Overview

• Pablo Quirno announced the Treasury would begin operating in the MULC to add liquidity and support market functioning.
• Private estimates put first‑day dollar sales near US$100–130 million executed by the BCRA on behalf of the Treasury, with the central bank indicating no change in its own reserves.
• Prices shifted after the move: the Banco Nación dollar closed at 1,375 pesos (−0.7%), the wholesale rate ended at 1,361 pesos, the blue dollar rose to 1,360, and dollar bonds fell sharply.
• Government sources framed the intervention as a pragmatic step to protect the disinflation process before the Buenos Aires provincial election, while analysts said it tests the non‑intervention line under the IMF scheme and underscores thin buffers.
• Domingo Cavallo urged a swift convertibility‑based reform and the end of currency controls, and Cristina Fernández de Kirchner blasted the intervention and the administration’s exchange‑rate policy.