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yesterday

Argentina’s Multi-Tier FX Market Steadies as IMF Tranche Boosts Reserves

Roughly $2 billion from the IMF review boosted gross reserves to about $43 billion; the central bank has leaned on futures and repos instead of spot-dollar sales.

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Overview

  • Official Banco Nación rates remain at ARS 1,270/1,310 while the parallel blue market trades around ARS 1,300/1,320 and MEP/CCL sit in the low-1,300s.
  • An IMF review released about US$1.993 billion in mid-August, briefly lifting gross reserves from US$41.9 billion to roughly US$43.0 billion.
  • The BCRA refrained from spot-market interventions this week, favoring futures, repos and higher reserve requirements to absorb excess pesos.
  • INDEC reported July inflation at 1.9% with 17.3% accumulated year-to-date, and Focus Economics updated its year-end peso forecast to about ARS 1,393.7 per dollar.
  • Cryptocurrency stablecoins such as USDT are trading slightly above the blue rate, highlighting digital channels as alternative dollar access points.