Overview

• - Official and parallel exchange rates climbed for a third straight day, with Banco Nación at ARS 1,335, the wholesale rate at ARS 1,321, the blue at ARS 1,345, the MEP near ARS 1,329 and the CCL around ARS 1,334.
• - The Central Bank tightened cash conditions by shifting peso reserve requirements to daily calculation near 45–50% and reinforced the defense with record futures sales and targeted Treasury auctions.
• - Intraday funding swung to extremes as overnight caución rates oscillated between roughly 0% and 150%, sending short‑term borrowing costs higher and straining banks and dealers.
• - Debt rollover weakened to about 61% in the latest auction, leaving roughly ARS 5.8 trillion unrefinanced, while bonds fell and sovereign risk closed near 753 basis points with reserves around USD 41.5 billion.
• - Real‑economy signals deteriorated as consumer confidence fell 13.9% in August and JP Morgan trimmed its 2025 growth call to 4.7%, while analysts expect super‑high rates to persist through October.