In a new milestone that reaffirms the successful shift in Argentina's economic policy, the international reserves of the Central Bank of the Argentine Republic (BCRA) reached USD 38.795 billion their highest level in more than two years. This historic recovery occurs without direct intervention by the BCRA in the foreign exchange market, showing the positive impact of the stabilization program of Javier Milei's government.
For the fourth consecutive round, the monetary authority refrained from operating in the exchange market following the recent easing of the currency controls. In this context, the wholesale exchange rate fell 3.6% or 41 pesos, closing at $1,094, just 16 pesos above the $1,078 of the last day of operations under exchange control, April 11. Despite the dollar's retreat, private supply remained firm, with transactions amounting to USD 563.7 million in the spot segment.
The growth of reserves this Monday (+USD 183 million) was also supported by technical factors such as a 3% rise in gold prices and a 0.1% increase in the value of the Chinese yuan, assets that are part of the BCRA's international portfolio.
The reactivation of the reserve stock is largely due to the return of international confidence. The recent disbursement of USD 12 billion by the International Monetary Fund (IMF), along with USD 1.5 billion from the International Bank for Reconstruction and Development (IBRD), implied an increase of more than 50% in gross assets. Since Javier Milei assumed the Presidency in December 2023, the BCRA has accumulated net purchases of USD 22.690 billion in the market, while gross reserves have increased by USD 17.587 billion (82.9%), despite foreign currency debt payments.
