A Record That Marks the Milei Era
The Central Bank of the Argentine Republic (BCRA) reached a new high in its gross international reserves on Friday, August 21, 2026: USD 50.655 billion, the highest level since September 6, 2019. This amount surpasses the previous record of the Javier Milei administration, set just a day earlier, when holdings reached USD 50.342 billion.
The daily jump of USD 313 million is explained by a combination of factors: the purchase of foreign currency in the official market, the revaluation of gold (which rose 2% to USD 4,661 per ounce, contributing about USD 170 million), and the behavior of international currencies.
17 Consecutive Buying Sessions
The BCRA has strung together 17 straight trading days with a net buying balance in the Free Exchange Market (MLC). On Friday, it purchased USD 23 million, in a session with a traded volume of USD 587.6 million. The streak restarted at the end of July, after a pause that cut a previous run of 135 uninterrupted buying sessions.
So far in August, the institution has accumulated purchases of USD 466 million, with a daily average of USD 33 million. This pace is lower than in previous months: USD 103 million per day in July, USD 68 million in June, and USD 137 million in May. However, the operation on Thursday, August 20, when it bought USD 89 million, was the highest of the month.
Annual Target Already Met
Since the start of the fourth stage of the monetary plan in January, the BCRA has added USD 13.793 billion. The economic team had set a 2026 accumulation target of between USD 10 billion and USD 17 billion, a range that the monetary authority reached in early June. Now, the goal is to reach the upper end of the range to support Finance Minister Luis Caputo's financial program and have resources in case of sudden movements in the exchange market before the elections.
Wholesale Dollar Nears ARS 1,500
The wholesale dollar closed on Friday at ARS 1,499, up two pesos (0.1%), just 50 centavos below the nominal high of ARS 1,499.50 recorded on August 6. In August, the official exchange rate has accumulated a rise of 14 pesos (0.9%), while so far in 2026 the total increase is 44 pesos (3%).
The retail dollar at Banco Nación remained stable at ARS 1,515 for sale, a level it has held for four sessions. The blue dollar (informal) closed unchanged at ARS 1,550, accumulating a five-peso rise in the week. The MEP (stock market dollar) traded at ARS 1,532.33, and the 'contado con liquidación' (CCL) at ARS 1,592.56.
Country Risk Cuts Rising Streak
Argentina's country risk fell 4.9% on Friday to 506 basis points, breaking a streak of 13 consecutive increases. On Thursday it had closed at 532 points, the highest level since May. The improvement came amid a rebound in sovereign bonds, which rose 1% on average.
According to analysts at Portfolio Personal Inversiones (PPI), the previous downward trend, which had put the index close to breaking below 400 points, reversed due to a more hostile global financial climate, with the war in the Middle East and rising yields on 30-year U.S. Treasury bonds, which exceeded 5%.
Context and Outlook
The accumulation of reserves is consolidating as a strategic element to contain pressures on the dollar, along with swap agreements with the United States and China. The BCRA maintains the upper limit of the exchange-rate band at ARS 1,868.54, so the wholesale dollar is 24.7% below that ceiling.
The economic team considers it possible that foreign currency purchases could reach USD 17 billion this year, which would be key to facing debt maturities in 2026 and 2027. The official strategy continues to rely on intervention in futures and high interest rates, while the market observes the seasonal demand for foreign currency toward the end of the month.