Despite expectations that President Javier Milei’s reforms might elevate Argentina’s market classification, MSCI, the market facts company, has decided to maintain the contry’s “standalone” status.

In its recent market access review, MSCI cited that Argentina, wich has been in this category as 2021, fails to meet the necessary minimum liquidity requirements. The company also noted that Argentine markets remain partially closed to foreign investors.

According to MSCI‘s review, “In April 2025, the Central Bank announced the uprising of several restrictions, allowing international investors to repatriate dividends obtained from January 1, 2025. Though, several restrictions are maintained for foreign institutional investors.”

The qualifier’s report stated that “Ther is no efficient offshore exchange market” in Argentina. while acknowledging the shift from a crawling PEG to a managed flotation regime in April and some easing of restrictions, MSCI will continue to monitor these developments.

The entity is scheduled to announce on Tuesday, June 24, whether Argentina will be included in the list of countries under consideration for reclassification from Independiente (Standalone) to border market status in 2026.

MSCI‘s Concerns

The report also highlighted that “Financial regulations and companies are not always available in English,” which impacts “equal rights for foreign investors.”

MSCI also raised concerns about “Cases of government interventions” in Argentina that have “questioned the stability of the economy of ‘free market ‘.”

Additionally, the evaluation pointed to “a limited level of competition between corridors” in the argentine market, potentially increasing transaction costs. While off-market operations are permitted, they are subject to restrictions.

The report also noted “An imitated availability of investment instruments, by virtue of the restrictions imposed on the use of stock market data.”

“There is no efficient offshore exchange market”

Reactions to the decision

Ignacio Sniechowski,head of Research,commented on the decision,noting that improvements are accounted for,but severe restrictions remain for institutional investors. He added that the entity will continue to monitor exchange restrictions and that the stability of the institutional framework has not shown significant enhancement since the last report.