The Central Bank acquired USD 89 million and reserves reached their highest level since 2019

In a historic milestone for the macroeconomic stability of the country, the gross international reserves of the Central Bank of the Argentine Republic (BCRA) reached the extraordinary figure of USD 50.342 million, consolidating itself as the highest level in the entire era of Javier Milei and registering a peak not seen in seven years, specifically since September 10, 2019.

This monumental leap was achieved after a daily increase in holdings of USD 340 million, far surpassing the previous record of this same administration set in early August with USD 50.059 million. This resounding financial success is the direct consequence of an aggressive and successful exchange rate policy executed by the president of the monetary authority, Santiago Bausili.

During Thursday, the entity completed the purchase of USD 89 million in the free exchange market, marking the largest daily acquisition of foreign currency so far in August and chaining an impressive streak of 16 consecutive days with a net buying balance. With this operation, the BCRA has already accumulated a favorable balance of USD 443 million during the month.

When analyzing the progress of the monetary program, the figures from the current administration expose the strength of pro-market reforms: since January, when the fourth stage of the monetary program began, the BCRA has accumulated purchases totaling USD 13.770 million.

The economic team of the liberal administration initially set an annual target for reserve accumulation between USD 10.000 million and USD 17.000 million, a goal that was shattered ahead of schedule in early June.

The Minister of Economy, Luis Caputo, considers that these foreign currencies will be key to sovereignly meeting the maturities of sovereign debt in 2026 and 2027, as well as to act as "firepower" in the face of any potential exchange rate tension in the pre-electoral stage. As a reassurance, the administration also has the swaps agreed with the United States and China to contain the dollar if the scenario becomes volatile.

This solid financial shield withstands with total ease even after the liberation of the economy from past constraints. Following the relaxation of exchange rate restrictions and the consequent surge in dividend remittances abroad by companies —which totaled USD 3.400 million this year— the robustness of the reserves remains unbreakable.

In this regard, the president of the BCRA, Santiago Bausili, was categorical and assured that the entity "is comfortable" with the remaining stock level for the rest of this year.

It is worth remembering that the path to this solvency was built by overcoming the heavy legacy: during the first quarter of management, the main challenge was to finance the urgent obligations of the Ministry of Economy, which temporarily limited the purchase of foreign currency.

To sustain this level of purchases without neglecting balance, the BCRA expanded the issuance of pesos without sterilizing, while the Treasury efficiently absorbed the excess liquidity through peso debt placements, preventing inflationary outbreaks and safeguarding stability.

In the retail and wholesale market, the stability achieved is absolute. Under the strict monitoring of the authorities, the wholesale dollar operated flat at $1.497, a value that has remained unchanged since July 24 in the vicinity of $1.500.

On Thursday, the wholesale segment recorded significant volume transactions for this time of year totaling USD 503.1 million. So far in August, the U.S. dollar has increased by just 12 pesos (0.8%), while in the accumulated total for 2026 it shows a marginal increase of 42 pesos or 2.9%, losing significantly against the inflation of the period which reaches 20%.

Furthermore, the commercial wholesale exchange rate remains comfortably at 370.41 pesos (24.7%) below the ceiling of the exchange rate band set by the BCRA at $1.867.41.

Finally, the other variants of the U.S. dollar confirmed the success of the economic policy: the retail dollar ended for the third consecutive day unchanged at $1.515 for sale at the Banco Nación, very close to the nominal maximum of $1.520.

Meanwhile, the future dollar contracts for the end of August traded stable at $1.507. To crown a day of triumph for free market forces, the blue dollar experienced a timely decline of ten pesos (0.6%) to close the sale at $1.550, definitively breaking a four-day upward streak.