The Central Bank of the Argentine Republic (BCRA) continues to consolidate one of the pillars of the economic program: the accumulation of reserves. This Monday, the entity that runs Santiago Bausili closed again with a positive balance after acquiring USD 30 million, extending the buying streak to 60 consecutive wheels and reaching a total of close to USD 4.5 billion so far in 2026
.
Since January, the agency has managed to increase its holdings by USD 4.491 million, exceeding 44% of the annual goal set by the economic team. In March alone, purchases totaled USD 1.67 billion, reflecting a sustained dynamic that strengthens the country's external position in a context of macroeconomic normalization
. Santiago Bausilli, on the Carajo streaming channel.
To sustain this process, the BCRA allowed greater circulation of weights without resorting to traditional sterilization mechanisms. In parallel, the Treasury absorbed part of the liquidity by issuing debt in local currency, a coordinated strategy that seeks to avoid pressures on inflation and the exchange
rate.
Official projections estimate that net purchases could be between USD 10,000 and USD 17 billion during 2026, depending on the demand for money and the supply of foreign exchange. For now, the observed pace allows the Government to move forward with ease in its objective of restoring reserves, one of the main critical inheritances of the
previous economic scheme.
At the end of February, it had reached USD 46,905 million, the highest value since 2018, driven both by the trade surplus and by public and private sector debt issues, which after the 2025 elections exceeded USD 11 billion.
Javier Milei with his Minister of Economy, Luis “Toto” Caputo.
On the exchange front, the wholesale dollar showed stability. It closed at $1,393, with a slight daily decline, and accumulated an increase of just 0.8% in April. So far this year, it has even fallen by 4.3%, reflecting the impact of the new monetary and exchange rate scheme
.
The current band system currently sets a ceiling of around $1,664.71, leaving the official exchange rate almost 20% below that limit. This margin allows the BCRA to continue buying dollars without having to intervene to stop increases
