With the change of government, how many dollars can be purchased now at the bank?
The government of Javier Milei aims to end currency controls, but in practice, it is unlikely to happen in the short term. Therefore, at the beginning of this year, the limit of 200 dollars per month still applies for those who want to buy it at the official price.
The current exchange rate requires more than six figures to acquire the full permitted amount.
The official exchange rate is 60% more expensive due to a 30% tax called “PAÍS” and another 30% deductible from Income Tax.
Currently, it takes 265,040 pesos to buy the full $200 quota. While the actual purchase of dollars requires 165,650 pesos, taxes take 99,390 pesos.
Which dollars can be purchased without limits?
On the other hand, shortly after Milei’s administration began, the National Securities Commission (CNV) relaxed some restrictions on financial instruments. Among the highlights are the unification of the mandatory “parking” period to 24 hours for the operation of any asset and the elimination of the limit on the weekly sale of sovereign bonds (AL and GD) with dollar settlement.
Through General Resolution (RG) 988, the CNV also reversed the prohibition of using the dollars obtained from the sale of sovereign bonds in other instruments for 30 days.
It also suspended the obligation for Clearing and Settlement Agents (ALyCs) to submit a weekly sworn statement with all transactions carried out in foreign markets.
What were the changes applied to the MEP and CCL dollar?
In practice, these measures imply a relaxation of some restrictions that were in place for financial operations, mainly regarding transactions with bonds that allow the acquisition of dollars through “contado con liquidación” (CCL) and “MEP” exchange rates.
As of the measure, the minimum mandatory “parking” period between the purchase of an asset in pesos and its subsequent sale against dollars will be 24 hours in all cases.
Until now, there were operations that required up to five days of “parking,” which in financial jargon means immobilizing assets for a certain period.
The limit of 100,000 nominal values per week for the sale of sovereign bonds (AL and GD) has also been eliminated, so there will be no more caps for these operations.
In summary, the main modifications were:
- Unification of the duration of the “parking” period for all assets, which will be set at one business day between the purchase in pesos and the sale in dollars.
- Reversal of the ban on selling sovereign bonds (AL and GD) with dollar settlement in quantities exceeding 100,000 nominal values per week.
- Elimination of the prohibition on using dollars obtained from the sale of sovereign bonds in other instruments for 30 days.
- Reversal of the obligation for Clearing and Settlement Agents to submit a weekly sworn statement with all transactions carried out in foreign markets.
How to buy MEP dollars
Another important modification is the elimination of currency controls, lifting the limits on the acquisition of MEP or CCL dollars. Although there used to be a limit of around 100,000 nominal values (approximately 30,000 dollars) per week, this restriction no longer applies. The resolution also reverses the ban on investing the dollars obtained from the sale of sovereign bonds in other instruments for 30 days.
For those looking to acquire MEP dollars, they must follow a series of steps:
- First, open an account with a local broker, either a stock brokerage or a bank that offers this service.
- The next step involves depositing the desired funds from your own bank account, making sure that the broker’s CBU (Banking Uniform Code) is correct.
- Subsequently, you must purchase an asset traded in pesos and dollars with immediate “contado inmediato” (CI) settlement. Complying with the “parking” requirements means waiting for one business day to sell the asset in dollars.