08/07/2026 22:25 - Economia
As part of the 2026/2027 financial plan presented by Economy Minister Luis Caputo, the Central Bank of the Argentine Republic (BCRA) transferred US$2.5 billion to foreign bondholders on July 8, 2026. The goal was for the funds to be credited during the July 9 holiday, which marks Argentina's Independence Day and the maturity date for the Global bonds.
This payment demonstrates the normalization of Argentina's access to credit and the fulfillment of the country's financial obligations, as anticipated by the economic team in their strategy for the second half of the year.
After the payment, the BCRA's net foreign exchange reserves closed at US$48.722 billion. This represented a decrease of US$814 million, a completely expected and planned movement. Just a day earlier, the stock had climbed to US$49.536 billion, the highest level since September 2019. These reserves are crucial for Argentina to import goods and maintain currency stability.
To cover this commitment without altering exchange rate stability, the government secured a US$3.2 billion loan from three international banks, guaranteed by multilateral organizations. The dollars entered and left simultaneously, avoiding any negative impact on the local market.
Despite the debt payment, the monetary authority continued its positive streak. On this trading session, it bought US$34 million, marking 124 consecutive days as a net buyer. So far in 2026, the Central Bank's net acquisitions total US$11.465 billion, further strengthening the reserve cushion.
The macroeconomic landscape supports this solidity. The country risk, a financial indicator measuring the probability of a nation defaulting on its debt, stands at 405 basis points, its lowest since 2018. Furthermore, the BCRA's Market Expectations Survey (REM) projects a 2% inflation rate for June and July 2026, while the official exchange rate at Banco Nacion, Argentina's largest public bank, is 1,510 ARS per dollar.
All these indicators reinforce the idea that the country is on track for a stable and sustained recovery, with the upcoming launch of the Bonar 2029 (a sovereign bond maturing in 2029) on July 15 serving as a new step toward achieving investment grade status.
Source: MDZol
Alfredo S. Quiroga
