Argentina
Argentina retains corporate exchange controls and bank rules that favor Treasury debt, despite substantial liberalization of household currency purchases. Bond tax exemptions and domestic investment incentives also steer savings, while the former PAIS foreign-exchange tax has expired.
- 15 in force
- 0 enacted
- 0 proposed or under discussion
Measures as of
How the index is built
Each segment is what one category of rules, or the market pillar, adds to the index. The full bar is 100.
- Captive demand 0.0
- Central bank financing 0.0
- Capital controls 12.8
- Rate caps 0.0
- Prudential sovereign bias 7.2
- Directed credit 6.0
- Tax incentives 4.5
- Real asset restrictions 2.4
- Transaction taxes 2.0
- Market pillar 5.2
Index = 80% × rules (43.6) + 20% × market (26.1) = 40.1
The method in plain words
- Rules pillar (0–100). Each of the 9 categories can add up to its weight (the weights sum to 100). A category's intensity grows with every in-force measure in it: one measure counts by its severity factor (0.25 for severity 1, 0.5 for 2, 0.8 for 3), and each further measure closes part of the remaining gap, so breadth adds with diminishing returns: two severity-3 measures give 96%.
- Market pillar (0–100). The average of the market readings below: how negative the real policy rate is, and how much of the government's debt is held by its own central bank and banks.
- Index. 80% rules + 20% market when market data exists, otherwise rules alone. Laws passed but not yet applying count only in the outlook; proposals never count.
The 9 categories
Weight = the most points a category can add to the rules pillar. Intensity = how much of that weight the in-force measures fill. Open a category to see the measures counted; “What is this?” shows the instruments behind it, worldwide and in history.
- Captive demandWeight 16Intensity 0%Points 0.0
Mandated holdings of government debt by pension funds, insurers or banks. No in-force measures here. What is this? →
- Central bank financingWeight 16Intensity 0%Points 0.0
Central bank purchases of government debt, yield curve control, direct monetary financing. No in-force measures here. What is this? →
- Weight 16Intensity 100%Points 12.8
Limits on moving money abroad, outbound investment limits, FX controls. What is this? →
Capital controls: measures counted in the index Measure counted Severity Factor Points 3 of 3 0.8 3.7 3 of 3 0.8 3.7 2 of 3 0.5 1.6 2 of 3 0.5 1.6 2 of 3 0.5 1.6 1 of 3 0.25 0.7 - Rate capsWeight 14Intensity 0%Points 0.0
Caps or ceilings on deposit or lending rates, and administered interest rates. No in-force measures here. What is this? →
- Weight 10Intensity 90%Points 7.2
Prudential rules that favor sovereign debt (zero risk weights, liquidity-buffer rules, leverage-ratio exemptions). What is this? →
Prudential sovereign bias: measures counted in the index Measure counted Severity Factor Points 3 of 3 0.8 5.0 2 of 3 0.5 2.2 - Weight 10Intensity 75%Points 6.0
State-directed lending, credit guidance, and mandates to invest domestically or in state priorities. What is this? →
Directed credit: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 3.0 2 of 3 0.5 3.0 - Weight 7Intensity 81%Points 4.5
Tax privileges for government bonds, or tax penalties on competing assets. What is this? →
Tax incentives: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 1.9 2 of 3 0.5 1.9 1 of 3 0.25 0.8 - Weight 6Intensity 50%Points 2.4
Rent controls, property curbs, and limits on owning gold, cash or crypto. What is this? →
Real asset restrictions: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 2.4 - Weight 5Intensity 50%Points 2.0
Financial transaction taxes, stamp duties and similar levies on non-government assets. What is this? →
Transaction taxes: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 2.0
Market pillar 26.1 / 100
The average of the readings that have data, worth 20% of the index (5.2 points here).
Real policy rate
0.0 / 1005.0% · 2025
Policy rate minus inflation. A real rate of +2% or more scores 0; −5% or less scores 100; in between it scales in a straight line. Savers lose most when it is deeply negative.
World Bank real interest rate (lending rate minus GDP-deflator inflation), 2025, used because the latest month with both a policy rate and inflation (2025-06) is more than 12 months old.
Source: World Development Indicators
Debt held by the central bank and domestic banks
52.2 / 10031.3% of government debt · 2025-Q4
Share of government debt held by the domestic central bank and domestic banks. 0% scores 0; 60% or more scores 100; in between it scales in a straight line.
Central bank 17.71% + domestic banks 13.62% of general government debt, 2025-Q4.
Indicators
Measured data from international sources, alongside the rules above. Real rates below zero mean savers lose purchasing power.
