Overview

• The official rate climbed to roughly ARS 1,385–1,400 on Monday, its highest nominal level since the cepo was lifted, coming within about ARS 85 of the band’s ceiling near ARS 1,470.
• Finance Secretary Pablo Quirno announced the Treasury would participate in the FX market to support liquidity, and prices eased early Tuesday with the Banco Nación rate slipping about ARS 10 and MEP/CCL retreating.
• Authorities have leaned on heavy dollar‑futures intervention (weekly volumes near US$2.5 billion and a sold position estimated around US$6 billion), sharply higher local yields, and bank reserve requirements raised to about 53–53.5%.
• Consultancies reported declines in Treasury dollar deposits and higher peso placements at the BCRA, estimating possible FX sales in recent weeks of roughly US$130–US$350 million, which officials have not confirmed.
• Market stress persisted with equities and sovereign bonds falling and risk metrics near 830–840 bps, while blue traded around ARS 1,355–1,370 and gross reserves hovered near US$40 billion.