Overview

• The central bank ended its Liquidity Bills program and imposed 60–80% nominal annual supertasas to absorb excess pesos and restore the official rate to the lower band limit.
• Between June 23 and July 18 the Treasury acquired about US$968 million in in-block currency operations, lifting reserves to roughly US$40.4 billion ahead of an IMF review.
• Despite official stability, the blue dollar trades near 1,310 pesos and MEP/CCL rates hover around 1,260–1,265, signaling persistent upward pressure outside the regime.
• Agro exporters warn daily dollar liquidations will plunge by over 50% to under US$100 million as temporary export-duty cuts expire, and the government is weighing permanent duty reductions to shore up inflows.
• Elevated peso interest rates are driving up borrowing costs and slowing credit, and analysts caution that election-driven dollarization may intensify foreign-exchange strain in the second half.