Overview
- Casa Rosada will keep key pre-election currency restrictions, including limits on using official and financial markets in parallel and curbs on retail dollar sales by wallets.
- The economic team outlines a cautious unwind of the monetary squeeze and could relax reserve requirements, but only if public demand for pesos normalizes and private dollar supply persists.
- Bank executives pressed the BCRA to ease faster by cutting the roughly 53.5% encaje floor and reversing daily reserve calculations that they say are distorting liquidity and stalling credit.
- The government will seek an IMF waiver and a lower reserves target and rejects a fixed schedule for BCRA dollar purchases, as the Fund’s Julie Kozack urges quicker accumulation to bolster confidence.
- Markets have calmed with risk at about 600 basis points; analysts see 400–500 as safer for new sovereign borrowing, even as President Javier Milei claims Argentina is already able to re-enter and corporates step up dollar issuance.