Overview
- Public and private banks used BCRA supervision meetings to press for lower reserve requirements and a rollback of daily encaje calculations that they say disrupt deposit‑taking and client service.
- The Central Bank has already made a modest post‑election relaxation and officials signal possible further flexibilization of encajes by month‑end to accommodate seasonal peso needs estimated near 1.5 trillion.
- The economic team sees early signs of a rebound in peso credit and activity after months of pre‑election dollarization, so any loosening will proceed cautiously.
- Authorities rule out a fixed schedule for reserve purchases, opting to buy opportunistically as corporate dollar issuance sets a November record and boosts foreign‑currency supply.
- The government plans to seek an IMF waiver and propose a lower reserves target, while a credibility gap persists between Caputo’s estimate of US$1.5 billion in net reserves and market calculations near negative US$10 billion.