Overview

• Treasury ran an off‑schedule sale of a TAMAR‑linked capitalizable bill (M28N5) maturing on November 28, 2025, placing ARS 3.788 trillion at TAMAR +1% TNA with banks.
• The Central Bank raised peso reserve requirements to 50% via Communication A 8302 to withdraw liquidity and reinforce the squeeze.
• On August 19 the official dollar traded near ARS 1,315 on Banco Nación screens and the blue around ARS 1,340, with the wholesale at ARS 1,293 and MEP/CCL near ARS 1,299–1,306.
• Gross international reserves hovered around US$41.9 billion after a US$1.993 billion IMF inflow, including a reported daily drop of about US$146 million.
• TAMAR rates climbed to roughly 67%, implying Treasury funding costs near 68% TNA and greater near‑term interest outlays.