News of cepo

Milei defies forecasts so far as Argentina’s peso strengthens

23-04-2025 22:41 Analysts see a stronger peso over the next few months with traders buying into President Javier Milei's plan.

GUEST COLUMN

Malaysia’s capital control (cepo) success – a journey beginning in Buenos Aires

19-04-2025 06:03 Malaysia’s success highlights the importance of policy credibility, clarity of purpose and exit strategy in the use of capital controls.

Analysing Argentina

Milei and the bicycle temptation

19-04-2025 06:00 The Milei government is confident it can make it to the midterm elections in October without major volatility. But this relative calm — won by force of debt — should not obscure the storm that was brewing before the cash injection.

by Marcelo J. García

Editorial

Floating on air?

19-04-2025 06:00 Milei might echo Alfonsín by proclaiming: “Happy Easter, the dollar is in order” but early days – a more total exit from currency and capital controls by Macri in in late 2015 was even smoother, without ensuring him a happy ending.

ECONOMIC INDICATORS

What was the exchange rate when Milei came into office?

16-04-2025 16:10 Official exchange rate almost doubled from near 400 pesos to 838 pesos per greenback in the initial four days after Milei’s inauguration – now it stands closer to 1,200.

ANALYSIS: SHOCK THERAPY

Milei risks reigniting inflation by floating Argentina’s peso

16-04-2025 12:35 Decision to ease currency controls is having an impact in the real economy. Retailers and importers are cautiously adjusting their prices as the peso weakens. And some fear it could spark inflation.

ECONOMIC CHANGES

Peso slides, bonds jump after FX rules lifted

14-04-2025 13:46 Argentina’s sovereign debt climbed Monday while the peso slipped after the country lifted most of its currency-market restrictions.

POLITICS – ANALYSIS

Milei gains 'breathing room' from his ties with Trump

12-04-2025 11:54 The support President Milei has garnered from the Trump administration stands in stark contrast to the mounting challenges on the home front.

by Pablo Varela

POLITICS – ANALYSIS

Milei launches new economic phase, with nod to middle class

11-04-2025 23:56 Casa Rosada expresses satisfaction as alignment with Trump bears fruit and secures an unprecedented initial disbursement from the International Monetary Fund.

ECONOMIC CHANGES

Milei ends 'cepo' as IMF board approves US$20-billion bailout

11-04-2025 23:32 Milei declares "cepo is gone for good" as IMF unlocks US$12 billion in immediate funding and Argentina lifts capital controls in 48-month US$20-billion programme.

FIN DE CEPO?

Caputo announces new IMF deal, end to exchange controls

11-04-2025 18:45 President Javier Milei's government announces elimination of foreign exchange controls ahead of confirmation of new US$20-billion IMF programme.

ECONOMY – ANALYSIS

Argentina lands US$20-billion IMF agreement and eases FX rules

11-04-2025 18:30 Central Bank says it will let peso trade within a range of 1,000 pesos to 1,4000 pesos per dollar in what’s called a dirty or managed float.

ECONOMY & POLITICS

'Chau cepo?': Argentina overhauls exchange rate access

11-04-2025 18:27 President Javier Milei’s government to lift capital and currency controls as of Monday, with exchange rate of between 1,000 and 1,4,00 per greenback; ‘Phase Three’ of economic programme will see monthly cap lifted for individuals and firms.

BLOOMBERG - ANALYSIS

Milei needs rush of soy dollars to calm peso sell-off in Argentina

09-04-2025 17:42 Like his predecessors, President Javier Milei is depending on the soy harvest to manage one of the word’s most volatile currencies.

NEW IMF PROGRAMME

Milei nears US$20-billion Argentina loan as IMF staff sign off

09-04-2025 08:49 Members of the Washington-based lender’s executive board are expected to vote on the agreement Friday.

NEW IMF PROGRAMME

IMF confirms preliminary agreement with Argentina for US$20-billion loan

09-04-2025 08:33 Multilateral lender says it has reached a staff-level agreement with President Milei's government on a new 48-month US$20-billion programme, subject to approval by executive board.

