Argentines think about the departure of the stocks

On Friday, April 11, the Argentine government surprised the population with an unexpected announcement: after almost six years the exchange rate has come to an end, at least for natural persons. The measure had been implemented by the administration of Mauricio Macri after its defeat in the 2019 primary elections, against former President Alberto Fernández.

It is worth noting that The departure of the stock was one of Javier Milei’s campaign promisesalthough he himself clarified on several occasions that it was necessary to meet certain conditions, such as advancing in the sanitation of the Central Bank. With the passing of time, Milei took advantage of various opportunities to reaffirm that his commitment was still in force.

Although there was no lack of officials close to the government who asked for patience and pointed out the complexity of lifting exchange restrictions, several renowned economists held very different positions. Roberto Cachanosky, for example, came to affirm that the government “had fallen in love with the stocks” and that “they ran the arch all the time”, while Diego Giacomini, at the end of 2024, harshly criticized the intention of the intention of Take IMF debt to open the controls.

That is precisely the argument with which the Administration of Milei justified its return to the multilateral organism: they argued that, without reinforcing the reserves – which had fallen in recent months – it was not possible to achieve a more sustainable economic plan and, therefore, raise the exchange rate. This resulted in the signing of an agreement for USD 20,000 million, as reported by cryptootics.

Thus, since Monday the banks in Argentina began operating without limits or exchange restrictions for natural persons. The USD 200 monthly stop for the small saver, allowing users to buy dollars freely through channels such as home Banking, no longer governs. The only exception that is still maintained is the restriction for cash purchase per windowlimited to USD 100 per month when performed with pesos in ticket.

According to the new economic regime announced by the Government, The dollar will float inside a band that goes from 1,000 to 1,400 pesos; That is, if the contribution of the American currency moves away from that range, the Central Bank may intervene in the market buying or selling dollars to stabilize it. At the time of writing this note, the dollar in Argentina is quoted at USD 1,160 for purchase and USD 1,210 for sale, according to information provided by the National Bank. In Binance, right now each USDT is traded for 1247 pesos.

As explained by Minister Luis Caputo, this opening inaugurates the “phase 3” of the economic plan of Javier Milei, focused on attracting investments and normalizing the market. Although certain restrictions for companies and dollars persist, the truth is that the elimination of the USD 200 quota for natural persons, at least under the conditions raised by Milei and its team, has generated optimism and concerns.

The reactions finally of the stocks to the dollar

On platforms such as Reddit, opinions about the end of the stocks range between skepticism, cautious optimism and irony. Some people express concern about the impact on local prices, as PurplesNakemi said: «The electronics seller of Argentina will raise the price regardless of what happens. Hopefully people are felt, buy everything outside or only if it is at a competitive price ». Others, such as the user Gabo_98100, see a positive side in the stabilization of the exchange rate: «If it stabilizes between 1200 and 1300, it is good for everyone. Those in dollars have a more attractive rate to sell and those in pesos do not lose so much ». It is possible to find these comments in the following thread.

However, there are those who consider that this measure does not represent true liberalization, but rather an undercover adjustment. This was stated by the user Judgment_sumario: “He didn’t get out of the stocks, it’s just a dressed devaluation”. In contrast, others celebrate this change as a structural advance, such as Top-Appintment-9310: “They changed the economic model, there are now fiscal surplus, it is another country.”

On the other hand, some have chosen to be prudent and remember past experiences, as is the case of Happy_Scrotum: «It is a bit soon to draw conclusions. When Macri lifted the stocks and opened the imports, everything worked well for almost a year until he became unsustainable«.

Finally, Xero-Hige also clarified his concern about the impact on purchasing power: «I would be happy if I was sure that everything will not increase (the story in this country says that it usually happens). Since the last devaluation, my salary has not recovered, and I think this is what happens to the majority ». This caution is complemented by the vision of rice_quemado_, who prefers to wait until it is possible to see the results: “I do not put my hand in the fire for anyone … wait to see the results before starting to judge.”

As for finance specialists, Miguel Braun, IDB representative, praised the measure as a step based on government and financial credibility, criticizing those who reduce it to a simple devaluation. In contrast, the commentator Carlos Maslatón strongly questioned the exchange bands and the intervention of the Central Bank, warning of a public indebtedness that he considers unnecessary and criticizing the agreement with the IMF. For his part, the economist Carlos Rodríguez adopted a more cautious position, highlighting the initial calm in the markets and the adaptation of the operators to the new regime, although he pointed out that The next few days will be crucial to evaluate commercial and financial reactions.

These opinions reflect the complexity of a change that, for many, marks a turning point, but whose depth and sustainability are still to be defined.