Argentina Keeps Wholesale Dollar Below 1,500 to Support Disinflation Program

Overview

• The government used higher policy rates, active peso absorption and market interventions to keep the wholesale (mayorista) dollar around 1,496–1,499.50, a level reported on Aug. 6–7.
• Banco Nación’s retail window quoted the dollar at 1,470/1,520 while the informal 'dólar blue' traded near 1,510/1,530 and financial windows showed the MEP at about 1,520 and the CCL between 1,559 and 1,580.
• The Central Bank’s REM survey sees an average dollar of 1,512 for August and about 1,652 by December, signaling market expectations of a gradual rise within the policy framework.
• Economists warn the policy creates a 'tapón monetario' that sharply reduces liquidity, raises borrowing costs and can slow consumption and credit, with MacroView’s Pablo Goldín estimating a 40–50 trillion peso shortfall to reactivate the economy.
• Argentina’s FX picture remains fragmented across official, wholesale, informal and financial rates, and authorities are using sterilization tools and interest-rate pressure to absorb pesos as they balance exchange stability against risks to growth.