Overview

• The official USD/ARS rate jumped to about ARS 1,350 in banks on July 31, placing it within 6.5% of the ARS 1,449 ceiling set by the floating band.
• Treasury auctions offered up to 65% annual yields to absorb ARS 9 trillion but rolled over only 76% of maturing debt, leaving ARS 2.8 trillion unrefinanced.
• The Treasury has purchased US$ 1.5 billion of dollars in the spot market over the past 35 days amid agricultural exporters averaging only US$ 50 million in daily inflows.
• The informal blue‐dollar rate has held near ARS 1,320, narrowing the gap with the official rate as liquidity pressures intensify.
• BCRA interventions in futures markets persist and officials warn of direct spot‐market action if the peso breaches the upper band limit.