This month's purchases exceed 10% of the annual reserve accumulation target planned for all of 2026
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The Central Bank of the Argentine Republic (BCRA) closed the month with a positive balance in the foreign exchange market and extended its buying streak during January, a period in which it managed to add more than USD 1.15 billion in foreign currency.
The monetary authority purchased USD 23 million this Friday and thus consolidated a monthly result that exceeds 10% of the annual target for reserve accumulation planned for all of 2026.
With this latest intervention, the total net buying balance for the month stood above USD 1.1 billion, reflecting continuity in the Government's strategy under Javier Milei to strengthen international reserves. BCRA's performance coincided with the start of the so‑called "phase 4" of the economic program currently being implemented.
El Banco Central.
According to official data, over the last 20 business days the monetary authority added USD 1.157 billion by intervening in the Free Foreign Exchange Market. To carry out these purchases, the Central Bank issues pesos that are not sterilized, a scheme that seeks to sustain the liquidity level of the financial system.
The economic team explains that this mechanism allows the authorities to supply the market without generating tensions, since an excessive contraction of the money in circulation could lead to an increase in interest rates. Meanwhile, gross reserves, which exclude liabilities, reached USD 44.502 billion.
Official projections for 2026 anticipate a scenario of greater accumulation of foreign currency. According to these estimates, the Central Bank's net purchases could fall within a range between USD 10 billion and USD 17 billion, depending on the pace adopted by the process of remonetization of the economy.
Caputo resaltó que el país cerró 2024 con cifras económicas sorprendentes.
In this context, BCRA president Santiago Bausili emphasized that the evolution of reserves will be conditioned by two central factors:the behavior of peso demand and the effective inflow of dollars into the country. With the performance recorded during January, the authorities have already exceeded 11% of the annual floor committed within the official targets established for next year.
As part of its operational strategy, the monetary authority set a daily limit of 5% on the total volume traded in the Free Foreign Exchange Market for carrying out its foreign currency purchases. The objective of this restriction is to preserve exchange rate stability and avoid distortions in market dynamics.
