In a major economic move, the Argentine government led by President Javier Milei announced the complete removal of currency controls as of next Monday. The decision, confirmed by Economy Minister Luis Caputo and Central Bank President Santiago Bausili, means the official exchange rate will now float within a range of 1,000 to 1,400 pesos.

This marks the beginning of Phase 3 of Milei’s economic program, introducing a managed float system with adjustable bands that will expand by 1% per month. The goal is to attract investments, stabilize the economy, and promote greater freedom in Argentina’s currency market.

“Lifting the currency controls will bring in investments, allow for tax reductions, support the private sector, and generate more employment with better wages—something we haven’t seen in Argentina for years,” said Caputo during a press conference. He warmly praised Bausili, stating, “My thanks to the guy next to me, my friend, the president of the Central Bank.”

In its official statement, the Central Bank announced additional reforms: the elimination of the “dólar blend,” the authorization of profit distribution to foreign shareholders for financial years starting in 2025, and more flexible terms for foreign trade payments. It also emphasized the strengthening of the nominal anchor under a monetary policy framework with no money printing to finance the fiscal deficit or remunerate monetary liabilities.

The move puts an end to over five years of currency restrictions, initially imposed after the 2019 primaries (PASO), which limited individuals to purchasing a maximum of 200 U.S. dollars per month.

Meanwhile, Argentina’s national statistics agency reported a 3.7% inflation rate for March 2025, the lowest in several months, reinforcing the government’s message of entering a new era of macroeconomic stability.