Argentina's Central Bank announced on Monday, December 15, 2025, the first measures of its 2026 economic plan, including updating exchange rate bands according to inflation and a consistent program to accumulate international reserves. The International Monetary Fund (IMF) welcomed these decisions, aligned with its prior recommendations. Meanwhile, the National Treasury purchased 320 million dollars following the announcements.
On December 15, 2025, the Central Bank of the Republic of Argentina (BCRA) unveiled initial details of its 2026 economic strategy. Starting January 1, 2026, the floor and ceiling of the exchange rate bands will be updated according to the Consumer Price Index (IPC) reported by INDEC. Additionally, a consistent program to accumulate international reserves will begin, aligned with the evolution of money demand and foreign exchange market liquidity.
The BCRA specified that the monetary base will rise from the current 4.2% of GDP to 4.8% by December 2026, enabling purchases of around 10 billion dollars, subject to balance of payments flows. With a 1% GDP increase in money demand, this figure could reach 17 billion dollars without sustained sterilization. Daily program execution will align with 5% of the foreign exchange market volume, allowing block purchases to avoid disruptions.
IMF spokesperson Julie Kozack praised the measures on her X account: "We welcome the recent market access and the announced measures to strengthen the monetary and exchange framework, reconstitute reserve buffers, and promote reforms to boost growth." She added: "We are working closely with the authorities on the implementation of these important measures." Kozack had previously emphasized the need for an ambitious reserve accumulation path to address shocks and facilitate re-entry into international markets.
Hours after the announcements, in a press conference, National Treasury official Santiago Bausili reported the purchase of 320 million dollars, days before a key debt maturity. In the market, the Country Risk, measured by JP Morgan's EMBI Global, closed at 623 basis points, a slight 0.16% decline from 624 the previous day, remaining in the moderate risk zone between 620 and 630 points during the week.
These developments reflect efforts to stabilize Argentina's economy amid volatility, with analysts noting market caution regarding potential impacts on the dollar, inflation, and sovereign financing.
