RECORD: Under Milei's management, the BCRA achieved the longest buying streak in almost 20 years

In the midst of the macroeconomic stabilization process and the monetary and fiscal planning program being carried out by the national government, the Central Bank of the Argentine Republic (BCRA) reached a milestone in the foreign exchange market: it achieved the longest foreign exchange buying streak in the last 19 years, consolidating a dynamic that strengthens international reserves and improves the country's financial position. The monetary authority chained 53 consecutive days with a buying balance of foreign exchange, a series that had not been observed since 2007. On the last reported day alone, Friday, the BCRA acquired USD 172 million, the highest daily figure recorded in March. In this way, the agency accumulated USD 485 million in the week and already exceeds USD 3.7 billion so far in

2026.

The recent performance is among the most significant in recent decades. As explained by Adrián Yarde Buller, chief economist at Facimex Valores, the magnitude of the streak is comparable to the main periods of currency accumulation recorded in the years before the international crisis of the late 2000s.
“In detail, the current streak is only surpassed by May 2007 (161 wheels), May 2006 (95 wheels), May 2005 (66 wheels) and November 2004 (184 wheels). Both the magnitude and the persistence of BCRA's currency purchases reflect that the reserve accumulation program started at a very good pace in the first quarter of the year,” the specialist described

.

Along the same lines, Andrés Reschini, an analyst at consulting firm F2, highlighted the pace of official intervention in the foreign exchange market. According to him, the Central Bank recorded “the second highest weekly balance for purchases since January 2026″ in the last five business days, evidencing an acceleration in the acquisition of dollars

.

Since the start of the fourth phase of the monetary program in January, the Central Bank has purchased USD 3,786 million, representing an increase of more than a third compared to the annual accumulation objective. To sustain this performance, the agency decided to issue local currency without applying sterilization mechanisms, while the Treasury absorbed part of the liquidity through debt placements in the domestic market. In this scheme, the Ministry of Economy chose not to inject pesos in the last tenders, with the objective of avoiding an increase in the monetary base and, at the same time, containing both inflation and possible movements in the

exchange rate.

Official forecasts place the net accumulation of reserves for 2026 at between USD 10 billion and USD 17 billion, depending on the demand for pesos and the flow of foreign exchange entering the country. The president of the Central Bank, Santiago Bausili, explained that the pace of purchases will be fundamentally determined by these factors. So far, the cumulative amount is equivalent to almost 38% of the annual goal. As part of the exchange strategy, the monetary authority also established a daily limit for purchases of dollars equivalent to 5% of the volume traded on the Free Exchange Market. At the same time, it formalized agreements with companies and entities to channel operations outside the wholesale market, a tool aimed at reducing pressure on the price of the dollar

.

As for the level of reserves, at the close of the last day they stood at USD 43,808 million, implying an increase of USD 106 million compared to the previous day, driven by daily purchases from the BCRA. This movement interrupted a streak of seven consecutive days with a negative balance. However, the weekly balance sheet recorded a drop of USD 1,851 million, while the decline reached USD 3,097 million from the highest peak of the year. It should be remembered that, at the end of last month, reserves had risen to USD 46,905 million, the highest level in six years and the highest level since the beginning of the current administration, when they stood at USD 47,448 million. Recent changes are mainly explained by payments of external commitments and fluctuations in asset valuation.

The increase in reserves was also linked to the financial needs of the national Treasury, which used the Central Bank to obtain foreign exchange and meet debt payments, which partially moderated the pace of accumulation. The flow of dollars that allowed official intervention came, to a large extent, from the liquidation of agricultural exports and from debt placements by companies and provincial governments. Since the legislative elections of October 2025, issues of bonds and negotiable bonds reached USD

11 billion.

The IMF's recognition of the accumulation process

The performance of the Central Bank was also highlighted by the International Monetary Fund (IMF). During the week, Julie Kozack, spokesperson for the agency, highlighted the buying streak that the monetary authority maintains throughout 2026, although she avoided specifying a date for the completion of the ongoing negotiations due to the second revision of the current agreement.

“The commitment between IMF staff and the authorities is very close, and the talks are progressing,” Kozack said during the international press conference he gave in Washington.

The agency's spokeswoman also detailed the volume of accumulated foreign exchange in the recent period.
“As we have discussed here, to rebuild international reserves, the Central Bank of the Argentine Republic has purchased nearly 3.5 billion dollars in reserves since the beginning of the year,” he said. He added: “This is equivalent to about seventy million U.S. dollars per day.”

In terms of the goals of the economic program, Argentina managed to meet the objectives related to monetary issuance and reduction of the fiscal deficit. However, the country is negotiating with IMF technicians to obtain a waiver because the goal of accumulating reserves has not yet been fully achieved

.

According to sources in the negotiation process, the talks are well under way and it is expected that in the coming weeks the Staff Level Agreement (SLA) corresponding to the revision of the agreement for USD 20 billion will be announced, a key step in the Government's international financial strategy.