to take part in a debt exchange or buyback; delivery of local assets to repay foreign official credit agencies or banks under a guarantee clause; and sales of securities for foreign currency when all the proceeds are used within 10 calendar days to pay, from maturity, new foreign financial debt disbursed from 2 October 2023 with at least one year of grace, repatriation of direct investment received from 2 October 2023 made at least one year after the contribution, or certain local foreign currency bonds (point 3.16.3.6 i) to iii)); and BOPREAL sales up to the amount subscribed (point 3.16.3.6 iv) and v); point 4.8.2).
4. Outflows to which the statement does not apply. Operations under point 3.14.2, repayment of local bank foreign currency financing (including card spending), certain automatic transfers for non resident beneficiaries, and the portfolio repatriations referred to in point 3.16.3.5 iv) (point 3.16.3.5). On the cross reference in item iv), see Practical traps.
5. Settlement mechanics. Purchases and sales of securities settled in foreign currency by clients that are not resident individuals must be paid (a) by transfer to and from the client's own sight accounts at local financial entities, or (b) by cable to the client's own account at a foreign bank not located in a FATF non cooperative or insufficiently cooperative jurisdiction (points 4.3.2.1 and 4.3.2.2). Settlement in cash, into custody accounts or into third party accounts is prohibited, except a BOPREAL related cable to third party accounts (point 4.3.2, closing paragraph; point 4.3.2.3).
6. Transactions abroad cannot settle in pesos. Securities trades agreed abroad may not be settled in pesos in Argentina (point 4.3.1).
7. Financial entities. Banks may not buy securities in the secondary market settled in foreign currency for their own account (point 5.9.3).

C. CNV: Title XVIII, Chapter V of the CNV Rules (N.T. 2013)

1. Holding period before a sale for dollars. For clients that are not resident individuals, a sale of securities settled in foreign currency, in any jurisdiction and whatever the governing law, requires a minimum holding period of 1 business day counted from the credit of the security in the central securities depositary (ADCVN) (art. 2, first paragraph, as replaced by RG 1062/2025). The period does not apply to purchases settled in foreign currency, nor to sales in the local jurisdiction of securities bought in pesos with UVA mortgage loan funds applied to buying a home (art. 2, second paragraph).
2. No sale for dollars while borrowing pesos. Brokers (ALyC and AN) may not process sales settled in foreign currency, locally or abroad, for clients (individuals or companies) that hold peso borrowing positions in "cauciones" or "pases" or any other peso financing in the capital market. They may not finance the purchase of the securities to be sold and must obtain a sworn statement from each client, except for publicly offered debt issues (art. 2, third and fourth paragraphs). Exceptions apply to BOPREAL bought in primary subscriptions and to the UVA mortgage case (art. 2, sixth paragraph). This restriction is not limited to non resident or corporate clients: its text refers to "clientes ordenantes", individuals or legal entities ("personas humanas o jurídicas").
3. Transfers abroad of securities bought in pesos. For clients that are not resident individuals, transferring to a foreign depositary securities bought with pesos also requires 1 business day of holding, except for primary placements of Treasury securities or BOPREAL, the BOPREAL related cases, and shares and CEDEARs (art. 2, last paragraphs).
4. Incoming transfers. For clients that are not resident individuals, securities received from a foreign depositary may not be used to settle foreign currency trades until 1 business day has passed from their credit (art. 3, as replaced by RG 1062/2025).
5. Daily cap for foreign and intermediary clients (art. 6 ter). For the operations listed in points 3.16.3.1 and 3.16.3.2 of the BCRA rules (including transfers abroad of resident issued securities), brokers must check that (a) foreign clients with a CDI or CIE that are not regulated intermediaries trade for their own portfolio with own funds and do not exceed ARS 200,000,000 of daily volume; (b) regulated foreign intermediaries do not exceed ARS 200,000,000 per underlying local client or for their own account (with a carve out for ADR dividend operations); and (c) clients with a CUIT acting for third parties do not exceed ARS 200,000,000 a day for all third parties together. The cap applies per subaccount and to all subaccounts of the same holder. For sales settled in foreign currency the peso price of the previous day is used (art. 6 ter, text of RG 1128/2026).
6. Exceptions to the daily cap. The cap does not apply to transfers abroad of: securities with amortisation dates at least 2 years after issue, Treasury securities with amortisation dates at least 180 days after issue, or BOPREAL, in each case when acquired in a primary placement and up to the nominal value subscribed; securities of any law and any term held at least 365 calendar days in the client's own subaccount at the ADCVN (added by RG 1128/2026); Treasury securities acquired by reinvesting services of 180 day or longer peso Treasury securities bought in primary placements (added by RG 1093/2025, applicable to transfers made from 1 December 2025); the BOPREAL related cases; redemptions of dollar mutual funds; and certain sales (BOPREAL from primary subscriptions; UVA mortgage case) (art. 6 ter, exceptions I to IV).
7. Know your client. Brokers must apply their client risk profile duties (Title VII, arts. 12 j) of Chapter I and 16 j) of Chapter II, referred to in art. 2) and the UIF capital markets rules (art. 6 ter refers to UIF rules and Title XI, art. 4).

