Overview

• Friday’s intervention brings this week’s reported FX sales to about US$1.11 billion after US$53 million on Wednesday and US$379 million on Thursday.
• The wholesale rate closed at the band ceiling near $1,475 as Banco Nación’s retail dollar set a record at $1,515, while blue, MEP and CCL quotes stayed above $1,500.
• Official reserves fell to roughly US$39.4 billion after Thursday’s operation, with Friday’s sale described as the largest since the end of the cepo.
• Economy Minister Luis Caputo vowed to “sell until the last dollar” to defend the ceiling, and the central bank tightened access for financial-sector insiders to curb arbitrage.
• Sovereign bonds tumbled up to 13.4% on Thursday and country risk topped 1,400 points, with a partial rebound early Friday giving way to choppy trading.