With 18 consecutive rounds of purchases, the Central Bank surpassed USD 46,000 million in reserves
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The Central Bank of the Argentine Republic (BCRA) bought dollars in the market again and took international reserves to their highest level since September 2021, consolidating one of the main objectives of the economic program promoted by the government of Javier Milei.
During the last trading session, the monetary authority acquired USD 33 million and thus chained together 18 consecutive sessions with a net buying balance, a streak that had not been recorded for several years. With this result, BCRA accumulated USD 1.082 billion in January, within the framework of the so-called "phase 4" of the economic plan.
Santiago Bausili, presidente del Banco Central de la República Argentina.
Gross reserves climbed to USD 46.159 billion, with a daily increase of close to USD 380 million, reaching the highest level in almost four and a half years. The strengthening of the stock of foreign currency marks a turning point compared with the inherited situation, which was characterized by negative net reserves and strong market distrust.
The improvement was boosted by the positive impact of the increase in the international price of gold. BCRA holds close to 1.98 million troy ounces, whose value exceeded USD 5,300 per ounce in the last session, providing an additional reinforcement to reserves.
The pace of purchases was explained mainly by higher foreign currency liquidation from the agribusiness sector and by the placement of external debt by private companies. According to official estimates, around USD 3.6 billion corresponding to companies that obtained financing abroad still remain to enter, which could sustain the supply of dollars in the coming weeks.
In terms of objectives, the Central Bank has already exceeded 10% of the minimum reserve accumulation target set for all of 2026, which ranges between USD 10 billion and USD 17 billion, depending on the progress of the remonetization of the economy. The institution emphasizes that the continuation of the strengthening will depend both on the demand for pesos and on the evolution of foreign currency inflows.
Javier Milei, con la economía al alza.
On the exchange front, the wholesale dollar remained stable, with a slight increase of 0.1%, while country risk continued to decline and broke through the 500-basis-point threshold. The improvement in sovereign bonds reflects greater investor confidence in the government's economic strategy, which prioritizes monetary order, fiscal discipline, and the rebuilding of reserves.
After the ruling party's victory in the legislative elections, country risk fell by more than 600 basis points and currently stands at around 480 units, bringing Argentina closer to a return to international credit markets under more favorable conditions.
