Cavallo Demands End to Corporate Currency Controls and Calls RIGI Discriminatory

He argues selective fiscal and currency perks for big projects favor a few firms and raise borrowing costs that choke broad-based investment.

Overview

Domingo Cavallo renewed his public critique in notes published Tuesday and Wednesday, June 30–July 1, 2026, saying the RIGI and Súper RIGI “discriminate” and disadvantage millions of firms and entrepreneurs.
Cavallo described the RIGI programs as regimes that give fiscal breaks and currency privileges to a small group of large projects, leaving most companies without comparable access to benefits or cheaper foreign currency.
He demanded the complete removal of the corporate segment of the cepo cambiario, arguing that full capital mobility and reserve accumulation would lower real interest rates and expand access to affordable credit.
The Milei government and its economic team led by Luis Caputo defend selective incentives and a gradual exit from controls, a stance that Cavallo says marks a growing policy split with the administration.
Cavallo invoked his post-2002 experience and the convertibility era to warn that a high real exchange rate without open capital flows and credit access can deepen anti-export and anti-investor distortions and limit long-term growth.