Overview

• The official peso traded at ARS 1,275/1,300 on July 14–15, brushing against the upper limit of the 1,000–1,400 floating band
• The blue (parallel) dollar climbed to ARS 1,300–1,345, widening the spread over the official rate to about 4 percent
• Banco Central de la República Argentina has stayed out of the Mercado Único y Libre de Cambios since the IMF’s US$12 billion disbursement
• International reserves held near US$39 billion after the IMF tranche bolstered buffers for the new exchange regime
• Persistent inflation, rising debt-service obligations and a turbulent political calendar are straining confidence in Argentina’s multi-rate FX framework