Policy rate, inflation and real rate
Who holds government debt
Policy rate: BIS WS_CBPOL, end of month. EU = euro area (BIS code XM, ECB rate). China = 1-year Loan Prime Rate (BIS definition since Aug 2019). Argentina stops in June 2025: per BIS, from 10 July 2025 the BCRA targets monetary aggregates and has no policy rate. No data for Egypt (not in the BIS dataset).
Sources: BIS, BIS central bank policy rates; BIS consumer prices; IMF, IMF DataMapper: World Economic Outlook (October 2026); Fiscal Monitor (October 2026); Menzie D. Chinn and Hiro Ito, The Chinn-Ito Index (KAOPEN): a de jure measure of financial openness; IMF, Sovereign Debt Investor Base for Advanced Economies / for Emerging Markets and Developing Economies (Arslanalp and Tsuda).
Measures
Every measure tracked here, with its legal basis and sources. Only in-force measures count in the index.
In force (15)
Securities restrictions after currency purchases and transfers
Adds 1.6 points to the index
Individuals buying foreign currency for savings must generally refrain from securities purchases settled in foreign currency for 90 calendar days. A comparable commitment applies to covered transfers abroad from local foreign-currency accounts. Exceptions favor qualifying domestic debt subscriptions and reinvestment of Treasury or BCRA bond payments.
Why it counts: These restrictions limit portfolio switching, while the exceptions preserve routes into domestic debt and reinvestment of public-bond proceeds.
Legal basis Comunicación A 8336 — Exterior y Cambios. Adecuaciones, Replacement of Exterior y cambios 3.8.5 and 2 more
Comunicación A 8336 — Exterior y Cambios. Adecuaciones, Replacement of Exterior y cambios 3.8.5Primary source
“se compromete a no concertar, de manera directa o indirecta o por cuenta y orden de terceros, compras de títulos valores”
Comunicación A 8361 — Exterior y Cambios. Adecuaciones, 3.8.5.1–3.8.5.2Primary source
“servicios de capital y/o intereses de títulos emitidos por el Tesoro Nacional o el BCRA dentro de los 15 (quince) días”
Comunicación A 8417/2026 — Exterior y cambios. Adecuaciones, 7–7.2.2Primary source
“transfiere las divisas al exterior y por los 90 (noventa) días corridos subsiguientes”
Mandatory CNV registration for crypto platforms, including foreign exchanges
Adds 1.6 points to the index
Virtual-asset service providers (PSAVs) must register with the securities regulator, the CNV, and anyone not registered must refrain from PSAV activity in the country (CNV RG 1058/2025, in force 45 days after its 14 March 2025 publication). A foreign-incorporated exchange counts as operating in Argentina, and so must register through a local branch or company, if it uses a .ar domain, has local on-ramp arrangements to receive residents' funds, clearly targets residents, advertises to them (customer-initiated 'reverse solicitation' excluded), or does more than 20% of its business in Argentina. Self-custody wallet providers, decentralised protocols with no identifiable provider and people exchanging on their own account are outside the definition. Individuals operating up to UVA 35,000 a month are exempt from registering.
Why it counts: Requiring foreign platforms that serve Argentines to set up locally puts their customers within reach of Argentine supervisors and tax reporting, and it can cut off unregistered offshore exchanges. Exits into crypto are steered into domestic, reportable channels.
Legal basis CNV Resolución General 1058/2025 (RESGC-2025-1058-APN-DIR#CNV), Normas (N.T. 2013), Título XIV, Capítulo III, artículo 2° (Prohibición de operar) and 2 more
CNV Resolución General 1058/2025 (RESGC-2025-1058-APN-DIR#CNV), Normas (N.T. 2013), Título XIV, Capítulo III, artículo 2° (Prohibición de operar)Primary source
“Toda persona humana o jurídica que no se encuentre inscripta en el Registro, en los términos indicados en el artículo precedente, deberá abstenerse de realizar en el país cualquiera de las actividades u operaciones comprendidas en la Definición de PSAV.”
CNV Resolución General 1058/2025, Título XIV, Capítulo III, artículo 3° (Puntos de contacto), inciso 5Primary source
“Que su volumen de negocios en la República Argentina exceda el VEINTE POR CIENTO (20%) de su volumen total de negocios.”
