27/06/2026 21:58 - Economia
For decades, Argentines kept their dollar savings "under the mattress" (a local expression meaning cash stored at home), distrusting banks after multiple economic crises. However, May 2026 marked a turning point: of the USD 2.26 billion purchased for savings, approximately USD 700 million stayed deposited in financial institutions, according to Argentina's Central Bank (BCRA).
Context for international readers: Argentina has experienced hyperinflation, currency devaluations, and restrictive exchange controls (locally called "cepo cambiario") that limited dollar purchases. The removal of these controls under President Milei's administration has changed the landscape significantly.
Economy Minister Luis Caputo views this data as crucial. Dollars remaining in the banking system can fund loans and Treasury operations at lower interest rates than foreign investment funds would offer.
| Category | Amount (USD millions) | Notes |
|---|---|---|
| Dollar purchases (May 2026) | 2,260 | Lowest figure of 2026 (-16% vs April) |
| Dollars deposited in banks | 700 | 31% of total purchased |
| Dollars in cash (mattress) | 1,104 | 49% of total purchased |
| Foreign tourism spending | 619 | 25% less than April |
| Digital services (Netflix, etc.) | 163 | Stable |
| Postal imports (Shein/Temu) | 115 | Stable |
Source: Central Bank of the Argentine Republic (BCRA), May 2026.
May's exchange balance showed another positive indicator: a second consecutive monthly surplus in the current account. This means more dollars entered than left the country - rare in Argentina's recent economic history.
Context: Vaca Muerta is one of the world's largest shale oil and gas reserves, located in Neuquén Province. The ongoing export boom from this field, combined with strong agricultural performance, could generate USD 100 billion in foreign trade during 2026, with a trade surplus exceeding USD 20 billion.
This scenario would fund tourism and services deficits while allowing the Central Bank to continue accumulating reserves, currently at USD 47.508 billion.
Argentina operates with multiple exchange rates. The "dólar blue" (blue dollar) is the informal parallel market rate, reaching $1,530 Argentine pesos in June 2026. The official rate stands at $1,495 pesos.
For context: This gap between official and parallel rates historically created arbitrage opportunities, though current policies have narrowed the spread significantly.
The Central Bank clarifies that most tourism and airfare expenses are paid with dollars account holders already possess. This means not all dollar purchases represent reserve losses for the Central Bank.
Context: "Aguinaldo" is Argentina's 13th-month salary - a mandatory year-end bonus paid in two installments (June and December). Economists anticipate increased dollar purchases in June-July due to this mid-year payment.
This liquidity injection typically produces three effects:
The government interprets the current account surplus not as a seasonal "accident" but as the beginning of structural change. The combination of greater banking confidence, record exports, and import restrictions is creating conditions not seen in years: dollars entering and remaining in the financial system.
Alfredo S. Quiroga
