Argentina Ends CIBU via Decree 273/2025, Issues USD 3 Billion BOPREAL, Relaxes FX Controls for Foreign Investors

The Argentine government has eliminated the Certificado de Importación de Bienes Usados (CIBU), a requirement in place for over 30 years, through Decree 273/2025. Companies can now import used capital goods, such as machinery for oil and gas extraction, graphic industry equipment, and automotive molds, without prior authorization or paperwork. In 2024, around 1,500 CIBU certificates were processed. The measure is designed to allow sectors like mining, energy, and manufacturing to access affordable equipment and is aligned with Decree 70/2023, which prohibits economic barriers to imports. The Central Bank of Argentina (BCRA) has announced the issuance of the fourth series of Bonos para la Reconstrucción de una Argentina Libre (BOPREAL), denominated in US dollars, with a maturity of three years and a total of up to USD 3 billion. These bonds can be subscribed in pesos, will pay interest semiannually, and be repaid in a single amortization at maturity. The BOPREAL is intended to address commercial debts prior to December 12, 2023, as well as retained dividends and services of debt with related entities, including utilities corresponding to fiscal years starting January 2025. The BCRA has also relaxed foreign exchange controls for new foreign investments, allowing non-resident investors to access the official foreign exchange market (MLC) for repatriation of capital, provided the investment is liquidated in the official market and remains in the country for at least six months. These measures are part of the third phase of the government's economic program and coincide with a recent USD 12 billion disbursement from the International Monetary Fund, which raised Argentina's gross reserves to USD 36.8 billion.