{"id":10700,"date":"2025-04-21T09:29:49","date_gmt":"2025-04-21T12:29:49","guid":{"rendered":"https:\/\/wsclegal.com\/?p=10700"},"modified":"2025-09-23T12:26:49","modified_gmt":"2025-09-23T15:26:49","slug":"la-fin-du-cepo","status":"publish","type":"post","link":"https:\/\/wsclegal.com\/fr\/la-fin-du-cepo\/","title":{"rendered":"La fin du \u00ab cepo \u00bb ?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row full_width=\u00a0\u00bbstretch_row_content_no_spaces\u00a0\u00bb content_placement=\u00a0\u00bbmiddle\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1694620103250{margin-top: 0px !important;margin-right: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;padding-left: 10% !important;background-color: #e8eef5 !important;}\u00a0\u00bb conditional_render=\u00a0\u00bb%5B%7B%22value_role%22%3A%22administrator%22%7D%5D\u00a0\u00bb el_class=\u00a0\u00bbtitulopostcheckout\u00a0\u00bb][vc_column css=\u00a0\u00bb.vc_custom_1674106037719{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb conditional_render=\u00a0\u00bb%5B%7B%22value_role%22%3A%22administrator%22%7D%5D\u00a0\u00bb][vc_column_text css=\u00a0\u00bb.vc_custom_1699454225042{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 3% !important;padding-bottom: 3% !important;}\u00a0\u00bb]<\/p>\n<p style=\"text-align: left; margin-bottom: 0px;\"><span style=\"color: #003e59;\">Consultez les derni\u00e8res nouvelles sur les lois et r\u00e8glements<\/span><span style=\"color: #003e59;\">.<\/span><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=\u00a0\u00bbstretch_row_content_no_spaces\u00a0\u00bb equal_height=\u00a0\u00bbyes\u00a0\u00bb content_placement=\u00a0\u00bbmiddle\u00a0\u00bb conditional_render=\u00a0\u00bb%5B%7B%22value_role%22%3A%22administrator%22%7D%5D\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1692799876407{margin-top: 0px !important;margin-bottom: 25px !important;border-top-width: 2px !important;border-bottom-width: 2px !important;padding-top: 22px !important;padding-right: 10% !important;padding-bottom: 22px !important;padding-left: 10% !important;border-top-color: #bc9640 !important;border-top-style: solid !important;border-bottom-color: #bc9640 !important;border-bottom-style: solid !important;}\u00a0\u00bb][vc_column width=\u00a0\u00bb1\/2&Prime; conditional_render=\u00a0\u00bb%5B%7B%22value_role%22%3A%22administrator%22%7D%5D\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1674353033684{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb offset=\u00a0\u00bbvc_col-xs-6&Prime;][vc_column_text css=\u00a0\u00bb.vc_custom_1699465154208{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb]<\/p>\n<p style=\"text-align: left;\"><span style=\"color: #003e59;\">Perspectives<\/span><\/p>\n<p>[\/vc_column_text][\/vc_column][vc_column width=\u00a0\u00bb1\/2&Prime; css=\u00a0\u00bb.vc_custom_1674353042854{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb conditional_render=\u00a0\u00bb%5B%7B%22value_role%22%3A%22administrator%22%7D%5D\u00a0\u00bb offset=\u00a0\u00bbvc_col-xs-6&Prime;][vc_column_text css=\u00a0\u00bb.vc_custom_1699454168992{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb]<\/p>\n<p style=\"text-align: right;\"><span style=\"color: #003e59;\"> <a href=\"https:\/\/wsclegal.com\/en\/insights\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5363\" src=\"https:\/\/wsclegal.com\/wp-content\/uploads\/2023\/01\/flecha.png\" alt=\"\" width=\"20\" height=\"16\" \/><\/a>\u00a0 Retour<\/span><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=\u00a0\u00bbstretch_row_content_no_spaces\u00a0\u00bb conditional_render=\u00a0\u00bb%5B%7B%22value_role%22%3A%22administrator%22%7D%5D\u00a0\u00bb el_class=\u00a0\u00bbsec-top\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1675395705007{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-right: 10% !important;padding-bottom: 0px !important;padding-left: 10% !important;}\u00a0\u00bb][vc_column][vc_single_image image=\u00a0\u00bb10710&Prime; img_size=\u00a0\u00bb\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1745238431652{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb][\/vc_column][\/vc_row][vc_row conditional_render=\u00a0\u00bb%5B%7B%22value_role%22%3A%22administrator%22%7D%5D\u00a0\u00bb el_class=\u00a0\u00bbinternapost margenmob\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1674404868551{padding-top: 50px !important;}\u00a0\u00bb][vc_column width=\u00a0\u00bb4\/5&Prime;][vc_column_text css=\u00a0\u00bb\u00a0\u00bb]<\/p>\n<h1><span style=\"color: #003e59;\"><strong>La fin du \u00ab cepo \u00bb ?<br \/>\nAlerte spoiler : pas encore\u2026<\/strong><\/span><\/h1>\n<p>L&rsquo;Argentine fait de nouveau les gros titres \u00e0 l&rsquo;international apr\u00e8s avoir obtenu un nouveau programme d\u2019aide du FMI pour 20 milliards de dollars. Dans le cadre de cet accord, l&rsquo;administration Milei s\u2019est engag\u00e9e \u00e0 permettre au peso argentin d\u2019\u00e9voluer librement dans une bande comprise entre 1 000 et 1 400 ARS. La Banque centrale pourra intervenir sur le march\u00e9 des changes \u2014 en utilisant les fonds du FMI \u2014 si le taux de change sort de cette fourchette.<\/p>\n<p>L\u2019administration Milei a saisi cette opportunit\u00e9 pour proclamer la \u00ab fin du <em>cepo<\/em> \u00bb. En espagnol, <em>cepo<\/em> signifie \u00ab verrou \u00bb ou \u00ab entrave \u00bb et d\u00e9signe les contraintes et contr\u00f4les impos\u00e9s aux r\u00e9sidents argentins pour convertir les pesos argentins en devises \u00e9trang\u00e8res et de transf\u00e9rer ces devises \u00e0 l\u2019\u00e9tranger. En d\u00e9clarant la fin du <em>cepo<\/em>, le gouvernement argentin cherche \u00e0 envoyer un signal fort \u00e0 la communaut\u00e9 des investisseurs \u00e9trangers : les restrictions financi\u00e8res sont termin\u00e9es et l\u2019Argentine autorise d\u00e9sormais la libre circulation des capitaux. Ce changement de politique devrait rapidement se traduire par une croissance \u00e9conomique et une hausse des investissements directs \u00e9trangers.<\/p>\n<p>Cependant, bien que le gouvernement proclame la fin du <em>cepo<\/em> (et sans douter de sa volont\u00e9 sinc\u00e8re d\u2019y mettre fin), les faits conduisent \u00e0 une conclusion plus nuanc\u00e9e.[\/vc_column_text][vc_custom_heading text=\u00a0\u00bbQuelles restrictions ont \u00e9t\u00e9 lev\u00e9es avec la fin du cepo ?