Operating under FX controls: invoicing and cash-out tactics that survive scrutiny

In the newest bout of Argentina’s financial game of whack-a-mole, the central bank (BCRA) has jumbled the policy playbook on FX restrictions. Communication “A” N ° 8226 (14/4/2025) and Decree N ° 269/2025 determine new rules for POS Billing, Clearing, Settlements, and Cash-out management. Companies, investors, and even FOREX brokers now have more flexibility but also face stricter compliance checkpoints.

For businesses and investors, this is hardly just a matter of remaining compliant; the issue is allowing payments, invoices, and cash flows in and between companies (and across borders) to be molded and structured for the best liquidity and flexibility, while not seeming to try to game the regulatory landscape. Here’s a look at what has changed and what may be worth closer inspection under the scrutiny of a fact check.

Dividend Payments: A Two-Track System

As of January 1, 2025, or a later issue date, companies will be able to provide dividends and profits to non-resident shareholders through the MLC, based on audited annual financial statements. The BCRA will print BOPREAL bonds to address back distributions from previous years, but the details have not been released.

Tactical Takeaway

• Front-load distributions: Sync up fiscal-year-end and financial statement audit dates so they unmistakably land after 2025 application.
• Hybrid openers: Old profits may have to be resolved with BOPREAL and new profits will be processed through MLC. Separate effects of new vs. old “dividend rights” in shareholder agreements to avoid disputes.

Imports: Faster Dollar Access (But Stages)

Importers will no longer have to wait 30 days; they could pay for goods once they have been cleared at customs. Companies of MIPYMES (SMBs) can pay upon landing of goods at destination from the port of origin. Staged payments are now required on capital goods: 30% first prepayment, 50% upon dispatch, and 20% upon release. Services provided by related parties are being processed now on a 90-day lag, instead of the previous 180, and services by unrelated parties can be paid at the time they are provided.

Tactical Takeaway

• Reframe contracts: Build the shape of purchases/service agreements to fit FX access windows.
• Ordering of invoices: Sequence invoices for capital goods by 30/50/20 percent criteria; date of accrual on services with certificates of delivery/acceptance.
• MIPYMES edge: Small firms can increase their bargaining power in global supply chains when they pay pre-shipment.

Dollar Logs Personal: Savings Avenues Opened for Would-Be Greenback Buyers

MLC (Lebanese business only) – Residents’ foreign currency accounts are now able to buy any amount of USD from the MLC. Cash withdrawals remain restricted to USD 100 per month. Income limits and/or government subsidies have been eliminated, although documentation of income or assets may be requested.

Tactical Takeaway

• Payroll-based accumulation: The population is now able to accumulate US dollars from a personal income in pesos indefinitely, instead of the old USD 200/month cap.
• Corporate view: Businesses can structure a workforce retention plan around FX allowances, which are denominated in a dollar-based economy.

Securities Transactions: The Firewall Drops

The 90-day restriction on the gap between securities trades and access to MLC has been eliminated. If a firm actively traded a security on or before April 11, 2025, it gets non-MLC, one-time access.

Tactical Takeaway

• Arbitrage-lite: While pure arbitrage is still risky, firms can now shift among markets for securities and among markets for securities vs. MLC cash-outs.
• Window of opportunity: Corporate entities with pre-April trades should question short-term FX needs before this carve-out is removed.

The Dollar Blend Dies: Another Exporter Option Disappears

Decree No 269/2025 scraps the dollar blend scheme under which exporters had to bring in just 20% of their takings at a higher cost capital market (CCL) rate. With effect from now, all export FX must be processed with MLC as well.

Tactical Takeaway

• Hedging: This gives exporters a hedge against the spread between official and CCL rates, which they would lose without the blend. New contracts should be anchored to official settlement.
• Revise financing: Pre-financing and post-financing instruments need adjustments to a narrowing payment funnel.

Survival Principles Under Scrutiny

To stay compliant through the regulatory changes:

• Link invoices to trigger dates of regulation: The date of shipment, clearance, or accrual must be precisely documented.
• Distinguish old vs. new obligations: Store records to differentiate legacy transactions from those after April 2025.
• Stay in audit-proof mode: Regulators are not only concerned with the payment but also the order in which payments are made. Disorganized records can lead to barriers.
• Take advantage of asymmetries: MIPYMES, pre-April securities traders, and individuals with clean income have beneficial characteristics if properly documented!