BCRA Reserves Hit Milei-Era High Amid 2026 Accumulation Push

日本語

Argentina's central bank gross international reserves reached USD 43.610 million on Friday, the highest since President Javier Milei's term began, building on the 2026 accumulation plan announced earlier this month. Driven by gold revaluation and Treasury purchases, this strengthens the position ahead of a USD 4,200 million debt maturity on January 9.

Following the BCRA's December 15 announcement of its 2026 economic plan—which includes updating exchange rate bands with inflation and a structured reserve accumulation program targeting up to USD 17 billion—gross international reserves hit USD 43.610 million on Friday, up USD 596 million from Thursday and surpassing the prior Milei-era peak of USD 43.014 million in August 2025. The weekly gain totaled USD 1.197 million, boosted by revaluation of 1.98 million ounces of gold at USD 4,561 per ounce.

This buildup precedes a USD 4,200 million debt maturity on January 9. Economy Minister Luis Caputo confirmed nearly USD 900 million in acquisitions outside the Mercado Libre de Cambios (MLC). Treasury dollar deposits at the BCRA surged from USD 97 million to nearly USD 2,000 million between December 4 and Wednesday, via USD 630 million in market purchases, USD 360 million net inflows from organizations like the Inter-American Development Bank, and USD 910 million from the BONAR 2029N placement.

Signed contracts this week for the Comahue hydroelectric dams concession (Alicurá, El Chocón, Piedra del Águila, Cerros Colorados) could add USD 700 million, potentially reducing the January shortfall to USD 1,700 million if funds arrive promptly. December saw the Economy Ministry net USD 408 million in MLC purchases, averaging USD 29 million daily versus November's USD 16 million.

Economist Gonzalo Martínez Mosquera noted, 'the market takes it for granted that those maturities will be paid,' but cautioned about private sector strain as 'the Government avoids a fiscal deficit, forcing the private sector to borrow.' These steps underscore efforts to maintain exchange rate and fiscal stability amid challenges.

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Illustration depicting Argentina's Central Bank president announcing the 2026 reserve accumulation plan, with rising reserve graphs and IMF approval.
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Central bank announces reserve accumulation plan for 2026

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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.

BCRA Continues 2026 Reserve Push with Sixth Straight Dollar Purchase

Argentina's Central Bank bought US$55 million on January 12, its sixth consecutive daily purchase since January 5 under the 2026 accumulation plan announced in December, bringing the total to US$273 million. Gross reserves climbed to a new Milei-era high of US$44.768 million amid stable exchange rates.

BCRA bought US$42 million and accumulated 30 consecutive days of acquisitions

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The Central Bank of the Republic of Argentina (BCRA) purchased US$42 million in the foreign exchange market, extending its streak to 30 consecutive days of currency acquisitions. Gross international reserves reached US$45.158 million, up US$102 million from the previous day. Since the start of the year, the BCRA has added purchases totaling US$2.089 million, including US$932 million in February.

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