\u00a0\u00bb use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb css=\u00a0\u00bb\u00a0\u00bb skin=\u00a0\u00bbprimary\u00a0\u00bb show_border=\u00a0\u00bbyes\u00a0\u00bb border_skin=\u00a0\u00bbprimary\u00a0\u00bb border_size=\u00a0\u00bbxs\u00a0\u00bb][vc_column_text css=\u00a0\u00bb\u00a0\u00bb]\u00c0 l\u2019appui de cette annonce, la Communication \u00ab A \u00bb 8226 de la Banque centrale all\u00e8ge ou supprime plusieurs restrictions relatives \u00e0 l\u2019achat et \u00e0 l\u2019envoi de devises. Ainsi :<\/p>\n<ul>\n<li>Les personnes physiques (c\u2019est-\u00e0-dire les particuliers, mais pas les entreprises) peuvent d\u00e9sormais acheter ou vendre librement des dollars am\u00e9ricains, d\u00e9tenir des d\u00e9p\u00f4ts en devises, retirer ces fonds en esp\u00e8ces ou les transf\u00e9rer \u00e0 l\u2019\u00e9tranger.<\/li>\n<li>Les dividendes g\u00e9n\u00e9r\u00e9s \u00e0 partir du 1er janvier 2025 peuvent \u00eatre distribu\u00e9s aux actionnaires non-r\u00e9sidents. Ce changement ne concerne pas les dividendes anticip\u00e9s, mais uniquement ceux figurant dans des \u00e9tats financiers finalis\u00e9s et approuv\u00e9s. Pour les entreprises dont l\u2019exercice fiscal se termine au 31 d\u00e9cembre, les premi\u00e8res distributions selon les nouvelles r\u00e8gles n\u2019auront pas lieu avant avril 2026.<\/li>\n<li>Des paiements anticip\u00e9s allant jusqu\u2019\u00e0 un certain pourcentage du prix total des biens d\u2019\u00e9quipement import\u00e9s sont d\u00e9sormais autoris\u00e9s.<\/li>\n<li>Les paiements de biens et services import\u00e9s peuvent \u00eatre effectu\u00e9s dans des d\u00e9lais plus courts qu\u2019auparavant. Pour les biens, le paiement peut \u00eatre r\u00e9alis\u00e9 d\u00e8s le d\u00e9douanement. Pour les services, le d\u00e9lai est d\u00e9sormais de 30 jours apr\u00e8s leur constatation (pour les parties non li\u00e9es) et de 90 jours (en cas de services entre parties li\u00e9es).<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_custom_heading text=\u00a0\u00bbQuelles restrictions restent en vigueur ?\u00a0\u00bb use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb css=\u00a0\u00bb\u00a0\u00bb skin=\u00a0\u00bbprimary\u00a0\u00bb show_border=\u00a0\u00bbyes\u00a0\u00bb border_skin=\u00a0\u00bbprimary\u00a0\u00bb border_size=\u00a0\u00bbxs\u00a0\u00bb][vc_column_text css=\u00a0\u00bb\u00a0\u00bb]Jusqu\u2019ici, tout va bien. Pourtant, malgr\u00e9 les annonces et les gros titres, plusieurs restrictions importantes demeurent :<\/p>\n<ul>\n<li>Les personnes morales (c\u2019est-\u00e0-dire les entreprises) ne peuvent toujours pas acheter de devises sur le march\u00e9 officiel pour des raisons de tr\u00e9sorerie ou \u00e0 des fins non op\u00e9rationnelles.<\/li>\n<li>Les recettes li\u00e9es aux exportations doivent toujours \u00eatre rapatri\u00e9es et converties en pesos, sauf dans certains cas tr\u00e8s limit\u00e9s pour les particuliers.[1]<\/li>\n<li>Les paiements pour les biens et services import\u00e9s constat\u00e9s avant le 12 d\u00e9cembre 2023 restent interdits.