Overview

• The BCRA sold US$379 million on September 18 to cap the wholesale rate at the band’s ceiling near ARS 1,474.8, bringing two‑day interventions to about US$432 million.
• Gross reserves fell to roughly US$39.4 billion after the sales, as the Central Bank also operated in futures and began publishing daily band limits on its website.
• Sovereign bonds plunged as much as 12–14%, the S&P Merval sank in pesos and dollars, and country risk jumped above 1,350–1,450 basis points; financial and parallel dollar rates topped ARS 1,500.
• Economy Minister Luis Caputo said there will be no change to the economic program and pledged to defend the ceiling, adding that measures to guarantee January and July 2026 debt payments will be announced in the coming weeks.
• Market stress intensified after defeats for the government in Congress and a provincial vote, while ex‑official Joaquín Cottani called the band framework unsustainable and the government reiterated there will be no return of a general cepo.