Overview

• Banco Central published Communication A8311, which immediately bans banks from increasing their net FX position on the last business day of each month.
• From December, entities must meet FX position limits on a daily basis and their net negative exposure cannot exceed 30% of their Responsibility Patrimonial Computable.
• By Friday’s close, the official dollar stood at $1,360 at Banco Nación and $1,342 in the wholesale market, the blue at $1,345, and MEP/CCL hovered in the mid‑$1,300s with very tight spreads.
• Despite a $15 daily uptick, August ended with the first monthly decline of the official exchange rate under Javier Milei, with the wholesale rate down roughly 2.3% month over month.
• Gross reserves were reported around US$40.961 billion after a US$292 million drop tied to a provincial bond payment, and analysts noted lingering volatility heading into upcoming elections.