In a resounding success of the monetary policy implemented by the Government of Javier Milei, the Central Bank of the Argentine Republic (BCRA) has managed to tame the foreign exchange market, demonstrating that fiscal discipline and the cleaning up of the entity's balance sheet are tangible realities. Under the strategic direction of Santiago Bausilli, the entity has achieved a phenomenal milestone by extending its buying streak to 104 consecutive purchases.
On this Wednesday, the agency acquired the impressive sum of USD 121 million in the market, representing 22.9% of the available spot offer. This accumulation of foreign currency is irrefutable proof that Javier Milei's plan is working, allowing the country to strengthen its coffers against any external unforeseen events.
Confidence in the economic direction has caused a widespread collapse in all quotes of the US dollar. In the wholesale market, the supply was so abundant that it pressured a drop of $8.50 or 0.6%, closing at $1,432.50, its lowest level since June 2.
According to operator Nicolás Merino, "from the beginning there was a perception of lower buying pressure, allowing the quote to start adjusting downwards", reaching an intraday low of $1,430.
For his part, currency agent Gustavo Quintana emphasized the stability achieved by the current administration: “In the first three days of this week, the wholesale exchange rate dropped 8 pesos, far from the increase of 30.50 pesos recorded in the same period of the previous week".
This stability is comfortably maintained within the established exchange rate bands, with the dollar at $343.77 or 24% away from the upper limit of $1,776.27.
