The annual goal was reached at 99.81% in record time, gross reserves climbed to USD 48.427 billion, and Luis Caputo declared the end of the "myth of external restriction" of Kirchnerism.
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The administration of President Javier Milei has demonstrated that, under a scheme of fiscal order and economic freedom, Argentina has left behind decades of collectivist failures. In a decisive blow to the Kirchnerist narrative about the supposed "external restriction," the Central Bank of the Argentine Republic (BCRA) has managed to accumulate almost all of the projected foreign currency for the entire year in just five months, marking a milestone of solvency that positions the country once again on the path of growth and financial stability.
Under the leadership of Santiago Bausili, the monetary authority reached this Tuesday 99.81% of the reserve accumulation target projected for 2026, after completing a purchase of USD 175 million in the foreign exchange market. With this operation, the BCRA has woven an impressive streak of 99 consecutive days with a net purchase, a testament to the confidence generated by the new economic direction. Since the current monetary scheme was implemented in January 2026, the entity has acquired a total of USD 9.981 billion, demonstrating relentless efficiency in recovering the country's firepower.
Buying and selling dollars
In a detailed analysis of the management's success, it is highlighted that gross reserves stood at USD 48.427 billion, which represents the highest value in almost seven years. Only during the month of May, the increase was USD 3.708 billion, far exceeding the highs reached in February under the current administration.
The Minister of Economy, Luis Caputo, was emphatic in dismantling the fallacies of the past: “We have put an end to the myth of external restriction, what Kirchnerism always says, that 'in Argentina there are not enough dollars' and that's why we need to impose controls”.
The dynamism of the market reflects a paradigm shift. While in the first half of May daily purchases were moderate, in the last week they accelerated to reach USD 761 million, closing the monthly balance at USD 2.596 billion.
International Reserves 2019-2026.
This flow was strengthened by the liquidation of agricultural exports, which rose from an average daily of USD 125 million in April to USD 141 million in May. Additionally, the private sector and provinces have regained access to international credit, with debt issuances totaling USD 1.500 billion in May and totaling USD 11.900 billion since the last elections, highlighted by the recent placement of EDEMSA for USD 300 million.
The projections from the economic portfolio are even more ambitious for the remainder of the administration. Luis Caputo indicated that, if the current pace is maintained, the BCRA could double its initial targets: “Today the target agreed with the IMF of USD 10.000 billion is already met... if we can continue at the current pace, we could reach USD 24.000 billion”. This optimism is based on the potential of key sectors driven by the RIGI, projecting that “by 2031 the balance of the energy and mining trade will be USD 60.000 billion”, ensuring a continuous influx of foreign currency for the Argentina of the future.