<\/li>\n<li>Les dividendes accumul\u00e9s avant le 1er janvier 2025 ne peuvent pas \u00eatre distribu\u00e9s aux actionnaires non r\u00e9sidents via le syst\u00e8me bancaire argentin. [2]<\/li>\n<li>Le remboursement du principal des dettes financi\u00e8res (non commerciales) contract\u00e9es \u00e0 l\u2019\u00e9tranger entre parties li\u00e9es \u2014 et dans certains cas entre parties non li\u00e9es \u2014 demeure largement interdit, \u00e0 quelques exceptions pr\u00e8s.<\/li>\n<\/ul>\n<p>Les paiements anticip\u00e9s pour les biens import\u00e9s (hors biens d\u2019\u00e9quipement) et les services restent interdits.[\/vc_column_text][vc_custom_heading text=\u00a0\u00bbUne d\u00e9claration pr\u00e9matur\u00e9e de la fin du cepo\u00a0\u00bb use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb css=\u00a0\u00bb\u00a0\u00bb skin=\u00a0\u00bbprimary\u00a0\u00bb show_border=\u00a0\u00bbyes\u00a0\u00bb border_skin=\u00a0\u00bbprimary\u00a0\u00bb border_size=\u00a0\u00bbxs\u00a0\u00bb][vc_column_text css=\u00a0\u00bb\u00a0\u00bb]Les annonces faites vendredi repr\u00e9sentent une avanc\u00e9e importante vers un assouplissement du contr\u00f4le des changes et traduisent la volont\u00e9 du gouvernement d\u2019attirer des investisseurs \u00e9trangers. Mais soyons clairs : l\u2019Argentine est encore loin de retrouver la libert\u00e9 totale des mouvements de capitaux qui existait entre 2015 et 2019.<\/p>\n<p>La capacit\u00e9 du gouvernement \u00e0 r\u00e9tablir ces conditions d\u00e9pendra de divers facteurs internes et externes, notamment :<\/p>\n<ul>\n<li>Le taux d\u2019inflation, indicateur sensible \u00e0 l\u2019approche des \u00e9lections l\u00e9gislatives d\u2019octobre.<\/li>\n<li>La capacit\u00e9 \u00e0 maintenir un budget \u00e9quilibr\u00e9 face aux pressions pour relancer la d\u00e9pense publique.<\/li>\n<li>L\u2019accumulation de r\u00e9serves de change pour soutenir le peso et restaurer la confiance des Argentins dans leur monnaie.<\/li>\n<li>Le contexte \u00e9conomique international et l\u2019impact sur la d\u00e9pendance historique aux exportations de mati\u00e8res premi\u00e8res de l\u2019Argentine.<\/li>\n<li>Le rythme et le volume des investissements \u00e9trangers.<\/li>\n<li>Le r\u00e9sultat des \u00e9lections l\u00e9gislatives de 2025, qui constitueront un r\u00e9f\u00e9rendum national sur l\u2019administration Milei et sa politique.<\/li>\n<\/ul>\n<p>Oui, le <em>cepo<\/em> s\u2019assouplit \u2014 mais il est encore loin d\u2019avoir disparu.[\/vc_column_text][vc_custom_heading text=\u00a0\u00bbNotes de bas de page\u00a0\u00bb font_container=\u00a0\u00bbtag:h3|text_align:left\u00a0\u00bb use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb css=\u00a0\u00bb\u00a0\u00bb skin=\u00a0\u00bbprimary\u00a0\u00bb show_border=\u00a0\u00bbyes\u00a0\u00bb border_skin=\u00a0\u00bbprimary\u00a0\u00bb border_size=\u00a0\u00bbxs\u00a0\u00bb][vc_column_text css=\u00a0\u00bb\u00a0\u00bb][1] En effet, le nouveau r\u00e9gime modifie l\u2019obligation faite aux exportateurs argentins de rapatrier le produit de leurs exportations. Auparavant, ils devaient convertir 80 % de leurs recettes d\u2019exportation sur le march\u00e9 officiel des changes, tandis que les 20 % restants pouvaient \u00eatre rapatri\u00e9s au taux plus \u00e9lev\u00e9 affich\u00e9 pour les op\u00e9rations de swap sur titres (la fameuse r\u00e8gle du \u00ab 80\/20 \u00bb). Depuis lundi, les exportateurs doivent d\u00e9sormais rapatrier et convertir 100 % de leurs recettes au taux de change officiel.