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Argentina Steps Up Reserve Buys and Rolls Over Peso Debt as Market Risk Climbs

The actions come under a new inflation‑indexed exchange‑band framework designed to rebuild reserves.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Dec. 3, 2018. Stocks climbed after the U.S. and China declared a truce in their trade war, while Treasuries and the dollar fell. Oil surged on optimism producers will cut output. Photographer: Michael Nagle/Bloomberg nueva york eeuu bolsa de comercio de nueva york wall street jornada economica operadores economia suba de las acciones
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Los metales preciosos también se benefician de los ataques del gobierno de Donald Trump contra la Fed y de un contexto geopolítico cada vez más tenso. Fotógrafo: Angel Garcia/Bloomberg
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Overview

  • The Central Bank bought USD 187 million on Jan. 14, its largest daily purchase this month, lifting January’s total to about USD 515–520 million and gross reserves to USD 44.717 billion.
  • The Treasury refinanced 98% of ARS 9.6 trillion in peso maturities, adjudicating ARS 9.37 trillion, but validated sharply higher short-term costs, with the Feb. 27 LECAP at a 49.16% annual effective rate.
  • Official exchange rates eased, with Banco Nación’s retail dollar at ARS 1,480 and the wholesale rate near ARS 1,453, widening the gap from the band’s upper limit.
  • Investor caution persisted as sovereign bonds fell, the S&P Merval dropped roughly 2.5%–2.9%, and JP Morgan’s risk index hovered around 586–591 basis points.
  • Provincial governments face nearly USD 2.5 billion in dollar maturities in 2026, beginning with Tierra del Fuego’s payment due Jan. 21, a pipeline seen pressuring reserve availability.