The MEP dollar (from Mercado Electrónico de Pagos, also called "dólar bolsa") is the exchange rate that results from buying a bond in pesos and selling its dollar-denominated version through a licensed broker in Argentina. It's legal, it's done through a brokerage account, and its price comes from bond prices, not from a bank or a decree.
In Argentina several exchange rates coexist, each with its own name, and the MEP is the one most people mention without quite knowing what it is. This page explains it in general: the mechanism, what you need to operate it, and how it differs from the official rate, the blue, the card rate and the "contado con liquidación". It has no quote and doesn't recommend buying it: that's what official sources and, if needed, a professional are for.
How it works, in general
Some bonds trade in two currencies: a peso-denominated line and a dollar-denominated line of the same security. You buy the peso line with the pesos in your brokerage account, wait the minimum holding period set by current regulation, and sell the dollar line. The dollars stay in your account and can be transferred to a dollar bank account in your name. The implied exchange rate is the peso price divided by the dollar price of the same bond.
The operation goes through an agent licensed by the CNV (Argentina's securities regulator): a broker, or the investment service of some banks and wallets. Both legs trade on the market, so the price changes all the time and there's a transaction cost: the agent's fees and the spread between buy and sell prices.
Minimum holding periods, limits and who may operate are set by the CNV and the Central Bank (BCRA), and have changed several times in recent years. This page deliberately doesn't state them: confirm them at the official source or with your broker before operating.
What you need to operate it
- A brokerage account with a CNV-licensed agent, opened with your ID and personal details.
- A peso bank account and a dollar bank account in your name, to send and receive the money.
- Pesos in the brokerage account, the applicable holding period, and the sale of the dollar line.
- Meeting current conditions: there have been periods when operating MEP excluded you from other FX operations, or vice versa. You have to check the rule of the moment.
How it differs from the other dollars
| Where it's traded | Who sets the price | Legal | |
|---|---|---|---|
| Official | Banks and exchange houses | The official FX market, under BCRA regulation | Yes, under current conditions |
| MEP | The stock market, through a licensed broker | Bond prices in pesos and in dollars | Yes |
| Contado con liquidación (CCL) | The stock market, like MEP | Bonds or shares that also trade abroad | Yes; the dollars end up in an account abroad |
| Card rate | Not bought: it's applied to purchases abroad with a card | The official rate plus current taxes and withholdings | Yes |
| Blue (informal) | Outside the system | Informal supply and demand | Not regulated |
The difference between MEP and CCL is where the dollars end up: with MEP they stay in an account in Argentina; with CCL, in an account abroad. The gap between each of these and the official rate moves with regulation and with the market, and it's the figure that goes stale fastest: it isn't here.
Things to keep in mind
- It has costs: the agent's fees and the buy-sell spread. The effective rate is worse than the published one.
- It takes time: between the holding period and settlements, the dollars aren't there the same day.
- It has price risk: the bond can move between buying the peso line and selling the dollar line.
- Its rules change: what could be done last year may not be allowed today, and vice versa.
And in Kesef
Kesef doesn't buy or sell dollars: it records. If you save in dollars and spend in pesos, or the other way round, each transaction is logged in its currency and the app converts it when logged, at that moment's rate, so the month shows in a single currency. The rate it uses is a reference to organise your numbers, not a price you can trade at.
Frequently asked questions
Is the MEP dollar legal?
Yes. It's a purchase and sale of bonds on the capital market, regulated by the CNV, carried out through a licensed agent. What changes over time are the conditions: holding periods, limits and who may operate.
What's the MEP dollar rate today?
This page doesn't publish quotes: they change every day during the trading session. The value can be seen on any licensed broker's site or in BYMA's market data.
What's the difference between the MEP dollar and the blue?
MEP is traded on the stock market, through a regulated agent, and the dollars end up in a bank account in your name. The blue is informal: it isn't regulated and the transaction leaves no record. Which one trades higher depends on the moment.
Is buying MEP dollars a good idea?
This page doesn't answer that: it's an investment decision that depends on what the money is for, when you'll need it and how much risk you tolerate, and Kesef isn't an adviser. What you can do is understand the mechanism, look at the costs and the current rules at the source, and consult a licensed professional if the decision is big.
Educational content. Not an investment recommendation nor personalised financial advice: before deciding, check official sources or consult a licensed professional.
Sources and review date
Checked on October 13, 2026. External figures change: if you're deciding based on this, it's worth confirming the number at the source.