With 26 consecutive trading sessions of purchases, the Central Bank consolidates phase 4 of the economic program
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Central Bank of the Argentine Republic once again showed firmness in its reserve accumulation strategy. This Monday it acquired USD 176 million and thus reached 26 consecutive trading sessions with a net buying balance, an unprecedented streak in recent years. With this result, the institution has already accumulated more than USD 1.6 billion so far in 2026, surpassing 14% of the planned annual target.
During these 26 trading sessions, purchases totaled USD 1.65 billion and fall within the so-called phase 4 of the economic program, characterized by the remonetization of the economy and the elimination of exchange rate distortions. Unlike previous schemes, these operations are carried out without sterilization, maintaining liquidity and avoiding artificial pressure on interest rates.
Santiago Bausilli, presidente del BCRA.
International reserves stood at USD 45.323 billion, after a daily increase of USD 383 million. In recent weeks, the stock of foreign currency reached peaks not seen since August 2021, also driven by the rise in the international price of gold. With the ounce trading above USD 5,000, the asset plays a key role as a store of value in the face of global volatility and strengthens the Central Bank's balance sheet.
The pace of purchases is explained mainly by the settlement of the agro-industrial sector and by the growing issuance of external debt by private companies, which expands the supply of dollars in the official market. According to the BCRA's own estimates, there would still be an inflow of around USD 3.6 billion from external placements. In 2025, local companies issued more than USD 20 billion in debt, according to PwC data, a precedent that explains the recent exchange rate stability.
Official projections for this year place net foreign currency purchases between USD 10 billion and USD 17 billion, depending on the evolution of the demand for pesos and the flow of dollars. The BCRA president, Santiago Bausili, emphasized that the consolidation of reserves will be a gradual process, aligned with monetary normalization.
Javier Milei, presidente de los argentinos.
Meanwhile, the wholesale dollar deepened its decline. This Monday it fell 1.1% and closed at 1,416 pesos, the lowest value since November. So far in 2026, the official exchange rate has fallen 2.7%, standing more than 11% below the ceiling of the exchange rate scheme set by the Central Bank. The volume traded in the Free Foreign Exchange Market was consistent with the seasonal pattern of exports, which reinforces the signal of stability.
With these figures, the Central Bank confirms that reserve accumulation is progressing as planned, strengthening the external front and clearing exchange rate risks. In a volatile regional context, the strategy of monetary order and fiscal discipline is beginning to translate into concrete results.
