On the first day of 2026, another part of the exchange controls will be released, in this case one that still burdens companies and that the government has not yet made more flexible. It’s about the possibility that Multinational companies can transfer foreign currencies to their headquarters abroad.
The measure was first announced in April this year, when the implementation of the inter-band exchange rate system, the complete abolition of shares for people and the agreement with the Monetary Fund were reported.
The then government divided the amounts owed from transfers abroad into two groups: the “stock” accumulated up to last year and the “new” flow of profits that companies will generate during 2025.
For the first group, the central bank offered an issuance of Bopreal – a dollar bond issued by the monetary authority – but this had little impact on the market. For the 2025 balances, companies will be free to transfer them abroad from next year.
The BCRA It is not necessary to prescribe a specific measure However, the flexibility of this part of the stocks will occur automatically after the expiry of this ban. The possible impact on reserves is being discussed in the market. A restriction that still applies concerns company acquisitions for hoarding purposes.
Two experienced consultants with contacts in multinational companies believe that the amount Shouldn’t be too big, at least compared to the savers’ monthly needs. However, in November these dollarization pressures eased for the first time since human restrictions were lifted.
During the years of the strictest restrictions, some “multinationals” that were prohibited from transferring foreign currencies abroad agreed with their parent companies to implement it Reinvestment of profits in its Argentine subsidiaries. It was an alternative that, in their view, was more convenient than “removing” foreign currencies via the settled dollar, which had a very large gap would have meant a significant loss of capital.
“Over the last few months, many have been buying (continuously) dollars in cash with liquidation. Although they would have the accumulated right, it is not clear whether they have the means“said a leading economist in the city.
Meanwhile, the consulting company EcoGo, owned by Marina Dal Poggetto, has made some forecasts with concrete figures. “If you look at the data for 2025, it appears to be a balance of $10,000 million in profits, which I assume the 43% reinvestment rate is sustainable.” 5.7 billion US dollars would be approved for departure“, mentioned Sebastián Menescaldi.
In any case, he assured Clarín that the final numbers will depend on what happens with the macro next year. “It is likely that in 2026 the country will be attractive for new investments and companies may decide to invest more capital. So.” The exit could be in the order of $3.5 billion” he concluded.
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