Since the beginning of the exchange rate flexibilization, more than 1.5 million people per month have participated in the official foreign exchange market, and net dollar purchases have already accumulated over USD 30.7 billion, according to the BCRA.
One year after the historic decision by Javier Milei to break the chains of the currency controls, the Argentine economy is breathing fresh air. Since the process of liberalization began in April 2025, the demand for foreign currency by citizens has reached unprecedented levels, totaling a gross purchase of bills of USD 36.028 billion in the formal segment. This phenomenon, far from being a crisis, represents the consolidation of private savings: after deducting sales of USD 5.269 billion, the net purchase balance stands at USD 30.759 billion.
If we include operations from the non-financial private sector under the concept of “currency transfers for unspecified purposes,” the accumulated figure under this new paradigm of freedom rises to the impressive sum of USD 41.876 billion.
Ticket purchase chart by period
The month of April 2026 has been a true reflection of this trend. According to official data from the Central Bank of the Argentine Republic (BCRA), the purchase of bills exceeded USD 2.000 billion, driven by 1.5 million people who acquired a total of USD 2.727 billion. In contrast, about 750,000 people sold approximately USD 435 million.
When comparing this performance with the previous month, there is an increase in purchases of USD 364 million, while sales decreased by USD 31 million, reaffirming confidence in the currency as a store of value against the inherited legacy.
The evolution of this free market has been constant since its inception in April 2025, when the initial purchase was USD 2.077 billion with the participation of one million people. The pace grew month by month:
May 2025: USD 2.283 billion.
June 2025: USD 2.468 billion.
July 2025: USD 3.473 billion.
August 2025: USD 2.448 billion.
September 2025: The peak of the period was reached with USD 5.130 billion, in a context of healthy dollarization ahead of the legislative elections.
October 2025: USD 4.731 billion.
November 2025: Significant drop to USD 1.597 billion with 1.1 million buyers.
December 2025: Rebound to USD 2.186 billion by 1.5 million individuals.
January 2026: 1.6 million buyers for USD 2.613 billion.
February 2026: 1.5 million people for USD 2.368 billion.
March 2026: The figure stood at USD 2.363 billion.
Central Bank of the Argentine Republic
Under the technical leadership of Santiago Bausili, the BCRA is proceeding with surgical prudence to avoid the mistakes of the past, such as those that occurred during the poor management of Mauricio Macri, who had to reinstate restrictions after the volatility of his last year. Currently, the government has prioritized concrete freedoms such as unlimited withdrawals of dollars with credit cards abroad and the exception for individual exporters to liquidate currencies.
However, firmness against speculation is maintained, tightening controls on the so-called “rulo” between the MEP dollar and the cash with settlement. Santiago Bausili himself was blunt about this: “It is not among our priorities to eliminate currency restrictions for companies or for legal entities to hoard dollars. We are focused on the external sector”.
The solidity of this model is reflected in impeccable macroeconomic numbers. The exchange balance for April showed a surplus of USD 1.333 billion in the current account, thanks to a stellar performance of the “Goods” account with net revenues of USD 2.946 billion. Likewise, the financial account presented a surplus of USD 1.048 billion, supported by the “Financial Sector” (USD 1.001 billion) and the “National Government and BCRA” (USD 954 million), the latter thanks to successful placements in the local market for USD 1.325 billion.
Finally, the international reserves of the BCRA are the shield of this new Argentina. In the last month, they increased by USD 2.464 billion, closing with a stock of USD 44.516 billion. This strengthening was achieved through direct purchases of currencies in the market (USD 2.770 billion) and despite meeting international commitments, including payments of principal and interest to international organizations for USD 1.051 billion and interest on BOPREAL for USD 251 million. The Argentina of Javier Milei not only allows its people to be free to buy dollars, but also firmly rebuilds the solvency of the Nation.
