Overview

• The central bank lowered its overnight absorption rate to about 35% and released liquidity, a shift that coincided with the official and parallel dollars trading above roughly 1,400 pesos.
• IMF spokesperson Julie Kozack confirmed staff were informed of recent Treasury spot FX interventions described by Argentine authorities as temporary responses to volatility.
• The IMF reiterated support for the government’s program while urging a transparent, consistent and predictable monetary and exchange‑rate framework and calling to strengthen reserves and rebuild confidence in the peso.
• Officials are weighing a relaxation of the strict encaje regime by moving minimum cash compliance to a three‑day average, and the BCRA issued Communication A 8325 to exclude certain long‑term external credit lines from the foreign‑currency position cap.
• To preserve the agreed fiscal surplus, the government enacted Administrative Decision 23/25 to reassign spending, and market tension eased late in the week as the Treasury largely stepped back from daily FX interventions.