D. Criminal Exchange Regime Law (Law 19.359, t.o. 1995 by Decree 480/1995)

1. What is an offence. Any exchange negotiation made without the intervention of an authorised institution; operating in exchange without authorisation; any false declaration related to exchange operations; failure to correct declarations; any exchange operation not made for the amount, currency, rate, term and other conditions set by the rules; and any act or omission that breaches the exchange regime (art. 1 a) to f)). The BCRA rules state that breaches of the FX rules fall under this law (FX rules, point 1.5).
2. Penalties. First offence: fine of up to 10 times the amount of the operation. First repeat offence: prison of 1 to 4 years or a fine of 3 to 10 times. Second repeat offence: prison of 1 to 8 years and the maximum fine. Suspension or cancellation of licences and disqualification of up to 10 years may be added. When directors, managers or representatives act for a company, the company is also fined and the fine is joint and several on the company and the individuals involved (art. 2 a) to f)). Voluntary correction of a false declaration within 15 days reduces the fine to one quarter (art. 2 g)).
3. Procedure. The BCRA investigates, may require information from any person, conducts the summary proceeding (up to 360 business days) and sends the case to the criminal economic courts (arts. 5 and 8). Records must be kept for at least 10 years (art. 5). The action prescribes after 6 years (art. 19). Precautionary measures include denying FX authorisations and prohibiting departure from the country (art. 17).
4. Status. Infoleg records that Decree 480/1995 "no es complementada ni modificada por ninguna norma" (Infoleg record id 27436, retrieved 26 October 2026). The amounts in art. 4 are updated only to 31 March 1991. Whether later laws amended the regime without being linked in Infoleg is not confirmed (unconfirmed).

E. Tax

1. Individuals resident in Argentina: securities gains. Gains from the sale of securities covered by ITL art. 98 that are not shares (for example sovereign bonds) are exempt for resident individuals if the securities are listed on CNV authorised markets (ITL art. 26 u), last paragraph, added by Law 27.541 art. 34). Where the gain is not exempt, the rate is 5% for peso securities without adjustment and 15% for adjustable or foreign currency securities (ITL art. 98, a) and b)), and exchange differences are not part of the gross gain on foreign currency securities (ITL art. 98, rule (i)).
2. Non residents. Gains of foreign beneficiaries from the sale of Argentine government securities (and certain ONs, mutual fund units and ADRs) are exempt, provided the beneficiary does not reside in, and the funds do not come from, a non cooperative jurisdiction (ITL art. 26 u), fourth paragraph). LEBAC are excluded.
3. Cost basis. For securities, the cost is the purchase price for acquisitions in the same year, or the inventory value at the start of the year; first in, first out (ITL art. 67).
4. Companies. For Argentine companies, results on securities and exchange differences are part of business income taxed under the corporate scale (25%, 30% and 35% for 2026, ARCA "Escala 2026"). The scale's 2026 brackets are ARS 0 to 133,514,185.74 (US$85,372.59 at MEP (unconfirmed)), up to ARS 1,335,141,857.38 (US$853,725.85 (unconfirmed)) and above. See the corporate income tax page.
5. Personal assets tax. Securities issued by the Nation, provinces, municipalities and the City of Buenos Aires are exempt from personal assets tax (Law 23.966, art. 21 g)). Peso and foreign currency deposits in Argentine financial entities are exempt (art. 21 h)). Dollars held as cash at home, or abroad, are not covered by these exemptions. Whether a dollar balance held at a broker counts as a "deposit" for art. 21 h) is not resolved in the sources (unconfirmed).
6. Tax on debits and credits. Transfers between accounts of the same holder are exempt (Decree 380/2001, art. 10 b), as replaced by Decree 301/2021), but whether a broker account counts as an "account" of the same holder is unresolved; the bank tax page analyses this (unconfirmed). Brokers' own accounts used exclusively for their activity are exempt (Decree 380/2001, art. 10 a)).

