He Central Bank (BCRA) This Tuesday he completed his 71st day buying dollars consecutively in the official market. A streak that is unprecedented in the last five years.
The monetary authority acquired US$235 million in this last round, the third highest figure so far this year. The accumulated since January 2026 reached US$6,386 Ma figure that represents 63% of the annual foreign currency purchase target planned for this year.
Operations include both direct transactions and block purchases with companies and organizations. The pace accelerated in April: in just 15 business days, the Central added US$2 billion.
The current purchasing speed far exceeds that of previous months. Since the implementation of the new monetary scheme in January, the monetary authority easily exceeded half of the annual goal.
The BCRA’s strategy to add dollars without putting pressure on the exchange rate
To maintain this streak of acquisitions, the agency issues pesos without using sterilization instruments. The National Treasury, in parallel, places securities in local currency to absorb that liquidity and prevent monetary expansion from generating pressure on the exchange rate and inflation.
This dynamic allows the BCRA to continue buying dollars without the issuance resulting in a jump in the dollar or prices. The mechanism works like a gear: the Central injects pesos, the Treasury withdraws them from the circuit.
Debt payments made by the Treasury limited the net increase in international reserves. A part of the foreign currency used for these commitments came from the BCRA itself.
Reserves reached the highest level since 2018
At the close of the last day, international reserves totaled US$45,779 M. The stock registered a daily rise of US$32 million.
In February, reserves had reached $46,905 million. That level marked the highest peak since 2018 and the maximum of the current administration.
Recent movements respond to both debt payments in foreign currency and changes in asset valuations. Gold and bonds fluctuate in an unstable international context.
Santiago Bausili, president of the BCRA, pointed out that the key variables will be the supply of dollars and the demand for pesos. Official projections suggest that the net balance of purchases could be between US$10,000 M and US$17,000 M in 2026.
These numbers will depend on the flow of currency. Beyond the dollars that come in from the gross harvest, corporate debt will play a central role in the coming months.
There are US$3,200 million of corporate debt left to be settled in the local market
Since the legislative elections of October 2025, Argentine companies have placed debt in international markets for about US$10,000 M. Most of these funds have already entered the local market.
This liquidation contributed to the exchange stability of recent months. According to official estimates, there are still more than US$3,000 million pending receipts.
Vladimir Werning, vice president of the Central Bank, pointed out in a meeting with foreign investors in Washington that between October 2025 and April 2026, companies issued negotiable obligations for a total of US$9,900 Mof which only US$6.8 billion were channeled to the local market.
US$3.2 billion still remain to be settled. As these currencies are incorporated into the formal circuit, they could reinforce and extend the stability of the exchange rate in the short term.
The wholesale dollar closed stable after two days of increases
The Argentine exchange market showed stability this Tuesday. After two consecutive days of increases, the wholesale exchange rate slowed its rise.
Operations in the cash segment reached US$532.1 M. This volume allowed the initial increase in the wholesale exchange rate to be reversed.
The dollar closed with a marginal decrease of $1.50 (-0.1%), placing it at $1,375.50. The Central Bank’s usual intervention seeks to strengthen the profile of net reserves in compliance with the commitments made to the International Monetary Fund (IMF).
In April, the wholesale dollar accumulated a fall of $6.50 (-0.5%). Since the beginning of 2026, it has fallen $79.5 or 5.5%.
The Central Bank established the upper band of its exchange rate scheme in $1,688.68. This leaves the wholesale dollar at $313.18 or 22.8% below that ceiling for free floating.
