The Argentine economy benefits from a strong expansion of credit since the beginning of Javier Milei's administration, with a particularly marked growth of loans in dollars to the private sector.
From December 2023 to July 2026, the stock of financing in foreign currency increased from USD 3.482 billion to USD 24.227 billion, representing a nearly 600% increase.
This evolution comes from the Daily Monetary Report of the Central Bank of the Argentine Republic (BCRA) and shows a sustained expansion of dollar credit during the period. Growth began to accelerate in 2024 and maintained its pace throughout 2025, reaching new levels in 2026.
President Javier Milei
The growth of dollar credit
Between December 2023 and June 2024, dollar loans practically doubled to USD 6.404 billion. By September of that year, the stock had already surpassed USD 7.200 billion and closed December at USD 10.023 billion.
The process continued throughout 2025. By June, foreign currency loans had already exceeded USD 15.000 billion, while the momentum deepened in 2026. In January, they reached USD 19.175 billion and by July, they hit USD 24.227 billion.
The expansion of financing was also accompanied by a considerable growth in dollar deposits, generating greater availability of foreign currency funds within the Argentine financial system.
Between December 2023 and August 2026, dollar deposits increased from USD 14.115 billion to USD 40.656 billion. In absolute terms, the increase was USD 26.541 billion.
Javier Milei and Luis Caputo
Boosting dollar loans
In this scenario of credit expansion, Milei's government also recently moved forward with a relaxation of dollar loans for companies.
The new measure allows banks to lend up to 15% of their foreign currency deposits, expanding the available margin to finance the private sector.
The Minister of Economy, Luis "Toto" Caputo, emphasized that the goal of the measure is to deepen the growth of financing.
“Today we believe it is the timing appropriate because on one hand, interest rates in pesos are still high, and those high rates make it more difficult for many businesses to be profitable, and it is also important regarding the Fiscal Innocence Law. The goal is to have greater credit,” he stated.
Caputo also highlighted the expected impact on economic activity: “We believe it is a measure that benefits everyone, that will generate greater credit, a decrease in interest rates, more employment, and will help reactivate the economy.”
Thus, the growth of foreign currency loans has become one of the main indicators of financing expansion during the Milei era, accompanied by a strong increase in dollar deposits and new measures aimed at boosting economic growth.