<\/p>\n<p>[2] Le gouvernement a annonc\u00e9 l\u2019\u00e9mission d\u2019une nouvelle s\u00e9rie d\u2019obligations souveraines libell\u00e9es en dollars (les <em>BOPREALs<\/em>). Les entreprises souhaitant distribuer des dividendes relatifs aux exercices 2024 et avant ou rembourser des dettes commerciales contract\u00e9es avant le 12 d\u00e9cembre 2023 peuvent acqu\u00e9rir ces obligations et les transf\u00e9rer \u00e0 leurs actionnaires ou cr\u00e9anciers non r\u00e9sidents en guise de paiement. \u00c0 l\u2019heure actuelle, les conditions de cette nouvelle s\u00e9rie de BOPREAL n\u2019ont pas encore \u00e9t\u00e9 publi\u00e9es.[\/vc_column_text][\/vc_column][vc_column width=\u00a0\u00bb1\/5&Prime;][vc_widget_sidebar sidebar_id=\u00a0\u00bbblog-sidebar\u00a0\u00bb][\/vc_column][\/vc_row][vc_row css=\u00a0\u00bb.vc_custom_1674404931104{padding-bottom: 15px !important;background-color: #e8eef5 !important;}\u00a0\u00bb conditional_render=\u00a0\u00bb%5B%7B%22value_role%22%3A%22administrator%22%7D%5D\u00a0\u00bb el_class=\u00a0\u00bbmargenmob\u00a0\u00bb][vc_column width=\u00a0\u00bb3\/4&Prime;][vc_column_text css=\u00a0\u00bb.vc_custom_1743522124130{padding-bottom: 0px !important;}\u00a0\u00bb]Si vous souhaitez discuter de cette question avec les avocats de Wiener Soto Caparros, n\u2019h\u00e9sitez pas \u00e0 contacter notre auteur.[\/vc_column_text][\/vc_column][vc_column width=\u00a0\u00bb1\/4&Prime;][\/vc_column][\/vc_row][vc_row content_placement=\u00a0\u00bbmiddle\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1674405179900{padding-top: 0px !important;background-color: #e8eef5 !important;}\u00a0\u00bb conditional_render=\u00a0\u00bb%5B%7B%22value_role%22%3A%22administrator%22%7D%5D\u00a0\u00bb el_class=\u00a0\u00bbmargenmob\u00a0\u00bb][vc_column width=\u00a0\u00bb1\/6&Prime;][vc_single_image image=\u00a0\u00bb9008&Prime; img_size=\u00a0\u00bb\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1743522116578{padding-right: 0px !important;padding-left: 0px !important;}\u00a0\u00bb][\/vc_column][vc_column width=\u00a0\u00bb2\/6&Prime;][vc_column_text css=\u00a0\u00bb.vc_custom_1743522232771{padding-top: 5% !important;padding-right: 0px !important;padding-left: 0px !important;}\u00a0\u00bb]<\/p>\n<h3 style=\"text-align: left; margin-bottom: 8px;\"><a href=\"https:\/\/wsclegal.com\/en\/fr\/ourteam\/mariela-del-carmen-caparros\/\"><span style=\"color: #003e59;\">Mariela del Carmen Caparr\u00f3s<\/span><\/a><\/h3>\n<p><a href=\"mailto:mcaparros@wsclegal.com\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5301\" src=\"https:\/\/wsclegal.com\/wp-content\/uploads\/2023\/01\/Group-17.png\" alt=\"\" width=\"30\" height=\"30\" \/><\/a>\u00a0 \u00a0 <a href=\"https:\/\/www.linkedin.com\/in\/mariela-del-carmen-caparr%C3%B3s-29841620\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5678 \" src=\"https:\/\/wsclegal.com\/wp-content\/uploads\/2023\/01\/Group-10.png\" alt=\"\" width=\"32\" height=\"28\" \/><\/a>[\/vc_column_text][\/vc_column][vc_column width=\u00a0\u00bb1\/2&Prime; 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