Overview

• Gross reserves rose about US$1.89 billion in the week to roughly US$41.24 billion, helped by Treasury block purchases of around US$1.3–1.35 billion from accelerated farm export liquidations after the US$7 billion DJVE cap was reached.
• Under Communication A 8336, anyone buying dollars at the official rate must refrain from operating in MEP or CCL for 90 days, a move aimed at stopping the ‘rulo’ between official and financial markets.
• Key quotes on Monday: Banco Nación at ARS 1,350–1,360, blue near ARS 1,430–1,440, MEP around ARS 1,432–1,436, and CCL roughly ARS 1,468–1,476, with the wholesale ceiling of the band at ARS 1,480.22.
• Sovereign assets weakened and the JP Morgan risk premium climbed to around 1,088 basis points, reflecting investor caution following the new restriction and shifting FX supply.
• Analysts see narrower official market supply and stronger segmentation, warn the rule does not directly cover the informal market, and outline scenarios from defending sub‑ARS 1,400 to allowing a drift toward the band ahead of the October 26 elections.