In a historic milestone for the macroeconomic stability of the country, the gross international reserves of the Central Bank of the Argentine Republic (BCRA) reached the extraordinary figure of USD 50.342 million, consolidating itself as the highest level in the entire era of Javier Milei and registering a peak not seen in seven years, specifically since September 10, 2019.
This monumental leap was achieved after a daily increase in holdings of USD 340 million, far surpassing the previous record of this same administration set in early August with USD 50.059 million. This resounding financial success is the direct consequence of an aggressive and successful exchange rate policy executed by the president of the monetary authority, Santiago Bausili.
During Thursday, the entity completed the purchase of USD 89 million in the free exchange market, marking the largest daily acquisition of foreign currency so far in August and chaining an impressive streak of 16 consecutive days with a net buying balance. With this operation, the BCRA has already accumulated a favorable balance of USD 443 million during the month.
When analyzing the progress of the monetary program, the figures from the current administration expose the strength of pro-market reforms: since January, when the fourth stage of the monetary program began, the BCRA has accumulated purchases totaling USD 13.770 million.
The economic team of the liberal administration initially set an annual target for reserve accumulation between USD 10.000 million and USD 17.000 million, a goal that was shattered ahead of schedule in early June.
The Minister of Economy, Luis Caputo, considers that these foreign currencies will be key to sovereignly meeting the maturities of sovereign debt in 2026 and 2027, as well as to act as "firepower" in the face of any potential exchange rate tension in the pre-electoral stage. As a reassurance, the administration also has the swaps agreed with the United States and China to contain the dollar if the scenario becomes volatile.
This solid financial shield withstands with total ease even after the liberation of the economy from past constraints. Following the relaxation of exchange rate restrictions and the consequent surge in dividend remittances abroad by companies —which totaled USD 3.400 million this year— the robustness of the reserves remains unbreakable.