CNV Resolución General 1058/2025, Título XIV, Capítulo III, artículo 3°, inciso 2 (on-ramp arrangements)Primary source
“Que tengan acuerdos comerciales con terceros o subsidiarias o vinculadas que les permitan recibir localmente fondos de residentes argentinos para la realización de las actividades u operaciones”
Reserve relief tied to lending to smaller firms
Adds 3.0 points to the index
Covered banks can obtain reserve relief by meeting the MiPyME lending quota and the associated portfolio conditions. The standard quota is 7.5% of the relevant peso deposit base, with a reduced requirement for smaller banks and a required allocation to investment projects.
Why it counts: Reserve relief rewards lending to designated firms, directing deposit-funded credit toward state priorities.
Legal basis Comunicación A 7983 — Efectivo mínimo. Línea de financiamiento para la inversión productiva de MiPyME. Previsiones mínimas por riesgo de incobrabilidad. Adecuaciones, Points 1, 2 and 5; Efectivo mínimo Sections 6.2, 6.4.1, 1.5.1 and 1.5.3
Comunicación A 7983 — Efectivo mínimo. Línea de financiamiento para la inversión productiva de MiPyME. Previsiones mínimas por riesgo de incobrabilidad. Adecuaciones, Points 1, 2 and 5; Efectivo mínimo Sections 6.2, 6.4.1, 1.5.1 and 1.5.3Primary source
“sea, como mínimo, equivalente al 7,5 % de los depósitos del sector privado no financiero”
Banks and payment-account providers barred from crypto services
Adds 2.4 points to the index
Since May 2022 the BCRA has barred financial institutions from carrying out, or facilitating for their clients, operations with digital assets, including crypto-assets and products whose returns track them, unless a competent national regulator or the BCRA has authorised them (Comunicación A 7506, now point 1.1 of the consolidated 'Servicios complementarios' rules). In May 2023 the same ban was extended to payment service providers that offer payment accounts (fintech wallets) (A 7759, now point 4.6 of the consolidated payment-provider rules). Both provisions are still in the consolidated texts as of September/October 2026. Reports in December 2025 that the BCRA was drafting rules to let banks offer crypto services in 2026 did not lead to a change: in October 2026 the BCRA's superintendent of financial institutions, Juan Curutchet, said economic fragility does not allow progress on integrating crypto into banking for now.
Why it counts: Savers cannot buy, hold or swap bitcoin or stablecoins through their bank or main wallet app, so crypto stays outside the regulated payment system. The friction and the stigma push savings back towards peso deposits and other instruments the banking system can capture.
Legal basis BCRA Comunicación "A" 7506 (Circular RUNOR 1-1730), Servicios complementarios de la actividad financiera y actividades permitidas, punto 1.1 and 1 more
BCRA Comunicación "A" 7506 (Circular RUNOR 1-1730), Servicios complementarios de la actividad financiera y actividades permitidas, punto 1.1Primary source
“las entidades financieras no pueden realizar ni facilitar a sus clientes la realización de operaciones con activos digitales”
BCRA Comunicación "A" 7759 (Circular SINAP 1-177), Normas sobre "Proveedores de servicios de pago"Primary source
“los PSPCP no podrán realizar ni facilitar a sus clientes la realización de operaciones con activos digitales”
Sources
- BCRA Comunicación "A" 7506 (05/05/2022)
- BCRA Comunicación "A" 7759 (04/05/2023)
- BCRA news: Payment service providers may not carry out transactions with crypto assets or allow their clients to make them (4 May 2023)
- Crowdfund Insider: Argentina's Central Bank Rules Out Near-Term Crypto Integration Into Banking Platforms (Oct 2026)
- CoinDesk: Argentina's Central Bank Set to Greenlight Crypto Services for Domestic Banks (8 Dec 2025)
Expanded use of Treasury bonds for bank reserves
Adds 5.0 points to the index
Banks may meet specified portions of their peso reserve requirements with eligible national Treasury securities. The rules favor qualifying primary subscriptions and permit eligible bonds received through government debt exchanges, with limits that vary by bank and deposit type.
Why it counts: Reserve eligibility gives Treasury debt a regulatory use that ordinary private investments lack, encouraging banks to channel deposits into government financing.
Legal basis Comunicación A 7290 — Efectivo mínimo. Financiamiento al sector público no financiero. Adecuaciones, Points 1–2 and 1 more
Comunicación A 7290 — Efectivo mínimo. Financiamiento al sector público no financiero. Adecuaciones, Points 1–2Primary source
“(LELIQ), podrán también integrarla con títulos públicos nacionales en pesos”
BCRA, Texto ordenado de las normas sobre Efectivo mínimo (Comunicación A 8443 incorporated), 1.3.16–1.3.17; 2.1Primary source
“Las entidades financieras podrán integrar la exigencia en pesos –del período y diaria– con “Bonos del Tesoro Nacional en pesos”
Capital-gains exemption for listed public bonds
Adds 0.8 points to the index
Resident individuals and undivided estates are exempt from income tax on gains from disposing of qualifying securities listed on markets authorized by the securities regulator. The exemption covers listed public bonds and also extends to qualifying private securities.
