Overview
- The BCRA published a presentation laying out plans to rebuild reserves as a way to inject pesos after a pre-election monetary squeeze.
- Vice President Vladimir Werning told investors in Washington that buying could restart once peso demand recovers, with timing framed as the coming months or 2026.
- The document says fiscal financing and the Treasury’s peso-debt unwind are exhausted as liquidity channels, shifting the focus to using “external money.”
- The plan prioritizes reserve purchases without sterilization to support remonetization and to stabilize currency expectations that underpin domestic stability.
- Markets remain uncertain about the source and execution, including whether purchases would be within the exchange band via the MLC or through block operations by the Treasury.