With 102 consecutive buyer balance wheels, the Central Bank exceeded the annual reserve target ahead of schedule and consolidates the strengthening of its balance sheet.
Acceleration of agriculture: The liquidation of foreign exchange from the agricultural sector has consolidated as a key source of financing.
Market confidence: The issuance of debt by companies and provinces reached USD 1.5 billion in May, totaling USD 12 billion since the legislative elections.
Cleaning up the Treasury: The Ministry of Economy has used USD 3.509 billion from the BCRA's purchases to settle commitments through the Single Treasury Account, maintaining a joint accumulated balance of USD 7.980 billion when considering repo operations and BOPREAL cancellations.
To sustain this pace, the monetary authority has proceeded to issue pesos without sterilizing for the purchases, while the Treasury proactively absorbs that surplus through local currency debt placements, a coordinated strategy to stabilize the exchange rate and annihilate inflation
In a milestone that marks the consolidation of the new economic direction, the Central Bank of the Argentine Republic (BCRA) has managed to exceed the annual foreign exchange accumulation target of USD 10 billion agreed upon with the International Monetary Fund (IMF), achieving this feat in just the first week of June. Under the leadership of Santiago Bausili, the monetary authority has chained a historic streak of 102 consecutive days with a net purchase balance in the foreign exchange market, accumulating more than USD 10.1 billion so far in 2026.
This resounding success was celebrated by the Minister of Economy, Luis Caputo, who during the Cambras Business Day highlighted the margin to significantly exceed initial projections. The head of the Palacio de Hacienda stated emphatically: “Today the target agreed with the IMF of USD 10 billion has been met. In a very optimistic scenario, we thought that if things went very well, the Central could buy USD 17 billion. But if we can maintain the current pace, we could reach USD 24 billion”.
Buying and selling dollars
Caputo emphasized that “this is just the beginning”, pointing out that the RIGI will boost the sectors of energy and mining, estimating a trade surplus of USD 60 billion for 2031, a figure he even considers “underestimated”.
In the details of the last week, the BCRA maintained its winning streak by acquiring more than USD 400 million (specifically USD 437 million in the first days of June), after adding USD 761 million the previous week. Just this Friday, the entity added USD 45 million to its coffers.
Since the implementation of the monetary scheme in January, total purchases have reached USD 10.184 billion, with only one negative exception recorded on January 2 and a maximum purchase peak of USD 457 million on April 10.
Despite this overwhelming performance in purchases, gross reserves closed the day at USD 47.867 billion, representing a daily decrease of USD 502 million. This technical fluctuation, far from being a sign of weakness, responds to the fall in asset prices that make up the stock and a timely payment to international organizations of USD 35 million.
International Reserves 2019-2026.
It is imperative to highlight that during May, the increase in reserves was USD 3.708 billion, the highest level in the last seven years, even surpassing the record figures of February under the current administration.
The strengthening of the Central's balance sheet has solid pillars:
