The BCRA accumulated USD 6.02 billion in 2026, reached 60% of the annual goal and brought international reserves to USD 45,791 million, after adding USD 95 million on the last day.
In this way, it seeks to keep the market interest rate within a controlled range, avoiding sudden fluctuations in the cost of money and providing predictability to the banking system. The objective is clear: to stabilize the financial system and create conditions favorable to the recovery of credit and economic activity
.
However, some challenges remain. Concern about the level of interest rates is intensified by the increase in delinquencies in the banking system. According to a report by consultancy firm 1816, loans to families show a sustained deterioration
.
Data from the Central Bank of Debtors indicate that delinquency on household loans increased for 16 consecutive months and reached 11.2% in February, the highest level in more than two decades.
In this regard, the report warns: “Delinquency is linked to the level of interest rates on loans, which are higher in the case of loans to families and especially in the case of loans from non-financial institutions.”
Financial normalization and commitment to credit In parallel with
the process of accumulating reserves, the Central Bank is making progress in normalizing the financial system with measures aimed at reducing
volatility and reactivating credit.
In addition to easing the rules on bank balances, the bank reactivated the active pass window, a key tool for re-establishing the interest rate corridor. This mechanism sets a clear range: the floor is determined by passive passes, currently at 20%, while the ceiling is marked by active passes,
Within the framework of an economic strategy aimed at stabilizing macroeconomic variables and restoring credibility, the Central Bank of the Argentine Republic intensified the accumulation ofreserves during 2026, consolidating a sustained buying trend in the foreign exchange market and showing concrete progress in the objectives set by the official program. The monetary authority chained 69 consecutive days of dollar purchases in the official market, complemented by block transactions carried out directly with companies and organizations.
In the last round, it totaled USD 95 million, allowing the annual cumulative amount to exceed USD 6 billion, specifically reaching USD6.02 billion since the implementation of the new monetary scheme in January 2026.
This performance implies that the Central Bank has already achieved 60% of the expected purchasing goal for the entire year, evidencing an acceleration in foreign exchange acquisition during April. In the week that ends alone, the bank added USD 595 million, reinforcing the pace compared to previous months. However, the accumulation of international reserves was partially conditioned by external debt payments made by the Treasury, which purchased part of the dollars from the Central Bank itself. This dynamic moderated the net growth of foreign currency assets, although without altering the general trend of strengthening
. Buying and selling dollars To sustain this process, the Central Bank issued pesos without resorting to sterilization mechanisms, while the Treasury made progress in placing securities in local currency to absorb liquidity.
This coordination between monetary policyand fiscal policy aims to avoid pressures on the exchange rate and inflation, maintaining balance in a context of transition.
Official estimates project that, depending on the demand for pesos and the supply offoreign exchange, the net balance of purchases could be between USD 10,000 and USD 17 billion in 2026. In that regard, the president of the BCRA, Santiago Bausili, said that these factors will be decisive for the
final result.
At the close of the last day, international reserves reached USD 45,791 million, after registering a daily increase of USD 160 million. It should be remembered that in February they had reached USD 46,905 million, the highest level since 2018 and a maximum in the current administration. Recent changes reflect both foreign currency debt payments and changes in the valuation of assets, including gold and bonds, in a volatile international scenario
