Overview

• Treasury adjudicated $3.788 trillion pesos in an out-of-schedule, banks-only TAMAR-linked bill, leaving roughly $2.1 trillion pesos from prior pesos unrefinanced.
• The new bill matures on November 28 and pays TAMAR +1% TNA, with TAMAR quoted around 67%, implying government funding near 68%.
• The BCRA raised reserve requirements to 50% and shifted encaje computation to a daily basis to immobilize deposits and drain pesos, with penalties for noncompliance.
• FX gauges were contained: official retail near ARS1,315 (BNA), wholesale ARS1,293, blue around ARS1,340, and MEP/CCL near ARS1,298–1,304.
• Gross reserves hovered around US$41.7–41.9 billion after a US$146 million drop Monday, while analysts flag tighter credit and softer activity as rates surge.