Overview
- The BCRA approved circular A8350 to revert reserve requirement computation to a monthly average starting Nov. 1.
- Banks must still meet a 95% daily floor on required reserves and face unchanged penalties for deviations.
- The adjustment follows an extraordinary squeeze that lifted encajes to 53.5% with 100% daily integration, a setup that drove intraday rates above 100% and stifled credit.
- Local reports indicate the Treasury will inject roughly 4.5–5.1 trillion pesos this week after a low rollover of maturing debt.
- Analysts describe the move as gradual, and consultancy Epyca reports reserve accumulation by the BCRA is planned to start in 2026 to avoid adding pressure to the FX market.