Why it counts: Tax-free disposal gains make government bonds more attractive than taxable alternatives, although the benefit is shared with other listed investments.
Legal basis Ley 27.541 de Solidaridad Social y Reactivación Productiva en el Marco de la Emergencia Pública, Artículo 34 (incorporating a last paragraph into art. 26 inc. u) of the Ley de Impuesto a las Ganancias, t.o. 2019) and 1 more
Ley 27.541 de Solidaridad Social y Reactivación Productiva en el Marco de la Emergencia Pública, Artículo 34 (incorporating a last paragraph into art. 26 inc. u) of the Ley de Impuesto a las Ganancias, t.o. 2019)Primary source
“también quedan exentos por los resultados provenientes de su compraventa, cambio, permuta o disposición, en la medida que coticen en bolsas o mercados de valores autorizados por la Comisión Nacional de Valores”
Ley de Impuesto a las Ganancias, texto ordenado 2019 (Decreto 824/2019), Artículo 98 (scope: títulos, bonos y demás valores)Primary source
“Operaciones de enajenación de acciones, valores representativos y certificados de depósito de acciones y demás valores”
Exchange-control rules that single out crypto purchases and holdings
Adds 0.7 points to the index
Under the BCRA's exchange rules (texto ordenado 'Exterior y cambios', last updated by Comunicación A 8481, in force 15 September 2026), banks and card issuers need prior BCRA approval to access the official FX market to pay abroad for crypto-asset purchases made with locally issued cards or immediate account debits, a rule in force since 1 November 2019. Crypto also counts as a 'liquid external asset': for many FX-market outflows the client must declare that its CEDEARs and liquid external assets, crypto included, do not exceed USD 100,000, or else obtain prior BCRA approval; this does not apply to resident individuals' purchases of foreign currency for savings under points 3.8 and 3.9. Clients other than resident individuals, mainly companies, must also declare that in the previous 90 days they have not handed over pesos or other local assets in exchange for crypto, and commit not to do so for the following 90 days.
Why it counts: Cardholders cannot use the official exchange rate to buy crypto abroad, and companies that move pesos into crypto lose access to official dollars, which blocks crypto as a cheap route out of the peso. Treating crypto like foreign cash and offshore deposits brings it inside the capital-control perimeter.
Legal basis BCRA Comunicación "A" 6823 (Circular CAMEX 1-820), Punto 1, inciso e) and 3 more
BCRA Comunicación "A" 6823 (Circular CAMEX 1-820), Punto 1, inciso e)Primary source
“deberán contar con la conformidad previa del Banco Central para acceder al mercado de cambios para realizar pagos al exterior por el uso de tarjetas de crédito, débito o prepagas”
BCRA Comunicación "A" 8307, Texto ordenado "Exterior y cambios", Punto 4.1.4.5Primary source
“la realización de operaciones cambiarias en el exterior, y/o 4.1.4.5. la adquisición de criptoactivos en sus distintas modalidades, y/o 4.1.4.6. la adquisición de joyas”
BCRA Comunicación "A" 8481, Texto ordenado "Exterior y cambios", Punto 3.16.2.1 (activos externos líquidos)Primary source
“fondos en cuentas de inversión en administradores de inversiones radicados en el exterior, criptoactivos, fondos en cuentas de proveedores de servicios de pago”
BCRA Comunicación "A" 8481, Texto ordenado "Exterior y cambios", Punto 3.16.3 (clientes que no sean personas humanas residentes)Primary source
“recibiendo como contraprestación previa o posterior, de manera directa o indirecta, por sí misma o a través de una entidad vinculada, controlada o controlante, activos externos, criptoactivos o títulos valores depositados en el exterior.”
Prior approval for corporate purchases of foreign assets
Adds 3.7 points to the index
Companies, domestic investment funds and trusts generally need BCRA approval to buy foreign currency through the exchange market for foreign-asset accumulation.
Why it counts: Restricting access to foreign investments keeps more corporate liquidity in domestic assets, including peso deposits and government securities.