Legal status: what is lawful and what is not

Lawful:

• Buying and selling listed securities in pesos and dollars through a CNV registered broker, with own accounts, respecting the CNV holding periods and caps and, if you accessed or will access the official market, the BCRA 90 day statements.
• For resident individuals, buying MEP dollars without a cap and without any effect on a later official purchase.
• For companies, using MEP or CCL, provided they accept that they cannot access the official market (without prior approval) during the 90 days before and after. There is no prohibition on a company doing MEP or CCL as such; the consequence is the loss of official market access.

Not lawful or risky:

• Buying or selling dollars in cash with an unlicensed dealer ("dólar blue", "cuevas"): an exchange negotiation without an authorised institution (art. 1 a)) and, for the dealer, operating in exchange without authorisation (art. 1 b)).
• Settling securities trades in dollar cash or through third party accounts, for clients that are not resident individuals (point 4.3.2).
• Signing a 90 day sworn statement that is false, or breaking the promise after access (points 3.8.5, 3.16.3.1 and 3.16.3.2; art. 1 c) and f)).
• Using intermediaries or related parties to do the securities leg "indirectly or through third parties": the BCRA texts expressly cover "de manera directa o indirecta o por cuenta y orden de terceros" (points 3.8.5 and 3.16.3.1), and point 3.16.3.1 vii) covers any delivery of pesos in exchange for foreign assets or crypto assets.
• Splitting trades across subaccounts to beat the ARS 200,000,000 cap: the cap applies to all subaccounts of the same holder (art. 6 ter).

Uncertain:

• The criminal regime applies to breaches of the FX rules (point 1.5). Whether a breach of a CNV holding period is a criminal exchange offence or only a capital market infraction for the broker is not settled in the sources (unconfirmed).
• Whether informal crypto "stablecoin" purchases for pesos fall under the Criminal Exchange Regime Law is not addressed in the sources; for companies point 3.16.3.1 vii) treats peso for crypto swaps as a blocking operation. See the VASP page (unconfirmed).

Step by step

1. Open a broker account (ALyC or AN)

• Who. A CNV registered agent (Law 26.831, art. 47). The Capital Markets Law defines "agentes de liquidación y compensación" as legal entities registered with the CNV (art. 2). Check the agent in the CNV public register before you send money.
• What they will ask. As capital market reporting parties under the AML rules, brokers must identify individuals with full name and identity document (DNI for residents; passport or identity card for foreigners), nationality, date and place of birth, marital status, CUIL, CUIT or CDI, address, phone and email, occupation, and PEP and terrorism financing screening (UIF Resolution 78/2023, art. 22). Companies provide name, registration data, CUIT, CDI or CIE, bylaws, legal address, activity, representatives and board members (art. 23), plus the beneficial owner (see AML and KYC). Expect a risk profile questionnaire (CNV Rules Title VII, arts. 12 j) and 16 j), referred to in art. 2 of Title XVIII Chapter V).
• Tax key. A resident needs a CUIL or CUIT. A foreign client without CUIT trades with a CDI or a CIE; such clients fall under the art. 6 ter cap.
• Bank links. Register your own peso and dollar bank accounts with the broker. For non individual clients, settlement must be to and from own accounts (point 4.3.2); for individuals, brokers in practice also require own accounts (unconfirmed).
• Time and cost. Online opening is typical; account opening fees and custody fees vary by broker and are not regulated in the sources (unconfirmed).

2. Fund the account with pesos

Transfer pesos from your own bank account to the broker. Check the bank tax treatment (Decree 380/2001, art. 10 b)) with your bank (unconfirmed). Do not have a third party pay for you: for non individuals it breaks point 4.3.2, and for anyone it is an AML red flag.

3. Check the BCRA and CNV conditions before trading

• Individuals: did you buy official dollars or transfer own dollars abroad in the last 90 days? If so, you can still buy MEP dollars (sale of securities for dollars) on the text of point 3.8.5, but you cannot sell dollars through MEP or buy any security with dollars until day 91, unless one of the two exceptions applies (unconfirmed). Do you have an open peso caución or other peso financing in the capital market? Close it first (art. 2).
• Companies and non residents: did you, or (for companies) any controller or group company, access the official market in the last 90 days, or do you plan to in the next 90 days? A MEP or CCL sale will breach the promise given at that access (point 3.16.3.2) or block the next access (point 3.16.3.1). Check the group statements (points 3.16.3.3, 3.16.3.4, 3.16.3.7).

4. Buy the bond in pesos

Place a purchase order for AL30 (or another security with a dollar line) in pesos. Settlement may be immediate or next day depending on the term chosen (unconfirmed).

5. Wait if required

• Resident individuals: no CNV wait (RG 1062/2025).
• Everyone else: 1 business day counted from the credit of the security at the central depositary (art. 2). If the purchase settles next day, the credit happens then, so the earliest sale is the following business day (unconfirmed).

