El%20Banco%20Central%20de%20la%20Rep%C3%BAblica%20Argentina%20(BCRA)close%C3%B3%20January%20con%20a%20balance%20buyer%20of%20currencies%20upper%20to%20USD%201,200%20million%20afterpurchasego%20this%20Friday%2023%20million%20of%20d%C3%B3last%20y,%20of%20this%20way,%20super%C3%B3%20the%2010%%20ofthe%20goal%20set%20of%20purchase%20of%20reservations%20for%20all%202026.
In the last 20 business days, the BCRA added USD 1,157 million, coinciding with the beginning of the so-called “phase 4” of the current economic program.To obtain foreign currency, pesos that are not sterilized are issued.This mechanism allows the market to be nourished in such a way that there is no illiquidity in the system, since a dry market would produce a rise in interest rates.
Meanwhile, gross reserves, which exclude liabilities, reached USD44,502 million, with a daily decline of USD 1,738 million typical of bank movements at the end of the month.By early next week, most of that drop will be recovered.
The rebound in reserves in recent weeks was also recently favored by the rise in the international price of gold.The entity has approximately 1.98 million troy ounces, equivalent to 61.5 million tons.The value of the precious metal reached over USD 5,600 per ounce, although it later fell to the current USD 4,890 and had a negative impact on the Central’s accounting.The commodity is usually presented as a refuge from the uncertainty of global markets and its appreciation directly impacts the BCRA’s balance sheet.
On the other hand, the acceleration in the purchase of foreign currency responds to the increase in the liquidation of exports from the agroindustrial sector and the issuance of debt by private companies.According to data from the organization, there are still about USD 3.6 billion to be received from companies that made placements outside the country.These variables contributed to a greater availability of dollars in the local market.
The%20official%20projections%20for%202026%20anticipate%20that%20the%20net%20purchase%20of%20currenciescould%C3%ADa%20place%20between%20USD%2010,000%20million%20and%20USD%2017,000%20million,%20sec%C3%BAn%20the%20advance that%20has%20the%20process%20of%20remonetization%C3%B3n.%20Santiago%20Bausili,%20president%20of%20BancoCentral,%20remark%C3%B3%20that%20the%20strengthening%20of%20the%20reserves%20depend%C3%A1%20both%20on the%20behavior%20of%20the%20demand%20of%20pesos%20as%20of%20flow%20of%20d%C3%B3lars%20towards%20the%20pa%C3%ADs.With%20this%20rhythm,%20ya%20se%20super%C3%B3%20the%2011%%20of%20floor%20annual%20committed%20in%20the%20official goals.
It is worth%20to highlight%20that%20the%20monetary%20authority%20established%C3%B3%20a%20l%C3%Admits%20daily%20of%205%on%20the%20thlumen%20total%20operated%20in%20the%20Market%20Free%20of%20Change%20(MLC)%20for%20yourpurchases%20of%20currency,%20with%20the%20objective%20of%20protect%20the%20stability%20change.%20In some%20opportunities,%20that%20cap%20was%20exceeded,%20what%20private%20sources attribute%20to%20operations%20performed%20outside%20of%20traditional%20circuit%20of%20MLC.
The Central Bank reported that it has the power to acquire dollars outside the wholesale market, agreeing on amounts and prices bilaterally with companies or entities, with the intention of avoiding alterations in the regular functioning of the exchange market.
In the latest Monetary Policy Report (IPOM), the BCRA explained that the effective increase in international reserves will be conditional on the National Treasury’s ability to obtain financing in international markets and refinance its external debt commitments.
“The purchases of foreign currency by the BCRA will be reflected in the level of international reserves since these must not be acquired with pesos by the Treasury to meet capital and interest maturities,” defined the monetary authority.
By 2026, the organization chaired by Bausili projects that access to financing sources to cover Treasury capital maturities, the greater availability of external credit for companies and provincial governments, and the repatriation of residents’ savings will contribute to the increase in foreign currency holdings in the Central coffers.
“Recognizing the monetary impact of the Treasury’s financial programming, the BCRA will continue to coordinate with the Ministry of Economy the management of instruments and financial programming, guaranteeing that the BCRA’s monetary programming aimed at preserving the domestic balance of liquidity is not altered,” the official report concluded.