BLOOMBERG - FEATURE

Milei tries erasing Argentina’s history to lure foreign investment

08-04-2025 09:04 Argentina’s president is desperate to woo foreign investors. But he's had more success tearing down physical symbols of the old guard than untangling the web of red tape it left behind.

IMF PROGRAMME

IMF met again on Argentina as upfront payment proves contentious

04-04-2025 19:30 There is still no consensus among board members on the size of the upfront payment to Argentina, according to reports.

IMF PROGRAMME

Caputo: Argentina wants a ‘high’ first disbursement from IMF

31-03-2025 14:04 Economy Minister revealed last week that Argentina is seeking around US$20 billion in fresh financing from the IMF, on top of its existing US$44-billion debt.

Editorial

Into More Frenzy

29-03-2025 06:11 Perhaps today’s economic situation is best explained by saying: “It’s the elections, stupid.”

IMF PROGRAMME

IMF confirms Argentina has requested new US$20-billion loan programme

28-03-2025 18:10 "Progress on the new programme is very advanced and engagement continues at all levels to finalise an agreement," says IMF in a statement.

IMF DEBT PROGRAMME

Argentina says its new IMF programme will total US$20 billion

27-03-2025 15:00 The economy minister added that funds combined from the IMF, World Bank, Inter-American Development Bank and regional bank CAF would put Argentina’s Central Bank reserves near US$50 billion.

BEYOND THE HEADLINES

'Cepo' in review

22-03-2025 07:53 It might well be argued that the ‘cepo,’ the seemingly endless set of currency and capital controls, has been a bane of Argentina’s existence.

by Michael Soltys

ANALYSING ARGENTINA

Exit rigging, enter RIGI

08-03-2025 06:00 Argentina has, many times in its recent past, seen long-term sustainability ruined by short-term objectives.

by Marcelo J. García

ANALYSIS: SHOCK THERAPY

All the currency, capital controls Milei needs to end this year

05-03-2025 12:00 Javier Milei has taken several steps to ease restrictions during his first year in office, but he entered 2025 with few indications that there will be a quick unwinding of the rules.

NEW IMF DEAL ON WAY?

IMF: ‘Constructive discussions’ ongoing with Argentina over new deal

06-02-2025 22:59 Markets move on rumours of new deal with the International Monetary Fund, which again praises “enormous progress” made by Milei administration.

‘CEPO’ NO MORE?

President sets 2026 target for removal of currency controls

04-02-2025 15:47 La Libertad Avanza leader says his government will remove capital controls by start of 2026 – unless the IMF grants Argentina fresh funds beforehand.

ECONOMY – ANALYSIS

Argentina and the IMF – scenarios for a possible new agreement

28-01-2025 10:04 Milei government and IMF continue to fine-tune a future agreement which is likely to include a remittance of some US$11 billion to bolster Central Bank coffers, allowing Argentina to remove the ‘cepo’ currency and capital controls.

by Gonzalo Martínez

IMF NEGOTIATIONS OVER NEW DEAL

IMF: Formal talks over new deal with Argentina have begun

19-12-2024 21:09 The International Monetary Fund and Argentina have formally begun negotiations over a new loan agreement as the current programme draws to a close.

ANALYSIS: SHOCK THERAPY

Argentina takes steps to speed up Milei’s dollarisation strategy

19-12-2024 15:38 Argentina’s government is working with major banks and payment firms to advance Javier Milei’s dollarisation strategy.

NEW IMF PROGRAMME

IMF in talks with Argentina on loan to succeed US$44-billion deal

19-12-2024 14:13 International Monetary Fund confirms it has formally opened talks with President Javier Milei's government over a new loan programme to replace its existing US$44-billion deal.

ECONOMIC POLICY

Milei, Caputo increasing bullish as they outline new IMF deal timeline

19-12-2024 09:50 Argentina eyes fresh accord with the International Monetary Fund in the first third of next year, with President Milei confident of strong support, both at the Fund and on trade, from incoming US president Donald Trump.

MONETARY POLICY

Argentina weighs managed exchange rate once it lifts currency controls

16-12-2024 19:44 President Javier Milei's government is weighing whether to introduce a managed exchange rate regime — a “dirty float” — once it lifts its current foreign exchange controls in 2025.

OPINION & ANALYSIS

Who was Milei’s audience?