6. Sell the bond for dollars

• MEP: sell AL30 in the local dollar line (AL30D convention (unconfirmed)). Dollars are credited to your dollar account at the broker and can be transferred to your own dollar account at an Argentine bank.
• CCL: sell in the cable line (AL30C convention (unconfirmed)) with settlement to your own foreign bank account. Non individual clients must use an own account at a bank outside FATF high risk lists (point 4.3.2.2). Foreign CDI/CIE clients must stay under ARS 200,000,000 a day (art. 6 ter).

7. Move the dollars and keep the file

Keep the trade confirmations ("boletos"), bank statements and, for companies, the sworn statements given to banks. The BCRA can review up to six years back (Criminal Exchange Regime Law, art. 5, last paragraph) and records must be kept ten years (art. 5).

8. Report

• Individuals: the gain on listed sovereign bonds is exempt (ITL art. 26 u)), but holdings at 31 December go into the annual personal assets and income tax returns filed with ARCA (unconfirmed). Brokers have reporting obligations to ARCA and the CNV that are not in the sources (unconfirmed).
• Companies: record the trade and the exchange result in the accounts; the result is taxable business income. Keep a calendar of the 90 day windows for every group company.

Costs and timelines

Table 1. Thresholds and periods in force on 23 October 2026

Table 2. Penalties under the Criminal Exchange Regime Law (t.o. 1995)

Table 3. Tax treatment of a MEP or CCL round trip

Table 4. Timeline of norms (dates of issue; BO dates for CNV resolutions)

Worked examples

Example 1. Resident individual buys US$10,000 through MEP

Hypothetical inputs. Bond prices are chosen so that the implied rate equals the 23 Oct 2026 dólar MEP rate of ARS 1,563.90 per US$ (unconfirmed). Broker commission 0.50% per leg, 21% VAT on the commission and market fees of 0.01% per leg are assumptions, not sourced figures (unconfirmed).

Facts. Ana, an Argentine tax resident, wants about US$10,000 in Ana's own dollar savings account in Buenos Aires. Ana has pesos in an own peso account, bought no official dollars in the past 90 days and holds no peso cauciones.

Step 1. Prices. AL30 in pesos: ARS 938.34 per unit of original nominal value. AL30 in local dollars: US$0.60 per unit. Implied rate: 938.34 ÷ 0.60 = ARS 1,563.90 per US$.

Step 2. Quantity. US$10,000 ÷ 0.60 = 16,666.67 units. The minimum denomination is US$1 (Law 27.556, Annex III), so Ana buys 16,667 units. Gross dollar proceeds: 16,667 × 0.60 = US$10,000.20.

Step 3. Peso leg.

Step 4. Holding period. None for a resident individual (RG 1062/2025). Ana sells the same day the bond is credited.

Step 5. Dollar leg.

Step 6. Effective rate. ARS 15,735,494.55 ÷ US$9,938.70 = ARS 1,583.25 per US$, that is 1.24% above the screen MEP rate. Total costs are ARS 96,181.77 on the peso leg (US$61.50 at MEP) plus US$61.50 on the dollar leg, about US$123 in all.

Step 7. Bank tax sensitivity. If the bank charged the 0.6% debit tax on the ARS 15,735,494.55 transfer to the broker (that is, if the same holder exemption were held not to apply), the cost would be ARS 94,412.97 (US$60.37), and the effective rate would rise to about ARS 1,592.75 (unconfirmed).

Step 8. Price risk. If the two legs are done minutes apart, the bond price can move. A 0.5% fall in the dollar price between the legs would cost about US$50. Doing both legs at the same moment, or using a broker tool that pairs them, reduces this risk (unconfirmed).

Step 9. Tax. Any gain on the bond is exempt for a resident individual because AL30 is listed on a CNV market (ITL art. 26 u), last paragraph), and the exchange difference is not part of the gross gain anyway (ITL art. 98 (i)). Dollars in an Argentine bank account are exempt from personal assets tax (Law 23.966 art. 21 h)). AL30 still held at 31 December would also be exempt (art. 21 g)).

Step 10. Consequences for the official market. None. Points 3.16.3.1 and 3.16.3.2 do not apply to resident individuals (Com. A 8226, point 4). Tomorrow Ana can buy official dollars under point 3.8. But after doing so, Ana cannot use MEP to sell dollars, or buy any bond with dollars, for 90 days (point 3.8.5).

Comparison with the official market. At the official market Ana would pay the bank's agreed rate (point 1.3) plus the bank's commission and would have to show consistent income or assets (point 3.8.4). The official rate on 23 October 2026 is not in the sources, so the gap cannot be computed here. As a formula: gap equals the MEP effective rate divided by the official effective rate, minus 1.

