The Central Bank enabled the use of checks in dollars

The Central Bank of the Argentine Republic (BCRA) has reopened the opening of dollar checking accounts, with checks in that currency only permitted electronically (ECHEQ). "This measure is part of the national government's policy of promoting currency competition, as well as the policies promoted by the BCRA to offer banks a greater range of financial services and products," the monetary authority announced last night in a statement.

Since the implementation of the ECHEQ in dollars requires adjustments to the institutions' and clearing systems, the Central Bank has expected a deadline of December 1, 2025, for the necessary adjustments to be completed.

"The ECHEQ has proven to be a particularly relevant financing tool for MSMEs, because it facilitates negotiations by conducting them electronically and remotely, reducing operating, transportation, and document verification costs."

The initiative joins other measures approved by the Central Bank at the beginning of the year, such as allowing debit card payments in dollars, the interoperable QR code for debit card payments in pesos and dollars, and the creation of the DEBIN (Debit Card System) for installment payments in both pesos and dollars. These measures are intended to foster currency competition and allow individuals and businesses to use any currency they choose in their everyday transactions. The government also launched a virtual dollar laundering program so that individuals can use their foreign currency for transactions.