Thanks to Milei's management, the buyer's balance for the year has already exceeded USD 9.7 billion, which means that more than 97% of the reserve accumulation target set for 2026 has been reached.
In a display of financial solidity and impeccable execution of the new monetary regime initiated in January, the BCRA has achieved an economic feat by acquiring nearly USD 2.6 billion during the month of May. This figure not only reflects the effectiveness of the current administration's policies but also places the monetary authority a step away from meeting the floor of the annual target.
With the purchases made this past Friday for USD 70 million, the annual total has already climbed above USD 9.7 billion, representing more than 97% of the foreign exchange purchase target set for all of 2026.
Buying and selling dollars
Since the forces of heaven took command of the economy, the BCRA has incorporated a total of USD 9.751 billion. The commitment to transparency and the market has allowed for a historic streak of 97 consecutive days with a positive balance in foreign exchange interventions.
It is noteworthy that this is the third best streak since 2023, with a daily purchase milestone of USD 457 million reached on April 10.
The dynamism of the market under Milei's management is undeniable. During May, the monetary authority added USD 2.596 billion, accelerating the pace of foreign exchange acquisition in the last weeks of the month, where in just the last week USD 761 million were added.
According to the report from Portfolio Personal Inversiones (PPI): “With the grain harvest just beginning to fully deploy its flows, April and May are likely marking a floor for the Central Bank's purchases in the coming two months, when seasonality would still be playing in favor”.
International Reserves 2019-2026.
This cleaning up of public accounts is based on a coordinated strategy between the BCRA and the Ministry of Economy. While the Central Bank has already reached 97% of the annual target, the most optimistic official projections place the net purchase balance for this year between USD 10 billion and 17 billion, depending on the demand for pesos and the availability of foreign currency.
To achieve this strengthening of the reserves, the issuance of non-sterilized pesos has been chosen, which the Treasury absorbs through debt in local currency, a mechanism designed to stabilize the value of the dollar and contain inflation definitively.
Confidence in the country's direction is also manifested in the private sector and the provinces, whose debt issuances abroad are expected to exceed USD 3.2 billion soon. In this regard, the consultancy Invecq highlighted the improvement in the local financial climate:
Central Bank of the Argentine Republic
"So far in May, placements have already surpassed USD 1.6 billion - more than what was issued throughout the entire month of April - reflecting an improvement in local financial conditions”.
Finally, thanks to fiscal discipline and support from international organizations, the gross reserves of the BCRA have reached USD 48.191 billion, their highest level in almost seven years. This growth was driven by a disbursement from the International Monetary Fund (IMF) of USD 1 billion following the approval of the second review of the Extended Fund Facility (EFF) program.
Despite inherited commitments, such as the upcoming payment of Bopreal Series 3 for approximately USD 1.02 billion plus 3% interest, the solvency of the current administration ensures that the effect of these obligations will be absorbed without compromising the robust growth path initiated
