The Central Bank of the Argentine Republic published remarks by Vice President Vladimir Werning to the 42nd Annual Congress of the Argentine Institute of Finance Executives, setting out the Board’s framing of the programme’s “Stage 3” focused on eliminating the exchange-rate gap and enabling a broad lifting of FX controls within a managed band regime. The speech also described steps to strengthen the central bank’s balance sheet and outlined ongoing work to deregulate and reshape banking intermediation and payments. On reserves and liquidity, the remarks cited the use of International Monetary Fund resources received by the Ministry of Economy to repurchase the central bank’s non-transferable USD instruments, with further reinforcement expected from additional multilateral disbursements during 2025, and pointed to scope to expand the central bank’s repo facility as sovereign risk premia decline. The speech reiterated key elements of the 11 April FX package, including the introduction of a banded exchange-rate regime, elimination of the “dólar blend”, unification of FX market access, removal of restrictions for individuals, and full normalisation of current-account payments for imports and services, alongside easing of restrictions on future profit remittances (for financial years starting in 2025) and certain intra-group debt service flows. It also signalled a forthcoming BOPREAL Series 4 issuance intended to channel legacy external obligations, including retained dividends and profits generated up to December 2024, intra-firm commercial and financial debt service, and trade debts accumulated up to 12 December 2023; and set out an intervention approach under which the central bank would not purchase FX within the band and would buy foreign currency when the exchange rate converges to the lower band. Werning indicated that BOPREAL Series 4 would be the next operational step to complement the FX liberalisation measures, while reserve reinforcement through multilateral funding and further work on payments interoperability under an “open finance” framework and on banking supervision and deregulation would continue through 2025.
Central Bank of Argentina 2025-05-13
Central Bank of the Argentine Republic sets out Stage 3 FX liberalisation under a band regime and signals BOPREAL Series 4
The Central Bank of Argentina's Vice President, Vladimir Werning, outlined the Board's "Stage 3" program at the Argentine Institute of Finance Executives Congress, focusing on eliminating the exchange-rate gap and lifting FX controls within a managed band regime. Key measures include using IMF resources to repurchase non-transferable USD instruments, expanding the repo facility, and introducing a banded exchange-rate regime. The speech also highlighted the forthcoming BOPREAL Series 4 issuance to address legacy external obligations and efforts to enhance payments interoperability and banking deregulation through 2025.