The BCRA reduced its debt with importers by more than USD 3.3 billion in 2025.

In a new attempt to stabilize external accounts and align the country's commercial commitments, the Central Bank of the Argentine Republic (BCRA) reported that debt with importers was reduced by more than 3.3 billion dollars during the first four months of 2024. This decrease was achieved thanks to the issuance of the Bonds for the Reconstruction of a Free Argentina (Bopreal), which continue to be a key tool for absorbing pressures on the foreign exchange market.

Bopreal Series 4, whose first auction will be held on June 18, aims to settle dividends trapped by the currency controls and commercial liabilities prior to December 12, 2023. The authorized issuance is for USD 3 billion, and it will be subscribed in pesos at the official exchange rate (A3500).

Liability reduction and remaining stock

A report by Portfolio Personal Inversiones (PPI) revealed that  commercial debt fell from a peak of USD 58.8 billion (March 2023) to USD 53.648 billion (December of that year), before the placement of all bond series. Although BCRA states that "the problem is already solved," the debt stock remains high and has accumulated more than USD 25 billion since December 2021.

According to the latest BCRA Foreign Exchange Market Evolution report,  between January and April there was a decrease of USD 3.315 billion in importer debt. Meanwhile, retained dividends still amount to about USD 7 billion, which justifies the need to continue with specific issuances such as Bopreal 4.

Incentives for new participation

For José María Segura, chief economist at PwC, the context continues to push private actors to subscribe: "The fact that one can't access the MULC if one has resorted to the financial market is a key incentive."

Segura also highlighted to Infobae that previous issuances were successful and that the bond traded in the secondary market with lower-than-expected discounts, which generates positive prospects for this new placement.

PPI indicated that the instrument will be a bullet bond maturing in October 2028, with a 3% annual coupon and semiannual payments, usable for tax payments as was the case with Series 1.