Overview
- On Friday, Sept. 25, 2026 the Treasury paid roughly US$795–800 million to the IMF and the central bank recorded no net dollar purchases, a combination that cut gross reserves by about US$600 million to US$48.245bn.
- The pause in BCRA buying coincided with new nominal highs for the official rate (majorista ≈ $1,525.50; Banco Nación retail ≈ $1,545) and a third straight weekly rise in the informal blue dollar (≈ $1,560).
- Investor pressure intensified as the J.P. Morgan country risk index climbed above 600 (around 609), while sovereign bonds and the Buenos Aires stock index fell on the repricing of Argentina’s external liquidity outlook.
- Policy options are constrained by persistent private dollar demand—August purchases by individuals stayed near US$2.8–2.93bn—and by a pared down BCRA short position in dollar futures (about US$278m), limiting official ways to intervene.
- The immediate watch: whether the BCRA resumes net dollar purchases, how the Treasury meets further IMF-related maturities in November and December, and the effect of tighter liquidity on borrowing costs and prices for households.