Overview

• The Economy Ministry sold out-of-schedule Treasury bonds to mop up roughly ARS 5.7–6 trillion left unrolled after banks renewed just 60–76% of maturing debt
• The central bank lifted temporary reserve requirements on sight deposits and required banks to meet them by buying TAMAR bonds, reinforcing a super-tight liquidity stance
• Banco Nación’s official rate traded near ARS 1,310/1,320 on August 18 while blue and financial rates clustered around ARS 1,300–1,340 after the interventions
• INDEC reported July inflation at 1.9% month-on-month and 17.3% year-to-date, and Focus Economics raised its 2025 growth forecast to about 5% yet flagged electoral uncertainty and depreciation risks
• Analysts warn that without another IMF tranche and with second-half export dollar inflows tapering, the peso remains exposed to capital-flow swings and looming debt maturities into early 2026