Overview
- Economy Minister Luis Caputo says adding international reserves is a priority focused on strengthening the BCRA’s balance rather than using dollars to cover imminent debt maturities.
- Several economists interpret recent signals as a plan to buy only the minimum needed to avoid pressuring the exchange rate and triggering peso weakness.
- Morgan Stanley, after meetings in Buenos Aires, expects a formal FX-buying program to begin only after a liability‑management operation reduces near‑term foreign‑currency debt.
- The bank’s team argues that eliminating the current‑account deficit to enable durable reserve accumulation may require a 10%–15% peso depreciation from current levels.
- Market reports note recent dollar purchases were executed by the Treasury rather than the central bank, with thin FX liquidity making a discretionary approach more likely than a preannounced calendar, while Juan Carlos De Pablo says reserve targets remain achievable.