Argentina's country risk, as measured by JP Morgan, closed on Monday, January 26, 2026, at 513 basis points, its lowest level since mid-2018. This 2.5% drop from Friday stems from the Central Bank's reserve accumulation exceeding US$1 billion in January. Markets view these developments as signs of improved financial solvency.
Argentina's country risk index saw a significant decline on Monday, January 26, 2026, closing at 513 basis points according to JP Morgan's EMBI. This figure marks the lowest level in seven and a half years, since June 13, 2018, when it stood at 507 points. The 2.5% drop from Friday, January 23's close of 526 points was accompanied by gains in dollar-denominated sovereign bonds, such as GD35D up 1.6% and GD46D up 1.3% on Wall Street.
The positive momentum is attributed to the Central Bank of the Argentine Republic's (BCRA) sustained purchase of international reserves, accumulating nearly US$1 billion so far in January. According to Rava Bursátil data, the indicator started the day at 528 points and gradually fell to 513. Over the week, the country risk moved from 566 points on January 19 to 526 on the 23rd, showing nearly a 10% improvement.
Economist Federico Glustein explained on Canal E: “The market is seeing fulfillment,” referring to the payment of obligations and greater macroeconomic predictability. He added that “reserves are being accumulated, nearly a billion dollars have been bought so far this month,” and highlighted the increase in exports in 2025 compared to 2024, with better prospects for 2026. Wise Capital noted that the leading bond panel has accumulated a 6% weekly gain in hard currency.
This indicator measures the premium Argentina pays over U.S. Treasury bonds, expressed in basis points. A level of 513 implies an additional 5.13% interest rate. Rava Bursátil analysts celebrated: “the market celebrates the monetary authority's commitment and the country risk opens on Monday at 516 points, its lowest value since 2018.” The trend suggests a possible return to international credit markets, facilitating foreign investment and reducing financing costs.
