BCRA has already purchased USD 2.5 billion and has strung together 34 positive sessions

With 34 consecutive rounds of purchases, the Central Bank of the Argentine Republic has accumulated more than USD 2.5 billion so far this year, surpassing 25% of the planned annual target. This figure is significant: international reserves climbed to USD 46.634 billion, the highest level since October 2019.

On Monday alone, the institution acquired USD 95 million, in a session where the foreign exchange flow once again showed solidity. Within the framework of the so-called “phase 4” of the economic program, the Central Bank’s purchases total USD 2.507 billion, strengthening its external position in a context of growing exchange rate stability.

Part of the increase in reserves also replied to the rise in gold, whose price stood at USD 5,235 per ounce. The institution holds almost 2 million ounces —equivalent to 61.5 metric tons— in its vaults, a strategic asset that is gaining relevance in the current international scenario.

The inflow of dollars came from multiple sources: settlement of agricultural export revenues, corporate debt issues, and sub-sovereign placements. In recent days, for example, the province of Santa Fe received USD 800 million after an international placement. According to private data, during 2025 Argentine companies accessed more than USD 20 billion in external financing, which helped to strengthen the foreign exchange market.

The president of the BCRA, Santiago Bausili, linked the accumulation of reserves to the remonetization process and to the recovery of the demand for pesos. In other words: more confidence, more stability, and greater capacity to absorb foreign currency without generating tensions.

To avoid distortions, the Central Bank keeps a daily cap of 5% of the volume traded in the Free Foreign Exchange Market for its purchases. In addition, it retains the authority to carry out direct purchases outside the traditional wholesale circuit, a mechanism that allows it to intervene with surgical precision without altering the market’s dynamics.

In parallel, the official dollar deepened its decline. With a traded volume of USD 360.9 million, the wholesale exchange rate closed at $1,370.50, with a cumulative monthly drop of 5.2%. The exchange rate is almost 17% below the ceiling of the exchange band, marking the widest gap with respect to the upper limit since July of last year.

The figures show a consistent trend of strengthening of the Central Bank’s balance sheet and appreciation of the peso within the band scheme. The sustained accumulation of reserves not only improves the balance sheet, but also expands the room for maneuver to sustain stability in the coming months.