Overview

• Finance secretary Pablo Quirno said the Treasury will start participating in the spot FX market to add liquidity, and the official dollar eased by roughly $8–$13 after the announcement.
• The official rate had touched new nominal highs a day earlier, with retail quotes near $1,385–$1,400 and the wholesale rate around $1,372, while MEP and CCL hovered near $1,380 and the blue traded around $1,355–$1,370.
• Authorities have paired the new tool with heavy dollar‑futures intervention, sharply higher peso rates and record bank reserve requirements near 53–53.5%, alongside high‑yield Lecaps and TAMAR‑linked issuance.
• Asset prices weakened through the bout of FX stress, with local equities and dollar bonds falling and risk at about 832 basis points, and futures still imply further depreciation toward roughly $1,406 in September and $1,545 by December.
• Consultancies flagged declines in Treasury dollar deposits that suggest earlier sales, gross reserves hover near US$40 billion, and Economy sources said the IMF was consulted on today’s step though the Fund has not commented.