Overview

• Market estimates point to roughly US$500 million sold by the Treasury across the first four sessions of intervention, after early moves of about US$140 million on Tuesday and US$50 million on Wednesday, keeping the wholesale rate near $1,365 within the band.
• Pablo Quirno reaffirmed the floating-band regime, ruled out a devaluation and said operations are financed with Treasury resources rather than Central Bank reserves, adding that the IMF program remains unaffected.
• Analysts calculate an initial intervention capacity near US$1.7 billion and expect support to continue through the October midterms, with country risk hovering around 900 basis points as investors watch the Buenos Aires vote for policy signals.
• The IMF staff urged a renewed push to rebuild reserves after the elections, including programmed Central Bank purchases and hard‑currency proceeds from privatizations or external placements, following a missed accumulation target.
• Very high interest rates and tight liquidity are pressuring activity and jobs, with industry reporting demand drops of 15–20% and significant employment losses, even as many business leaders say long‑term investment plans hinge on macro and political stability.