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51m ago

Off-Calendar Auction and Higher Encajes Deepen Peso Squeeze as Official Rate Falls

Officials tightened liquidity with higher encajes plus an off‑calendar Treasury sale to keep the exchange rate contained before the October vote.

dolar dólar billetes dólares efectivo moneda estados unidos billete cien dólares currency dollar dollars note notes banknotes 100 f:SA
Image
Las tasas altas y la aspiradora de pesos condicionan el recorrido local del dólar
Interior del Palacio de la Bolsa de Madrid.

Overview

  • Treasury absorbed approximately ARS 3.788 trillion in a bank-focused emergency auction, which Finance Secretary Pablo Quirno said supports the monetary absorption drive.
  • The Central Bank lifted reserve requirements on sight deposits by 5 percentage points to 45% and allowed integration with primary-market government bonds to withdraw pesos from the system.
  • The official exchange rate extended its multi-day decline into the ARS 1,290–1,313 area as the blue held near ARS 1,340, widening the spread, while MEP and CCL hovered around ARS 1,297 and ARS 1,300–1,305.
  • Gross international reserves stood near US$41.7 billion after the recent IMF inflow, wholesale FX volumes hit multi-month highs, and futures implied the official rate around ARS 1,495 by year-end.
  • Stocks fell sharply with the Merval down about 3.6% and several ADRs off more than 5%, and local reports described a tense meeting between the Central Bank and major banks over the new measures.