Overview

• The official wholesale dollar rate fell below ARS 1 340 for the fourth consecutive session, settling near ARS 1 333 and narrowing spreads with blue, MEP and CCL rates.
• A $2 billion IMF tranche arrived this week and a $780 million interest payment kept gross foreign-exchange reserves above $42 billion.
• Reserve requirement hikes to 40% have drained excess liquidity and underpinned interest rates, pushing TAMAR yields to 51.1% on large peso placements.
• Agricultural exporters accelerated dollar liquidations to about $101 million after a permanent cut in export taxes, adding foreign-currency supply.
• Argentine equities and bonds rallied on calmer currency conditions, though analysts caution that election-season uncertainty could reignite peso volatility.