Overview
- The central bank bought roughly US$2.16 billion in July and has accumulated about US$13.3 billion so far in 2026, a pace reported across official statements and market coverage.
- Despite those purchases, Ámbito reported a sharp month‑end drop that put gross reserves under US$48 billion, a decline driven by end‑of‑month cash flows and valuation moves such as a fall in gold prices.
- The BCRA interrupted a 135‑session streak of net buying when the wholesale rate approached $1,500, a pause that coincided with Treasury dollar operations tied to the D31L6 fixing that reduced Treasury dollar deposits by about US$140–146 million.
- Late‑July tactics combined spot sales, futures and secondary‑market actions plus issuance of dollar‑linked and dual bonds and large peso debt placements with a 144% rollover to hold the wholesale rate near an implicit $1,500 ceiling.
- Underlying pressure remains strong as household 'dólar ahorro' purchases reached about US$15.3 billion in H1 2026 and cumulative private demand since April 2025 tops US$41.1 billion, keeping the parallel 'blue' rate near $1,560 and constraining policy options for August.