01/07/2026 18:48 - Economia
The Central Bank of Argentina (BCRA) deployed a strong intervention this Wednesday, July 01, 2026 to stop the advance of the dollar, which closed at $1,510 for sale at Banco Nación (the state-owned bank), consolidating its level above 1,500 Argentine pesos. Facing exchange rate pressure and retail demand driven by the payment of the 'Aguinaldo' (a mandatory mid-year bonus), the entity led by Santiago Bausili opted not to sell foreign currency directly but to use indirect financial tools.
According to financial operators cited by Infobae, the strategy centered on the sale of future contracts and dollar-linked notes. These instruments, which adjust their value based on the official dollar quote, allow the absorption of pesos from investors without directly affecting foreign currency reserves.
| Indicator | Value |
|---|---|
| Dollar Sale (Banco Nación) | $ 1,510 |
| Wholesale Dollar | $ 1,489 |
| Futures Volume | + USD 1,000 M |
| Dollar-Linked Volume | ~ USD 500 M |
For Isaias Marini, a macro analyst at One618, the Government acts with pragmatism: "I don't think the Central Bank is defending a specific number, but rather trying to limit volatility and avoid the potential transfer to prices." The dollar accumulated a rise of over 5% in June, driven partly by the depreciation of other emerging currencies and the expectation of a challenging second half of the year.
From ABC Mercado de Cambios, Francisco Díaz Mayer pointed out that the monetary authority probably did not expect these quotation levels so early in the year. "Maybe we expected it in a couple of months... they are starting to put on the brakes a bit so it doesn't get out of hand," he explained.
Banking movement also played a key role: many entities positioned for a stable dollar turned to buying currency to respond to their clients, pressuring the price upwards. However, operators emphasize that there was no structural change in import and export flows justifying a larger jump.
This strategy of "dirty float" (where the market sets the price but the Central Bank intervenes to smooth fluctuations) gains relevance in the current disinflation scheme. The main objective is to prevent an abrupt devaluation from directly impacting local economy prices. The use of dollar-linked instruments allows the BCRA to absorb liquidity in pesos (a process often called 'mopping up') without spending foreign reserves, a key tool during high seasonal demand periods like the payment of the 'Aguinaldo' (mid-year bonus).
Alfredo S. Quiroga
