In a landmark announcement, President Javier Milei declared the permanent removal of Argentina’s longstanding currency controls, known as “el cepo,” signaling a new era of economic liberalization. This move comes alongside the confirmation of a substantial $32 billion financial package from international institutions, including the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IDB), and a Central Bank repo operation.

Speaking in a national address, President Milei emphasized the significance of this development, stating, “For the first time in history, the IMF has approved a program to support a plan that has already yielded results.” He highlighted that $19.6 billion of the funds will be disbursed immediately, aiming to bolster the Central Bank’s reserves to approximately $50 billion by May. This increase is intended to provide greater monetary security for Argentine citizens

The lifting of currency controls is part of a broader strategy to stabilize the economy and attract foreign investment. The peso will transition to a controlled float within a trading band of 1,000–1,400 pesos per dollar, expanding by 1% monthly. ​

President Milei’s administration has undertaken significant fiscal reforms, achieving a fiscal surplus and reducing inflation. The government asserts that these measures have laid the groundwork for sustainable economic growth, with expectations of increased foreign investment and a resurgence in private credit markets.

As Argentina embarks on this new economic chapter, the government remains committed to implementing policies aimed at fostering long-term stability and prosperity.