11-12-2024 23:45 With an almost religious hope of 2025 being a growth year, President Milei used his first anniversary address to talk to the ‘círculo rojo’ business establishment and his run-off voters, with no concrete announcements for ordinary people.

by Javier Calvo

President's address

Milei vows to axe capital controls and negotiate Trump trade deal

11-12-2024 09:50 President Javier Milei promises to lift capital and currency controls next year and negotiate a free-trade agreement with the United States once Donald Trump takes office.

MILEI'S FIRST YEAR

Milei promises inflation will be a 'bad memory' in first anniversary speech

10-12-2024 23:45 President touts US trade deal with Trump, vows to remove currency controls and says “happy times” lie ahead in national broadcast marking first year in office.

365 days of Javier Milei

One year in, Milei yet to fulfill key economic campaign promises

09-12-2024 12:53 Dollarisation, the removal of the ‘cepo,’ and the closure of the Central Bank – though he has tamed inflation, President Javier Milei has yet to deliver on key economic promises in his first year in office.

CAPITAL CONTROLS

Trump adviser Laffer tells Argentina ‘get it done now’ on capital controls

03-12-2024 15:19 Arthur Laffer has a word of advice for Argentina: Scrap capital controls now.

IMF LOAN PROGRAMME

Argentina ‘sure’ of new IMF deal, says it doesn’t depend on Trump

21-11-2024 14:28 IMF spokeswoman Julie Kozack says authorities in Argentina are “exploring the option of moving to a new arrangement” with the multilateral lender to replace its existing US$44-billion loan programme.

BLOOMBERG - ANALYSIS

Javier Milei is giddy about Trump and his own accomplishments

18-11-2024 17:23 Almost one year into office, Javier Milei is, to the shock of pundits, having a moment. Not only does he have an ally back in the White House but on the economic front, he’s been racking up the victories.

Analysing Argentina

Milei, in the best of all possible worlds

16-11-2024 05:00 Everywhere he looks, Javier Milei sees good news, which he takes as confirmation that he has chosen the right path.

by Marcelo J. García

ECONOMIC REPERCUSSIONS

Dollars, IMF, cepo – Economy Ministry’s expectations after Trump triumph

06-11-2024 23:59 The government is betting on ideological overlap between Milei and Trump helping Argentina to obtain the financing required to face the need for dollars.

by Ezequiel Orlando

IMF CREDIT LINE

Caputo says Argentina in talks with IMF over new deal, fresh funds

23-10-2024 13:58 After being hailed as “finance minister of the year” by a magazine in Washington, Argentina’s Economy Minister Luis Caputo Caputo said talks with the International Monetary Fund over a new agreement that includes fresh funds are underway.

CAPITAL CONTROLS

Why Milei can’t lift currency controls any time soon

16-10-2024 12:15 Argentina has had strict currency controls in place for the past nine out of 13 years. President Javier Milei wants to get rid of them, but for now, he's sticking to the existing regime.

CAPITAL CONTROLS

Government to adopt flexible exchange rate after lifting controls

15-10-2024 23:17 Milei states at conference that government will adopt a “flexible” exchange rate on the peso after it lifts capital controls.

ANALYSING ARGENTINA

Milei’s Bermuda Triangle

21-09-2024 06:31 Milei’s political future lies within a triangle defined by inflation, approval ratings, and unemployment.

by Marcelo J. García

MONETARY POLICY

Argentina overcomes key hurdle impeding end of currency controls

20-07-2024 17:53 Central Bank buys back majority of put options from financial entities, bringing President Javier Milei one step closer to lifting currency controls.

IMF ON ARGENTINA

IMF denies there is ‘specific timetable’ for new Argentina deal

11-07-2024 16:48 Julie Kozack, the Fund's communications director, contradicts claims by Economy Minister Luis Caputo that talks about new financing deal are underway and an agreement could be sealed this year.

POLITICS – ANALYSIS

Milei under pressure for the first time

06-07-2024 05:59 If the doubts regarding Milei’s capacity to preside over Argentina were tied to governability risk, Caputo’s are connected to credibility risk: it’s difficult to see how the current policy framework can be sustainable in time.

by Agustino Fontevecchia