HISTORICAL: Central Bank reserves reached their highest level since 2019, under Milei's government.

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:

Fulfillment of obligations: At the end of this week, the payment of the Bopreal Series 3 will be faced for approximately USD 1.020 billion (corresponding to 34% of the capital) plus 3% interest, which will be absorbed thanks to the current robustness of the treasury.

Grain Harvest: The liquidation of the agricultural harvest is expected to provide a significant flow of dollars, allowing the net balance of purchases for 2026 to range between USD 10.000 and USD 17.000 billion.

Private sector confidence: The debt issuances by companies and provinces in international markets could contribute more than USD 3.200 billion additionally. In fact, consulting firms like Invecq highlight that so far in May, placements have already exceeded USD 1.600 billion, reflecting a substantial improvement in local financial conditions.

Analysts from Portfolio Personal Inversiones (PPI) confirmed this positive trend, stating that "the pace of purchases accelerated significantly in recent weeks: the five-day moving average rose from just USD 66 million daily during the first week of the month to USD 182 million last Friday".

With net reserves on an upward trend, the goal of adding USD 8.000 billion this year is now an increasingly tangible reality, definitively burying the monetary chaos of the past.