Cost to do it: ARS 15.74 million of capital; about US$123 of costs (1.24%) on these assumptions (unconfirmed); same day once the account is open.

Example 2. A foreign parent takes US$1 million out of Argentina: official repatriation vs CCL, rules at 23 October 2026

Hypothetical facts. The official and CCL rates, and the costs, are assumptions for illustration only: official rate ARS 1,530.00, CCL rate ARS 1,580.00, bank FX cost 0.20%, CCL trading costs 1.00% in total. None of these comes from a source (unconfirmed). Tax on the capital reduction itself is outside this page; see the repatriation page.

Facts. ParentCo (a company resident in a cooperative jurisdiction) owns 100% of ArgCo SA. ArgCo approves a capital reduction and pays ParentCo ARS 1,563,900,000 (US$1,000,000 at MEP (unconfirmed)) into ParentCo's peso account in Argentina on 23 October 2026. ParentCo wants dollars in its account in New York. Two histories:

• Case A. ParentCo brought the capital in as dollars and converted them through the official market on 2 February 2026.
• Case B. ParentCo's capital came in 2019.

Step 1. Is the official route open? Point 3.13.1.7 allows non residents to repatriate direct investment without BCRA prior approval for contributions brought in and converted through the official market from 2 October 2020, if at least 180 calendar days have passed since conversion for contributions from 21 April 2025, or 2 years for contributions between 2 October 2020 and 20 April 2025.

• Case A: 2 February 2026 + 180 days = 1 August 2026. On 23 October 2026 the condition is met. Official route open.
• Case B: a 2019 contribution is outside point 3.13.1.7. Unless another item of point 3.13.1 applies, it needs BCRA prior approval. Official route closed in practice (unconfirmed).

Step 2. Official route numbers (Case A).

Conditions: ParentCo signs the point 3.16.3 statements because it is not a resident individual. It must not have sold securities for dollars or done the other listed operations in the 90 days before, and must not do them for 90 days after (points 3.16.3.1, 3.16.3.2). As a legal entity it also gives the group statements (points 3.16.3.3, 3.16.3.4). The liquid foreign assets statement does not apply to point 3.13 operations (point 3.16.2, last paragraph, item i)). Time: one to a few days for the bank file (unconfirmed).

Step 3. CCL route numbers (Case A or B).

Step 4. CCL timing for a foreign company client.

• ParentCo is a client with a CDI or CIE (not a regulated intermediary), so the art. 6 ter cap of ARS 200,000,000 a day applies to the sales for dollars, measured at the previous day's peso price. ARS 1,563,900,000 ÷ 200,000,000 = 7.82, so at least 8 trading days.
• Each lot must be held 1 business day from its credit at the ADCVN before it is sold for dollars (art. 2). Buying on day 1 and selling on day 2 and so on gives a schedule of about 9 business days (unconfirmed).
• The 365 day exception of RG 1128/2026 does not help: it applies to transfers abroad of securities held a year, not to newly bought bonds.
• Settlement must be by cable to ParentCo's own account at a foreign bank outside FATF high risk lists (point 4.3.2.2), not to a third party or custody account (point 4.3.2).

Step 5. The 90 day consequences.

• For ParentCo. Each sale for dollars starts a 90 day window during which ParentCo cannot sign the point 3.16.3.1 statement. If the last CCL sale is on, say, 5 November 2026, ParentCo cannot use point 3.13.1.7 or any other official outflow without prior approval until 4 February 2027 (90 days after 5 November 2026 is 3 February 2027; the declaration covers the day of access and the 90 days before it) (unconfirmed). Mixing routes (part official, part CCL) only works if the official part is done first and the CCL part waits until after the 90 day promise expires.
• For ArgCo. ArgCo delivered pesos to its controller on 23 October 2026. That is a delivery under point 3.16.3.4 unless an alternative of point 3.16.3.7 applies. Under point 3.16.3.7 ii), ArgCo can rely on a statement signed by ParentCo that it complied with points 3.16.3.1 and 3.16.3.2. In the official route ParentCo can sign it. In the CCL route ParentCo cannot, so ArgCo cannot access the official market for imports, services or debt until 90 days after the payment: 23 October 2026 + 90 days = 21 January 2027 is the last day of the window; first clear day 22 January 2027 (unconfirmed). The rule on recipients' statements says that for point 3.16.3.2 the recipient's statement covers only up to the 90th day after receipt (point 3.16.3.7 ii), second paragraph).