Legal basis BCRA, Texto ordenado sobre Exterior y cambios (Comunicación A 8481 incorporated), 3.10
BCRA, Texto ordenado sobre Exterior y cambios (Comunicación A 8481 incorporated), 3.10Primary source
“Fideicomisos y otras universalidades constituidas en el país, requerirá la conformidad previa del BCRA para la formación de activos externos”
Exchange controls on older dividends
Adds 1.6 points to the index
Access to the exchange market for older dividends generally requires BCRA approval unless an exception applies. Distributable profits from financial years beginning on or after 1 January 2025 qualify for remittance subject to documentation requirements.
Why it counts: Restrictions on older profits retain shareholder funds domestically and increase the pool available for local financial investments.
Legal basis Comunicación A 6770 — Exterior y cambios. Adecuaciones, Point 10 and 1 more
Comunicación A 6770 — Exterior y cambios. Adecuaciones, Point 10Primary source
“requisito de conformidad previa del BCRA para el acceso al mercado de cambios para el giro de utilidades y dividendos.”
Comunicación A 8226 — Exterior y Cambios. Adecuaciones, Point 6Primary source
“realizadas en estados contables anuales regulares y auditados de ejercicios iniciados a partir del 01/01/25.”
Repatriation and conversion of corporate export receipts
Adds 3.7 points to the index
Corporate exporters generally must bring export receipts into Argentina and convert them through the exchange market within prescribed deadlines. Exemptions cover qualifying investment regimes and permitted uses of receipts; individual exporters have broader conversion exemptions.
Why it counts: Mandatory conversion limits foreign-currency saving and supplies peso balances that can fund domestic banks and government debt.
Legal basis Decreto de Necesidad y Urgencia 609/2019, as amended by Decreto 91/2019, Articles 1–3 and 1 more
Decreto de Necesidad y Urgencia 609/2019, as amended by Decreto 91/2019, Articles 1–3Primary source
“el contravalor de la exportación de bienes y servicios deberá ingresarse al país en divisas y/o negociarse en el mercado de cambios”
Comunicación A 8417/2026 — Exterior y cambios. Adecuaciones, Points 1–4Primary source
“las personas humanas quedarán exceptuadas de la obligación de liquidación”
Income tax on crypto gains and wealth tax on crypto holdings
Adds 1.9 points to the index
Since the 2017 tax reform (Ley 27.430, applying from fiscal year 2018), gains from disposing of 'monedas digitales' are taxable income. For resident individuals, Argentine-source gains are taxed at 5% on peso sales without an adjustment clause and 15% on foreign-currency (or adjustable-peso) sales, and ARCA says foreign-source crypto gains are taxed at 15% in all cases. As for other investment income under the same chapter, crypto losses are ring-fenced: they can be offset only against gains of the same kind (and the same source, if foreign) in the same year or the following five years. ARCA also treats crypto as taxable under the personal-assets (wealth) tax, valued at 31 December at acquisition cost plus accrued interest, adjustments and exchange differences.
Why it counts: Listed public bonds are exempt from capital-gains tax and government bonds from wealth tax (see ar-listed-bond-capital-gains-exemption and ar-government-bond-wealth-tax-exemption). Crypto, by contrast, is taxed on both gains and holdings, and dollar-equivalent crypto gains bear the higher 15% rate. This tilts the after-tax return towards domestic sovereign debt.
Legal basis Ley 27.430, Article inserting cedular tax on securities disposals (now art. 98 LIG t.o. 2019), inciso b) and 4 more
Ley 27.430, Article inserting cedular tax on securities disposals (now art. 98 LIG t.o. 2019), inciso b)Primary source
“monedas digitales, así como cualquier otra clase de Título o bono y demás valores, en todos los casos en moneda nacional con cláusula de ajuste o en moneda extranjera: quince por ciento (15%)”
Ley 27.430, Loss compensation rule (quebrantos específicos)Primary source
“de generarse quebranto por ese tipo de inversiones y operaciones, este resultará de naturaleza específica debiendo, por lo tanto, compensarse exclusivamente con ganancias futuras de su misma fuente y clase”
ARCA guidance: Criptoactivos – Impuesto a las Ganancias, Personas humanas y sucesiones indivisasPrimary source
“con alícuotas del 5% o 15% respectivamente, según se trate de la enajenación de criptoactivos/monedas digitales en pesos y sin cláusula de ajuste”
ARCA guidance: Criptoactivos – Impuesto a las Ganancias, Renta de fuente extranjeraPrimary source
“los resultados obtenidos estarán alcanzados a una alícuota del 15% en todos los casos”
ARCA guidance: Criptoactivos – Impuesto sobre los Bienes Personales (citing Dictamen N° 2/2022 DI ALIR), Ley 23.966, art. 19 inc. j)Primary source
“considera que los mismos se encuentran gravados en el Impuesto sobre los Bienes Personales de acuerdo a lo previsto en el inciso j) del artículo 19 de la Ley N° 23.966”
Public pension fund allocation to domestic projects
Adds 3.0 points to the index
The public pension reserve fund, FGS, must allocate at least 5% of its assets to instruments financing medium- and long-term productive, property or infrastructure projects in Argentina.
