Overview

• The official dollar closed at ARS 1,335 for sale and the blue at ARS 1,345, with the wholesale rate at ARS 1,321 after three straight daily gains.
• Gross reserves ended near US$41.50 billion following a weekly net decline of about US$408 million, according to BCRA figures.
• The first August auction rolled over 61.07% of maturities, leading the Treasury to draw roughly ARS 5.8 trillion from deposits at the central bank and deploy extra liquidity drains.
• Equilibra estimates about ARS 1.3 trillion in additional financing costs for August–February, rising toward ARS 2.6 trillion if elevated rates persist into the election period.
• Market and real-economy stress intensified, with dollar bonds weaker and country risk around 753 basis points, consumer confidence down 13.87% in August, and private surveys showing renewed food price pass-through.