
The Central Bank of the Argentine Republic (BCRA) has launched new regulations allowing non-resident investors and financial institutions to manage profits and dividends by subscribing to "Bonds for the Reconstruction of a Free Argentina" (BOPREAL). This resolution, part of Communication "A" 7999, aims to facilitate the repatriation of funds and access to the foreign exchange market under controlled conditions. The new policy allows non-resident investors to subscribe to BOPREAL bonds up to the local currency equivalent of outstanding profits and dividends. These bonds may only be issued after verification that the dividends and profits correspond to closed and audited balance sheets, and that the investor has not used this mechanism with another entity. A significant development is that, under certain conditions, investors will be able to access the foreign exchange market for the payment of these profits and dividends through an exchange and/or arbitrage process with funds deposited in a local account and originating from principal and interest collections in foreign currency from BOPREAL bonds. Furthermore, the BCRA has established that funds obtained since September 1, 2019, from profits and dividends collected in the country by non-residents, and which have not yet been sent abroad, may also be converted into BOPREAL. This reflects an effort to adjust the amount of foreign currency in the local system, using the most recent Consumer Price Index (CPI) as a reference for bond subscriptions. Financial institutions must issue an exchange sales ticket under certain concept codes to record these transactions, thus ensuring transparency and adequate monitoring. With this regulation, the BCRA seeks not only to regulate the flow of foreign currency but also to strengthen the country's financial framework, providing tools that promote investment and the effective management of financial resources in a challenging economic context.