Overview

• The official USD/ARS rate has stabilized around ARS1,300 after rising toward the band’s ceiling in early July
• The informal blue dollar reached about ARS1,325, roughly 4 percent above the official rate
• Financial dollar rates trade at around ARS1,281 for MEP and ARS1,290 for CCL, underscoring market fragmentation
• BCRA has avoided spot sales but intervened in the futures market and reintroduced repo operations following the phase-out of liquidity instruments
• Gross reserves stand at approximately US$40.65 billion after the latest IMF disbursement, supporting the managed float framework