On a day that confirms the success of the current economic direction, the gross international reserves of the Central Bank of the Argentine Republic (BCRA) reached USD 47.908 billion, marking its highest level since mid-October 2019. This milestone was solidified this Tuesday following the execution of a transfer from the International Monetary Fund (IMF) for USD 1.000 billion, corresponding to the approval of the second review of the Extended Fund Facility (EFF) program totaling USD 20.000 billion.
With this daily increase of 1.105 billion dollars, the monetary authority even surpassed its own management record from last February, when holdings had reached 46.905 billion dollars. The solvency of the team led by Santiago Bausili is also reflected in the foreign exchange market, where the BCRA achieved its 94th consecutive day with positive results, adding USD 112 million today.
Since the implementation of the new monetary scheme in January, total acquisitions amount to 9.102 billion dollars, a figure that demonstrates the effectiveness of the currency accumulation policy. Currently, the entity has already met 91% of the annual purchase target, an extraordinary achievement considering that April was the month with the highest volume at USD 2.769 billion.
Despite this resounding success, the government maintains the caution and discipline that the IMF has suggested in its latest Staff Report. The international organization highlighted the acceleration of purchases but warned that “the low level of liquid reserves continues to pose risks to payment capacity”, urging the administration to “decisively rebuild reserves and seek to exceed targets in light of uncertainties associated with the upcoming presidential elections” in 2027.
Under this premise, the official strategy consists of issuing pesos without sterilizing for the purchase of foreign currency, while the Treasury absorbs that surplus through local currency debt placements, thus achieving stabilization of the exchange rate and containing inflation.
Looking ahead, the financial horizon appears extremely favorable for the model of Javier Milei:
