Overview

• The central bank confirmed a stabilization swap with the U.S. Treasury for up to US$20 billion, describing it as a tool to support macro stability, price stability and liquidity.
• Despite the announcement, key exchange rates climbed: wholesale near $1,450–$1,480 against a ~$1,490 ceiling, Banco Nación retail around $1,495, blue about $1,485, MEP near $1,526 and CCL around $1,541–$1,553.
• Market estimates put recent U.S. Treasury sales in the MULC and CCL at roughly US$340–400 million, which traders judged too small to reverse dollar demand.
• BCRA gross reserves fell about US$533 million to US$41.168 billion, with officials attributing the drop mainly to multilateral debt payments and valuation effects.
• Analysts expect dollarization to persist through the October 26 elections and warn the banded regime’s sustainability is uncertain, with some consultancies projecting October FX purchases near US$5 billion.