Overview

• Official and parallel exchange rates both traded near ARS 1,335 on 11 August after policy steps reversed part of July’s roughly 14% spike
• Communication 8296 permits exporters to use up to 125% of current and next six months’ foreign-currency revenues held abroad as guarantees for longer-term pre-financing
• A nearly US$2bn IMF disbursement lifted gross reserves toward US$43bn, providing a buffer against renewed FX volatility
• The BCRA has driven short-term peso yields above 44% nominal, raised reserve requirements and cut its net futures-sold position to about US$3.5bn
• A central bank survey shows markets expect the official rate to remain fixed through legislative elections, with futures pricing pointing to ARS 1,450–1,500 by year-end