Step 6. Tax. ParentCo's gain or loss on the AL30 round trip is exempt for a foreign beneficiary that is not in a non cooperative jurisdiction (ITL art. 26 u), fourth paragraph). The capital reduction itself may have tax effects for ArgCo and ParentCo (unconfirmed).

Step 7. Comparison (Case A).

On these assumptions the official route wins by about US$40,200 and keeps ArgCo's FX access open. In Case B the official route is not available without prior approval, so CCL is the practical exit, at the price of the 90 day lock for ArgCo. If ArgCo needs to pay imports in November or December 2026, plan them before the peso payment, or pay the parent only after those imports are paid.

Cost to do it: capital ARS 1,563,900,000; costs about US$2,000 (official) or about US$9,900 (CCL) on these assumptions (unconfirmed); time days (official) or about 9 business days (CCL), plus 90 days of blocked access in the CCL route.

Example 3. The individual round trip that is caught

Hypothetical. On 1 October 2026 Bruno buys US$5,000 at the bank's official rate under point 3.8 and signs the point 3.8.5 promise. On 10 October Bruno wants to sell those dollars through MEP because the MEP rate is above the official rate. To do so Bruno would have to buy AL30 in dollars (a purchase settled in foreign currency) and sell it in pesos. That purchase falls inside the 90 day promise. 1 October 2026 + 90 days = 30 December 2026; the first day outside the promise is 31 December 2026 (unconfirmed). Breaching the sworn statement is a "falsa declaración" or an act against the exchange regime under the Criminal Exchange Regime Law (art. 1 c) and f)), with fines up to 10 times the operation (art. 2 a)), that is up to US$50,000 on US$5,000 (ARS 78,195,000 at MEP (unconfirmed)).

Practical traps

1. "Purchase" versus "sale" in point 3.8.5. The individual's 90 day promise bans purchases of securities settled in foreign currency. Buying MEP dollars is not that; selling MEP dollars is. Some brokers block both (unconfirmed).
2. Two directions for companies. Points 3.16.3.1 and 3.16.3.2 look back and forward. One CCL trade can block an import payment months later.
3. Group contamination. A sister company's CCL trade does not block you directly, but peso transfers to group companies or controllers that did CCL do (points 3.16.3.4 and 3.16.3.7).
4. Peso cauciones. Holding a peso borrowing position at any broker blocks sales for dollars, for every client type (art. 2). Close the caución before the trade.
5. AL30 residual value. After four amortisations the residual value is 66.67% of the original nominal (Law 27.556, Annex III). Order sizes based on "nominal" can be off by a third if you confuse original and residual nominal (unconfirmed).
6. Coupon and amortisation dates. On 4 March and 4 September AL30 pays interest and principal (Law 27.556, Annex III). Prices drop ex coupon; a trade across those dates can show an apparent loss.
7. Cross reference error in point 3.16.3.5 iv). That item exempts "repatriaciones de inversiones de portafolio de no residentes" by reference to point 3.13.1.12, but point 3.13.1.12 deals with RIGI vehicle repatriations; portfolio repatriations are in point 3.13.1.13 (unconfirmed).
8. Non residents and the old ban. Com. A 7106 (point 5) barred non residents from selling securities for foreign currency in Argentina unless held for a year. That wording does not appear in the consolidated text at 14 September 2026; the communication that removed it was not identified (unconfirmed).
9. Day count. BCRA windows are calendar days; CNV holding periods are business days counted from the credit at the depositary. Settlement terms move the credit date.
10. The CDI/CIE cap uses the previous day's price. In a volatile market the peso value used for the cap can differ from the actual trade value (art. 6 ter).
11. Joint and several liability. Directors and managers who sign false statements for a company can be personally liable for the fine (art. 2 f)).
12. MEP is not "MEP". The BCRA "Medio Electrónico de Pagos" is an interbank payment system; the dólar MEP is a securities trade (see Banking and payments).
13. Rates are not official. Contracts that refer to "dólar MEP" or "CCL" must define the source and time of the rate; no norm in the sources publishes one (unconfirmed).

