Overview

• Government sold over US$600 million in dollar futures on July 15–16 to cap the official rate at ARS 1,300 and push it back to around ARS 1,280.
• Treasury launched off-calendar debt issuances and the central bank reactivated repo operations to absorb roughly ARS 10 trillion in newly released liquidity.
• Short-term interest rates were raised above 36% annual to deter banks from holding excess pesos after the LEFI phase-out.
• The parallel blue dollar plunged about 35 pesos in a single day to close below ARS 1,300, its biggest drop in three months.
• Analysts now forecast the official rate near ARS 1,324 by year-end but warn that lasting stability requires deeper competitiveness reforms.