Why it counts: The statutory floor directs pension assets into domestic development priorities and limits the fund's freedom to choose investments solely for financial returns.
Legal basis Ley 24.241 — Sistema Integrado de Jubilaciones y Pensiones, as amended by Ley 27.260, Article 74(l)
Ley 24.241 — Sistema Integrado de Jubilaciones y Pensiones, as amended by Ley 27.260, Article 74(l)Primary source
“Deberá destinarse a estas inversiones como mínimo el cinco por ciento (5%)”
Zero credit-risk weight for peso sovereign exposures
Adds 2.2 points to the index
Banks apply a 0% credit-risk weight to peso exposures to the national government when funded in pesos. This treatment concerns credit-risk capital requirements; other prudential requirements still apply.
Why it counts: Holding qualifying government debt consumes less credit-risk capital than ordinary private lending, creating a structural incentive to finance the Treasury.
Legal basis Comunicación A 5369 — Capitales mínimos de las entidades financieras. Distribución de resultados. Supervisión consolidada. Adecuaciones, Points 1–2; Annex I, Section 4, item 2.2 and 1 more
Comunicación A 5369 — Capitales mínimos de las entidades financieras. Distribución de resultados. Supervisión consolidada. Adecuaciones, Points 1–2; Annex I, Section 4, item 2.2Primary source
“Al sector público no financiero en pesos y cuya fuente de fondos sea en esa moneda. 0”
BCRA, Texto ordenado sobre Capitales mínimos de las entidades financieras (Comunicación A 8479 incorporated), 2.12.2.2; Section 1.1Primary source
“cuando su fuente de fondos sea en esa moneda. 0”
Wealth-tax exemption for government bonds
Adds 1.9 points to the index
National, provincial, municipal and Buenos Aires city government securities are exempt from the personal-assets tax. The exemption applies to the bond holdings themselves, while many alternative assets remain taxable.
Why it counts: The exemption raises the after-tax value of public debt relative to taxable investments, encouraging savers to hold government securities.
Legal basis Ley 23.966, Título VI — Impuesto sobre los Bienes Personales (texto actualizado), as amended by Ley 25.721, Artículo 21, inciso g)
Ley 23.966, Título VI — Impuesto sobre los Bienes Personales (texto actualizado), as amended by Ley 25.721, Artículo 21, inciso g)Primary source
“Los títulos, bonos y demás títulos valores emitidos por la Nación, las provincias, las municipalidades y la Ciudad Autónoma de Buenos Aires”
Tax on bank account debits and credits
Adds 2.0 points to the index
The general bank-transaction tax charges 0.6% on taxable credits and 0.6% on taxable debits. Exemptions, reduced rates and credits against other taxes limit the effective burden for eligible accounts and taxpayers.
Why it counts: Unrecovered transaction taxes reduce the net proceeds from financial activity and the returns available for reinvestment.
Legal basis Decreto 380/2001 — Reglamentación del Impuesto sobre los Débitos y Créditos en Cuenta Corriente Bancaria (Ley 25.413 de Competitividad), texto actualizado, Anexo, Artículo 7° (general rate) and 1 more
Decreto 380/2001 — Reglamentación del Impuesto sobre los Débitos y Créditos en Cuenta Corriente Bancaria (Ley 25.413 de Competitividad), texto actualizado, Anexo, Artículo 7° (general rate)Primary source
“La alícuota general del impuesto será del SEIS POR MIL (6‰) para los créditos y del SEIS POR MIL (6‰) para los débitos.”
Decreto 380/2001 — Reglamentación del Impuesto sobre los Débitos y Créditos en Cuenta Corriente Bancaria, texto actualizado, Anexo, Artículo 13 (credit against other taxes)Primary source
“podrán computar como crédito de impuestos o de la Contribución Especial sobre el Capital de las Cooperativas, el TREINTA Y TRES POR CIENTO (33%) de los importes liquidados y percibidos”
Repealed (3)
2024 tax amnesty for undeclared crypto, conditioned on custody with a regulated provider
Not counted in the index
The 2024 asset-regularisation regime (Ley 27.743, Title II) let residents declare previously hidden assets, explicitly including cryptocurrencies and crypto-assets. The first USD 100,000 paid no special tax, and amounts above that paid 5%, 10% or 15% depending on the stage. Under Decreto 608/2024, crypto counted as a domestic asset only if held at the regularisation date by a PSAV registered with the CNV. Crypto not held by an authorised custodian could enter the regime only if it was moved, before the stage-1 adhesion deadline, to an authorised entity in Argentina or in a jurisdiction not on the FATF black or grey lists, and kept there until that date. Under the law the stages ran to 31 March 2025 and adhesion to 30 April 2025, both extendable to 31 July 2025.
