Overview

• The Treasury announced direct participation in the MULC, prompting the official dollar to ease about 10 pesos to ARS 1,375 and pulling blue, MEP and CCL quotes into the mid‑1,300s with narrower gaps.
• Authorities stressed that Central Bank reserves were not tapped, describing a liquidity backstop funded by Treasury-held dollars and aligned with the band-based exchange framework.
• Brokers estimate the Treasury has roughly USD 1.6–1.7 billion available, which could support interventions of around USD 100 million per day for several weeks.
• Economists criticized the move as a retreat from the previously touted free float within bands, while officials maintained that the exchange-rate bands remain in place.
• The action followed election-driven volatility and a political scandal that lifted dollar demand, with sovereign bonds falling over 3% as the S&P Merval recovered part of prior losses.