Overview
- From January 1, the floor and ceiling of the exchange-rate band will update monthly by the latest INDEC CPI with a two‑month lag (T‑2), replacing the prior 1% monthly crawl.
- The preannounced reserve‑accumulation plan targets about US$10 billion in 2026 in the base case, rising to US$17 billion if money demand increases by 1% of GDP, subject to balance‑of‑payments flows.
- Daily execution will initially be limited to 5% of FX market turnover, with the option of off‑market block purchases to avoid distortions in pricing and liquidity.
- The remonetization path envisions the monetary base rising from 4.2% to 4.8% of GDP by December 2026, with liquidity managed via Lecaps operations, repos, and gradual reserve‑requirement normalization to maintain positive real rates.
- Financial quotes turned higher after the announcement, with MEP and CCL climbing, the blue dollar advancing, and hard‑currency sovereign bonds gaining.