Argentina continues to advance toward full currency liberalisation as its Central Bank (BCRA) signals the imminent removal of the last remaining controls on foreign exchange transactions. The announcement comes just as the National Institute of Statistics and Census (Indec) prepares to release October’s inflation report on Wednesday, with most analysts forecasting a rate above 2%.
Speaking at the Argentina Fintech Forum, BCRA Vice President Vladimir Werning outlined the Bank’s monetary policy direction and broader vision for financial normalisation. He assured participants that the remaining restrictions “will soon be eliminated” as part of the government’s gradual stabilization and reform plan. The main obstacle awaiting removal is the so-called “cross restriction,” which prohibits entities from trading simultaneously in both the official exchange market and the financial market. This measure was temporarily reinstated before last year’s elections but is now expected to be lifted shortly.
Addressing Argentina’s private sector, Werning urged businesses to move beyond speculative activities like “arbitrage” and “rulos” (short-term currency swaps) that characterised past efforts to exploit exchange rate gaps. Instead, he called for a renewed focus on genuine value creation and long-term productive investment. He emphasized the importance of building a stronger base of domestic savings to reduce dependence on foreign capital, noting that the Central Bank is promoting a model of “currency competition.” Under this framework, the peso is being given new financial functions it previously lacked, while the dollar retains a transactional role. According to BCRA data, loans to the private sector have doubled since the current administration took office, boosted by policies aimed at improving transparency and competition within the financial system.
Werning described the initial phase of liberalisation—the end of strict capital controls—as “the collapse of the economic Berlin Wall,” calling it a turning point toward greater financial freedom for citizens. He framed the policy shift as a move away from the previous “asymmetrical” system in which large corporations could access dollars at the official rate while individuals were excluded. The priority, he said, is restoring fairness, transparency, and individual participation in the currency market.
Werning’s comments on exchange rate normalisation followed recent statements from Economy Minister Luis “Toto” Caputo, who announced that the government would soon submit a tax amnesty bill to Congress. The measure aims to encourage citizens to declare and reinvest their “mattress dollars” — undeclared cash savings held outside the banking system — as part of a broader effort to repatriate idle capital.
Private consulting firms expect Indec’s upcoming report to confirm that inflation in October exceeded 2%, aligning closely with the Central Bank’s Market Expectations Survey (REM), which projected a 2.2% monthly increase and a 29.3% year-on-year rate. Despite the lingering inflationary pressures, Caputo defended the managed exchange rate regime, predicting it will deliver price stability and bring monthly inflation below 1% by mid-2026 — a goal that, if achieved, would mark a major inflection point in Argentina’s economic recovery.