Overview

• Banco Nación closed the official dollar at 1,335 pesos for sale, with the blue at 1,345, the highest since April.
• The wholesale rate rose to 1,321 pesos after three straight daily moves, up 21 pesos on the week, narrowing the gap to roughly 1%–2%.
• Communication A 8302 unified encajes at 50% with daily measurement, triggering unprecedented intraday swings in short-term funding rates that ranged from near 0% to about 150% annualized and lifting some deposit offers to roughly 50% TNA.
• The BCRA built a net short position of about US$3.812 billion in dollar futures to support the managed exchange corridor, while reported reserves hovered near US$41.5 billion.
• Financial strain intensified as sovereign bonds fell and country risk reached around 753 basis points, and private surveys reported renewed pass-through to food prices with August inflation estimates near 2%–2.7%.