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1h ago

BCRA Reimposes 90-Day Cross-Restriction as Treasury Dollar Buys Lift Official Rate to $1,380

Blocking 'rulo' trades channels export inflows to the Treasury at the cost of wider exchange gaps, weaker bonds, higher risk.

Trigo sudeste de Córdoba (Archivo La Voz)
Paneles del Ibex 35 en el Palacio de la Bolsa de Madrid.
Image
Mauricio Macri y Javier Milei se reunieron en la Quinta presidencial de Olivos

Overview

  • Communication A 8336 bars anyone who buys at the official rate from operating in MEP or CCL for 90 days, a rule that also applies in reverse, to choke off the “rulo” arbitrage.
  • The official dollar closed at $1,380 at Banco Nación and $1,360 wholesale, while MEP and CCL rose toward $1,451 and $1,489–$1,495 respectively, with the blue at about $1,430.
  • The Treasury bought about US$500 million on Monday after a US$1.345 billion block purchase Friday, with cumulative buys near US$1.9 billion, as gross reserves hover around US$41.1–$41.24 billion after external payments.
  • Sovereign bonds fell again and JP Morgan’s country risk gauge moved back above 1,100 points, with several reports citing a close near 1,124.
  • Reduced supply in financial dollars widened the brecha, futures implied rates jumped above 60% for short maturities, and the wholesale rate at $1,360 sat roughly 10% below the band ceiling of $1,480.22.