Recent changes

• 13 December 2023 to 2024. CNV RG 988/2023 (BO 14 December 2023) moved every client to a 1 business day holding period. RG 990/2024 (BO 6 February 2024) unified the art. 6 ter cap at ARS 200,000,000 and added BOPREAL exceptions. RG 1018/2024 (BO 19 September 2024) removed the ban on sales for dollars when the client had foreign currency borrowing positions and the prior information regime. RG 1022/2024 (BO 4 October 2024) redefined the exception for transfers abroad.
• 14 April 2025. Com. A 8226 lifted the cap on individuals' official savings purchases, exempted individuals from point 4.3.2 and from the two way 90 day statement, and disregarded operations up to 11 April 2025 in the statements (points 1 to 5). CNV RG 1062/2025 (BO 15 April 2025) removed the holding periods for resident individuals at the BCRA's request of 13 April 2025 (recitals).
• 29 May and 12 June 2025. RG 1067/2025 and RG 1068/2025 narrowed and then widened the art. 6 ter exception for primary placements (2 year amortisation; Treasury 180 days).
• 19 and 26 September 2025. Com. A 8332 and Com. A 8336 reintroduced the 90 day promise, first for bank insiders and then for all individuals buying official savings dollars.
• 1 December 2025. RG 1093/2025 added the exception for reinvested Treasury services.
• 9 and 10 April 2026. Com. A 8417 announced a new online system for individuals' transfers of own dollars abroad (point 7.1). CNV RG 1128/2026 (BO 10 April 2026) added the 365 day holding exception to the daily cap.
• 14 September 2026. Consolidated FX text updated with Com. A 8481. A check by another page of the guide found no new FX circular from A 8482 to A 8497 (16 September to 22 October 2026) (unconfirmed).

Pending changes

• Transitional character of the CNV rules. The CNV repeats that its measures are "extraordinario y transitorio" until the causes disappear (RG 1062/2025 and RG 1128/2026, recitals). Further easing is likely to come one resolution at a time at the BCRA's request; there is no announced end date (unconfirmed).
• New BCRA online system for transfers abroad. Com. A 8417, point 7.1, applies once the BCRA announces availability (unconfirmed).
• Criminal Exchange Regime reform. The law dates from 1971, ordered in 1995, with fines tied to the operation amount and updating only to 1991 (art. 4). Any reform bill is not in the sources (unconfirmed).
• CNV RG 808/2019, 810/2019 and 2020 to 2022 texts. Not downloaded; their content in Table 4 is limited to what the later recitals and Infoleg summaries state (unconfirmed).
• Ticker conventions, settlement terms and market fees. These are exchange rules (BYMA, A3) that are not on government domains (unconfirmed).

FAQ

1. Is buying dólar MEP legal? Yes. It is a purchase and sale of listed securities through a CNV registered agent (Law 26.831, art. 47), not an exchange negotiation outside an authorised institution (Criminal Exchange Regime Law, art. 1 a)). The BCRA regulates its interaction with the official market (points 3.8.5, 3.16.3 and 4.3) and the CNV regulates holding periods (Title XVIII, Chapter V).

2. Is there a monthly limit on MEP purchases for individuals? No limit appears in the sources. The CNV holding period no longer applies to resident individuals (RG 1062/2025). The ARS 200,000,000 daily cap of art. 6 ter applies to foreign CDI/CIE clients and to clients acting for third parties, not to a resident individual trading on own account. Brokers apply AML profile limits (UIF Resolution 78/2023) (unconfirmed).

3. If I buy official dollars at my bank, can I buy MEP dollars afterwards? On the text of point 3.8.5, yes: the promise covers purchases of securities settled in foreign currency, and buying MEP dollars means selling the security for dollars. What you cannot do for 90 days is sell dollars through MEP or buy any security with dollars, except the two 15 business day exceptions (points 3.8.5.1 and 3.8.5.2). Check your broker's policy (unconfirmed).

4. If I buy MEP dollars, can I then buy official dollars? Yes, if you are a resident individual. The 90 day lookback of point 3.16.3.1 does not apply to resident individuals since 14 April 2025 (Com. A 8226, point 4).

5. Can my company buy MEP dollars? Yes, but it then needs BCRA prior approval for any official market outflow during the 90 days after the trade (point 3.16.3.1), and any official access in the 90 days before the trade breaks the promise it signed then (point 3.16.3.2). It must also hold the bond 1 business day before selling it for dollars (art. 2) and settle through its own accounts (point 4.3.2).

6. What is the difference between MEP and CCL? Where the dollars land. MEP pays into an account in Argentina; CCL pays into an account abroad. For companies and non residents, CCL must settle by cable to the client's own foreign account at a bank outside FATF high risk jurisdictions (point 4.3.2.2).

7. How long does it take? For a resident individual, same day once the account is funded, because no holding period applies (RG 1062/2025). For companies and non residents, at least one business day between buying and selling each lot (art. 2), and more days if the CDI/CIE cap of ARS 200,000,000 a day applies (art. 6 ter).

8. Do I pay income tax on the MEP trade? A resident individual's result on listed sovereign bonds is exempt (ITL art. 26 u), last paragraph), and exchange differences are not part of the gain (ITL art. 98 (i)). Foreign beneficiaries are exempt on government securities unless they are in a non cooperative jurisdiction (art. 26 u), fourth paragraph). Companies include the result in taxable business income.

