Overview

• The Treasury placed about ARS 3.78–3.8 trillion in TAMAR bonds in an out‑of‑calendar auction directed to banks, with near‑total take‑up at a rate roughly equal to the wholesale term deposit benchmark plus 1%.
• The move followed a mid‑week auction that renewed only about 61% of maturities, freeing roughly ARS 6 trillion, most of which was absorbed through the TAMAR sale and higher reserve requirements that can be met with eligible public bonds.
• One‑day caución rates whipsawed from intraday peaks near 65% to about 2–3% after settlement as banks parked roughly ARS 3.8 trillion overnight, with traders expecting rates to normalize around 40–45%.
• The BCRA opened a roughly 65% liquidity window that saw little use given temporary cash surpluses and tightened encajes to 50% for sight deposits at major banks and to 45% for money‑market funds and cauciones.
• The government reported a July primary surplus of ARS 1.74 trillion but a financial deficit of ARS 168.5 billion due to interest payments, and analysts warn large upcoming peso maturities could re‑ignite pressure if rollovers weaken.