Overview

• The official rate opened near 1,460 pesos—within about 1% of the 1,471 ceiling—before easing slightly, keeping pressure on the upper band.
• The BCRA’s IMF-backed firepower is about US$14 billion, while Treasury dollar deposits near US$1.0–1.1 billion constrain spot intervention after recent sales estimated above US$500–600 million.
• Economy minister Luis Caputo said policy will not change, even as President Javier Milei reposted an ally’s call to scrap the bands, and analysts weigh rate hikes, tighter encajes, heavier futures sales, or reserve use to steady the market.
• Country risk climbed toward or above roughly 900–1,000 basis points and Argentine bonds and ADRs fell, underscoring doubts about reserve accumulation and policy traction.
• The Treasury faces a $7.2 trillion Lecap maturity this week within a heavier September schedule, making rollover terms pivotal as officials prepare a menu that may include short Lecaps, dollar-linked debt, and TAMAR offerings.