9. Do the dollars count for personal assets tax? Dollars deposited in an Argentine bank are exempt (Law 23.966, art. 21 h)). Sovereign bonds are exempt (art. 21 g)). Cash at home and accounts abroad are not covered by those exemptions. A dollar balance at a broker is unclear (unconfirmed).

10. Can a foreign shareholder use CCL to take out a peso dividend? Yes, as a securities trade, subject to the 1 business day hold, the ARS 200,000,000 daily cap and own account settlement. The paying company is then blocked from the official market for 90 days because it delivered pesos to its controller (point 3.16.3.4), unless an alternative statement under point 3.16.3.7 is available. The dividends page compares this with BOPREAL.

11. What happens if I use the "blue" dollar? Buying or selling foreign currency without an authorised institution is an offence (art. 1 a)). The first offence carries a fine of up to 10 times the amount; repeat offences can lead to prison of 1 to 4 years and then 1 to 8 years (art. 2). The BCRA investigates and can look back six years (arts. 5 and 19).

12. Can I use someone else's broker account or bank account? No. Third party settlement is prohibited for non individual clients (point 4.3.2), and the BCRA statements cover operations done "indirectly or through third parties" (points 3.8.5, 3.16.3.1). For anyone it creates AML and criminal exchange exposure.

13. Does the AL30 still work if part of it has been repaid? Yes. AL30 keeps trading after each amortisation; its residual value falls by 1/12 of the original nominal on each payment date (Law 27.556, Annex III). The implied exchange rate is unaffected because both price lines refer to the same residual bond.

Primary sources

• BCRA, consolidated text "Exterior y Cambios", updated to 14 September 2026 (last communication A 8481) (points 1.3, 1.5, 3.8, 3.13.1.7, 3.13.1.12, 3.13.1.13, 3.14.1, 3.16.2, 3.16.3
• Com. A 8226, 11 April 2025, points 1 to 6
• Com. A 8332, 18 September 2025
• Com. A 8336, 26 September 2025
• Com. A 8417, 9 April 2026
• Com. A 7552, 21 July 2022
• Com. A 7340, 12 August 2021
• Com. A 7106, 15 September 2020
• Com. A 7030, 28 May 2020
• Com. A 7001, 30 April 2020
• Com. A 6770, 1 September 2019
• RG 1128/2026, BO 10 April 2026
• RG 1093/2025, BO 1 December 2025
• RG 1068/2025, BO 12 June 2025
• RG 1067/2025, BO 29 May 2025
• RG 1062/2025, BO 15 April 2025
• RG 1052/2025, BO 16 January 2025
• RG 1022/2024, BO 4 October 2024
• RG 1018/2024, BO 19 September 2024
• RG 1004/2024, BO 10 June 2024
• RG 995/2024, BO 4 April 2024
• RG 990/2024, BO 6 February 2024
• RG 988/2023, BO 14 December 2023
• RG 984/2023, BO 30 November 2023
• RG 979/2023, BO 6 October 2023
• RG 959/2023, BO 2 May 2023
• RG 1122/2026, BO 31 March 2026 (broker financial liabilities reporting; background only)
• Infoleg search used to list the 36 resolutions amending Chapter V (text "capitulo V del titulo XVIII")
• Criminal Exchange Regime Law, t.o. 1995, Decree 480/1995, BO 25 September 1995, arts. 1 to 5, 8, 17, 19
• Law 27.556, BO 8 August 2020, Annex III item A (AL30 terms)
• Joint Resolution SH/SF 27/2025, 18 June 2025, BO 23 June 2025 (AL30 and GD30 purchase)
• Law 26.831 (Capital Markets Law), updated text, arts. 2 and 47
• UIF Resolution 78/2023 (capital markets), arts. 21 to 23
• Income Tax Law, t.o. 2019 (Decree 824/2019), arts. 26 u), 28, 67, 98
• ARCA, "Impuesto a las Ganancias Personas Jurídicas, Escala 2026"
• Law 23.966, Title VI (personal assets tax), art. 21 g) and h)
• Decree 380/2001 (bank tax regulation), art. 10 a) and b)

Related pages

• FX and capital controls: current rules
• Exchange controls: access to the official FX market, dividends and capital repatriation
• BOPREAL: the BCRA bonds for importers and dividend arrears
• Paying dividends and profits abroad: FX access, taxes and timing
• Export proceeds: repatriation and settlement rules for Argentine exporters
• Foreign debt registration and access to the FX market for loans
• Argentina's exchange rate regimes from Convertibility to 2026
• Paying for imports and foreign services under Argentina's FX rules
• Live dólar hoy: MEP, CCL, blue and the brecha