Overview
- From January 1, 2026 the BCRA will float the peso within bands whose floor and ceiling are updated monthly by official INDEC inflation with a two‑month lag.
- A reserve‑buying program starts the same day, initially targeting about 5% of daily spot market volume, with scope for block purchases to stabilize trading.
- Officials signaled a US$10–17 billion reserve accumulation goal that hinges on rolling Treasury maturities with private funding, after missing IMF reserve targets and with net reserves still negative.
- The government will free CERA deposits below US$100,000 in January—potentially unlocking more than US$20 billion—alongside ongoing FX liberalization and new dollar debt issuance.
- Regional markets closed 2025 with a weaker dollar: Peru’s interbank rate ended at S/3.3640 on Dec 30 for a 10.6% annual drop, Mexico’s peso hovered near 17.99 per dollar with roughly 13–13.8% gains, and Peru’s construction grew 12.5% in November, pointing to near‑6% growth for 2025.