Despite the volatility of the dollar and the opposition's catastrophic predictions, Argentina managed to reduce its consolidated liabilities by more than USD 5,000 million
Likewise, due to exchange rate differences, Temporary Advances and Non-Transferable Notes from the BCRA transferred to the Treasury decreased by USD 159 million, standing at USD 55.366 billion.
Comparing November 2023 with October 2025, the gross debt of the Central Administration increased by USD 16.902 billion. However, considering transfers of liabilities from the Central Bank to the Treasury and changes in official deposits, the consolidated stock of debt in the first 23 months of Javier Milei's government recorded a net decrease of USD 48.512 billion.
This result is broken down as follows:
Increase of USD 21.173 billion with international organizations,
Decrease of USD 61.657 billion with the public and private sectors.
These figures consolidate a cleanup policy focused on three pillars:
Sustained fiscal surplus, with 1.4% of GDP in the first 10 months of 2025 before interest and 0.5% of financial GDP.
19 months with a positive result and only 4 with a deficit, linked to the payment of half-year bonuses and salaries.
Recapitalization of the Central Bank and ongoing disinflation.
Upcoming maturities:
The Congressional Budget Office estimated that upcoming commitments, excluding Temporary Advances, Non-Transferable Notes, and non-negotiable securities, amount to:
November 2025
$26.8 trillion in local currency (equivalent to USD 18.000 billion).
USD 1.300 billion in foreign currency, mostly with the IMF, which has already received part of the USD 20.000 billion swap with the United States Treasury.
December 2025
$21.3 trillion in local currency (equivalent to USD 14.200 billion).
In an October marked by electoral tension, exchange rate volatility, and uncertainty fueled by opposition sectors and analysts critical of the economic direction, the national government achieved a rare milestone: the total national public sector debt decreased for the sixth consecutive month. According to the Finance Secretariat, the balance of obligations of the Central Administration fell by USD 6.965 billion compared to September, as a result of amortizations and swaps that far exceeded issuances. The rest of the decrease was due to exchange rate movements.
The month was marked by strong financial fluctuations: The "contado con liquidación" (CCL) opened October at $1,593, reached a high of $1,610 on October 21, hit a low of $1,422 mid-period, and finally closed at $1,497.
La deuda total del sector público nacional bajó en octubre. por sexto mes
Sovereign bonds showed a significant recovery: country risk dropped from 1,264 basis points to 657 bps, a decrease of more than 600 points during the month.
Meanwhile, the wholesale exchange rate—a key reference for the dollar valuation of peso-denominated debt—moved between extremes of $1,366 and $1,486, ending at $1,443, which implied a 5.6% increase and a direct impact on the reduction of the dollar-equivalent of liabilities in local currency (USD 11.183 billion less).
La deuda total del sector público nacional bajó en octubre. por sexto mes
The team led by Alejandro Lew detailed that during October, debt operations amounted to USD 33.889 billion, consisting of: USD 13.477 billion in new financing and USD 20.412 billion in cancellations, resulting in a net decrease of USD 6.965 billion, consolidating the sixth consecutive monthly decline.
After adjustments for exchange rate differences and interest capitalization, the Central Administration's debt deepened its decline by USD 4.873 billion, standing at USD 442.196 billion, a 2.6% monthly decrease and USD 20.357 billion year-on-year.
La deuda total del sector público nacional bajó en octubre. por sexto mes
The decrease in official deposits at the Central Bank—in pesos and dollars—by the equivalent of USD 6.665 billion, down to USD 3.757 billion, moderated the consolidated reduction of debt between the Treasury and BCRA to:
USD 5.170 billion in October,
USD 10.717 billion accumulated.
Debt under foreign legislation fell by USD 652 million, to USD 163.128 billion, while debt under local law contracted by USD 11.183 billion, to USD 279.068 billion at the closing wholesale exchange rate.
La deuda total del sector público nacional bajó en octubre. por sexto mes
Operations with international organizations—excluding the IMF—aimed at recapitalizing the Central Bank and advancing administrative reforms, together with the exchange rate revaluation, resulted in a reduction of USD 519 million, closing at USD 37.545 billion. Loans with the IMF remained at USD 57.292 billion.
