Overview

• The Central Bank set a 35% reference rate and used overnight operations to free roughly ARS 630 billion, shifting away from the recent ultra‑tight stance.
• The Treasury largely stepped back from defending the exchange rate this week, selling only US$33.8 million on Monday as the wholesale dollar closed near ARS 1,432 and retail quotes moved higher.
• The IMF acknowledged being briefed on recent spot-market actions and voiced support for the program while calling for a transparent and predictable monetary and exchange-rate framework.
• Decision 23/25 reallocated the budget with about ARS 493.5 billion in cuts, heavier reductions in education and social programs, an extra ARS 21 billion for interest payments, and a higher reported surplus, according to ASAP.
• Corporate reports point to a sharp drop in August demand, and the government is exploring a US$1 billion Inter-American Development Bank line for provinces as tensions with governors persist.