Overview

• The Central Bank reinstated Communication A 8336, requiring anyone who buys at the official rate to refrain from MEP or CCL transactions for 90 days to curb the “rulo” arbitrage.
• By Monday’s close, Banco Nación quoted $1,380 and wholesale $1,360, with MEP near $1,455 and CCL around $1,489, leaving spreads versus the official rates in the 5%–10% range and a band ceiling near $1,480.
• The Treasury purchased about US$500 million on Monday and roughly US$1.9 billion in total from the farm liquidation after temporary zero export duties to a US$7,000 million DJVE cap.
• Gross reserves previously jumped by US$1.889 billion to about US$41.24 billion, then slipped US$116 million on Monday after external payments, including to the Paris Club, BID and CAF.
• Argentine bonds weakened again and the JP Morgan country risk moved back above 1,100 points, as analysts warn dollar supply could thin once the agro sales window closes, pressuring the FX scheme into the election period.