Why it counts: The amnesty pulled hidden crypto savings into the tax net and, for self-custodied coins, into regulated custodians, a one-off steer away from anonymous holdings. CNV-registered local custody was rewarded with domestic-asset treatment.
Legal basis Ley 27.743, Título II, artículo 24.1, inciso h) and 2 more
Ley 27.743, Título II, artículo 24.1, inciso h)Primary source
“Las criptomonedas, criptoactivos y otros bienes similares; i) Otros bienes ubicados en el país susceptibles de valor económico”
Ley 27.743, Título II, artículo 28Primary source
“la alícuota del cinco por ciento (5%), diez por ciento (10%) o quince por ciento (15%), según la Etapa en la que los bienes se regularicen”
Decreto 608/2024, Artículo 12 (Criptomonedas, criptoactivos y demás activos virtuales)Primary source
“estos bienes se considerarán del país en la medida en que se hubieren encontrado en custodia y/o administración, a la fecha de regularización, de un Proveedor de Servicios de Activos Virtuales que esté inscripto ante la COMISIÓN NACIONAL DE VALORES”
Bank-transaction tax exemptions withdrawn for crypto-related flows
Not counted in the index
From 17 November 2021 to 17 June 2026, Decreto 796/2021 (art. 7) provided that none of the exemptions of the bank debit and credit tax (Ley 25.413, regulated by Decreto 380/2001) or similar rules applied to fund movements linked to buying, selling, swapping, intermediating or any other operation on crypto-assets, cryptocurrencies, digital currencies or similar instruments, so peso flows to and from crypto platforms bore the tax even where an exemption would otherwise apply. Decreto 475/2026 (published 18 June 2026, in force the same day) repealed that paragraph and added an exemption for accounts used exclusively by virtual-asset service providers registered with the CNV, provided the accounts are also registered with the tax authority.
Why it counts: Each peso movement into or out of a crypto platform pays the transaction tax, which adds a cost to using crypto as a savings or dollar substitute. Flows into exempt instruments avoid that cost.
Legal basis Decreto 796/2021, Artículo 7° (incorporating paragraph into art. 10 of the Annex to Decreto 380/2001) and 2 more
Decreto 796/2021, Artículo 7° (incorporating paragraph into art. 10 of the Annex to Decreto 380/2001)Primary source
“Las exenciones previstas en este decreto y en otras normas de similar naturaleza no resultarán aplicables en aquellos casos en que los movimientos de fondos estén vinculados a la compra, venta, permuta, intermediación y/o cualquier otra operación sobre criptoactivos”
Decreto 475/2026 (DECTO-2026-475-APN-PTE), Art. 6Primary source
“Derógase el anteúltimo párrafo del artículo 10 del Anexo del Decreto N° 380/01 y sus modificatorios.”
Decreto 475/2026 (DECTO-2026-475-APN-PTE), Art. 5 (new inciso in art. 10 of the Anexo of Decreto 380/01)Primary source
“Cuentas utilizadas en forma exclusiva para las operaciones inherentes a sus actividades específicas por aquellos sujetos que revistan el carácter de Proveedores de Servicios de Activos Virtuales”
PAIS tax on foreign-currency purchases
Not counted in the index
The PAIS tax imposed a 30% charge on covered foreign-currency purchases for savings, alongside taxes on specified foreign spending. It expired after 22 December 2024; separate advance income- and wealth-tax collections were distinct from this tax.
Why it counts: The tax made conversion into foreign-currency savings more expensive and encouraged savers to retain domestic assets.
