Overview
- The Treasury faces a $4.225 billion payment on January 9 with roughly $1.8 billion available from a BONAR 2029 placement and recent inflows, plus up to $700 million expected from hydro concession proceeds.
- A short‑term repo with international banks is widely anticipated to provide the missing dollars, and Economy Minister Luis Caputo has said such a deal would cover January obligations.
- Talks with the IMF seek an adjustment to reserve targets to unlock about $1.05 billion, though reporting differs on timing between a late‑January/early‑February review and a possible March assessment.
- The new inflation‑indexed FX band began January 1; the official rate sits about 3.6–3.7% below the ceiling and the central bank has not bought dollars, with gross reserves at $43.099 billion after a $1.934 billion rise.
- Bonds gained and the risk premium eased to around 553 basis points, but the limited space under the band constrains immediate intervention by the central bank.