Legal basis Ley 27.541 de Solidaridad Social y Reactivación Productiva en el Marco de la Emergencia Pública, Capítulo 6 — Impuesto Para una Argentina Inclusiva y Solidaria (PAIS), Artículo 35, inciso a) (taxable operations; five-fiscal-period term) and 2 more
Ley 27.541 de Solidaridad Social y Reactivación Productiva en el Marco de la Emergencia Pública, Capítulo 6 — Impuesto Para una Argentina Inclusiva y Solidaria (PAIS), Artículo 35, inciso a) (taxable operations; five-fiscal-period term)Primary source
“Compra de billetes y divisas en moneda extranjera -incluidos cheques de viajero- para atesoramiento o sin un destino específico”
Ley 27.541, Capítulo 6 — Impuesto PAIS, Artículo 39 (rate)Primary source
“El impuesto establecido en el artículo 35 se determinará aplicando la alícuota del treinta por ciento (30%)”
ARCA press notice on Resolución General 5617/2024 (end of the PAIS tax)Primary source
“Ante la inminente finalización de la vigencia del impuesto PAIS, establecida para el próximo 22 de diciembre inclusive”
Before today
12 examples from Argentina in the toolkit, past and present, grouped by what the tool does. Each links to the instrument, its other examples and the cited law.
SteerSteer savings to the state
Captive demand
Reserve requirements payable in government paperBanco Central de la República Argentina, Comunicación "A" 7290 of 27/05/2021 (amending the 'Efectivo mínimo' rules, point 1.3.16)
2021HistoricalCaptive demand
Reserve requirements payable in government paperBanco Central de la República Argentina, Comunicación "A" 7511 of 12/05/2022
2022Historical
BlockBlock the exits
Transaction taxes
Bank debit and credit taxesLey de Competitividad No. 25.413 (impuesto sobre los créditos y débitos en cuenta corriente bancaria), regulated by Decreto 380/2001
2001 → nowIn forceCapital controls
Quotas on residents' foreign-currency purchases and outward remittancesBanco Central de la República Argentina, Comunicación "A" 6815 (28 October 2019), point 1 (US$ 200 monthly limit for hoarding)
2019 → 2025HistoricalCapital controls
Surrender and repatriation requirements for foreign currency and goldDecreto de Necesidad y Urgencia 609/2019, art. 1 (repatriation and sale of export proceeds) and art. 2 (prior authorisation for FX purchases)
2019 → nowIn forceTransaction taxes
Taxes on foreign-currency purchases and outward transfersLey 27.541 de Solidaridad Social y Reactivación Productiva, Capítulo 6, art. 35 (Impuesto PAÍS)
2019 → 2024Historical
RewriteRewrite the deal in a crisis
Extraordinary measures
Compulsory or forced loans to the stateLey 23.549, Título I (Ahorro obligatorio)
1988 → 1989HistoricalExtraordinary measures
Deposit freezes, bank holidays and cash-withdrawal limitsDecreto 1570/2001 ("corralito")
2001HistoricalExtraordinary measures
Abrogation of gold, currency and indexation clausesDecreto 214/2002, art. 5 (with Ley 23.928 arts. 7 and 10 as amended by Ley 25.561)
2002 → nowIn forceExtraordinary measures
Forced conversion of foreign-currency deposits and contracts (pesification)Decreto 214/2002 (Reordenamiento del sistema financiero), art. 2
2002HistoricalExtraordinary measures
Nationalisation or transfer of private pension assets to the stateLey 26.425 (Sistema Integrado Previsional Argentino)
2008HistoricalExtraordinary measures
Forced exchange or reprofiling of domestic debt and depositsDecreto de Necesidad y Urgencia 596/2019, arts. 1-2
2019Historical
Further reading
- Argentina: Request for an Extended Arrangement Under the Extended Fund Facility—Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Argentina (IMF Country Report No. 25/95)
IMF staff · IMF, 2025
The debt analysis attributes part of Argentina’s 2024 reduction in consolidated peso debt to financial repression, alongside recovering peso demand and changes in bank liquidity. It warns that easing exchange restrictions and changing debt composition will increase interest costs and require sustained fiscal adjustment.
- Financial Repression: Evidence and Theory
Chari, Dovis, Kehoe · Federal Reserve Bank of Minneapolis, 2016
Explains how compulsory bank holdings can strengthen a government’s commitment to repay by making default more costly. The model supports repression only under urgent financing needs and weak repayment credibility, because the benefit comes at the expense of productive private investment.
- The Liquidation of Government Debt
Reinhart, Sbrancia · IMF, 2015
Reconstructs government debt portfolios to measure the transfer from savers to governments when controlled interest rates combine with inflation. It finds substantial postwar debt liquidation and explains why high debt after the global financial crisis could revive these policies.
- Tracking Global Demand for Emerging Market Sovereign Debt
Arslanalp, Tsuda · IMF, 2014
Extends sovereign investor-base measurement to emerging markets, separating domestic banks, nonbanks and central banks from foreign holders. It documents post-crisis foreign inflows and country differences in banks’ government-debt exposure, useful for evaluating funding dependence and potential captive demand.