On Friday, August 14, 2026, the Central Bank of Argentina (BCRA) made its largest dollar purchase of the month, acquiring US$80 million in the official market. This operation took place on a day where US$557 million were traded, representing about 14% of the total volume, a significant jump compared to previous days.
Despite this injection of foreign currency, gross international reserves fell by US$50 million, closing at US$49,496 million. This drop was due to valuation effects rather than actual outflows: gold increased by 0.25% (adding about US$50 million to its book value) and the US Dollar weakened globally, with the DXY index falling 0.31%, which revalued holdings in other currencies.
August Purchases: A Seasonal Slowdown
With this operation, the net purchasing balance for August rose to US$329 million, while accumulated purchases in 2026 reached US$13,656 million. The weekly balance totaled US$218 million, a number that improves the picture for the month but does not change the overall diagnosis.
The daily average in August stood at US$33 million, compared to US$103 million in July, US$68 million in June, and US$137 million in May. This deceleration is largely due to the lower liquidation of dollars from the agricultural sector, a typical seasonal pattern during this time of the year in Argentina.
Net Reserves: The Real Positive Signal
Beyond the daily movement of the gross stock, the market closely watched the recovery of net reserves (gross reserves minus debts with international organizations). According to private estimates, the repurchase of Intransferible Bills carried out earlier in the week, using dollars the Treasury acquired after canceling BOPREAL (a bond issued to resolve commercial debt with importers), has pushed this metric to its highest level since September 2021.
This improvement in the Central Bank balance sheet quality is seen by analysts as a much more favorable signal than the daily variation of gross reserves.
The Argentine Dollar Market Explained
Argentina features a complex exchange rate system. The wholesale dollar (used for foreign trade) fell by 0.30% and closed at $1,487.50, staying below the $1,500 zone. The official exchange rate for individuals (A3500) was at $1,512.59, maintaining a 24.29% distance from the ceiling of the crawling band, set at $1,879.97.
For foreigners, it is vital to understand the alternative exchange rates, which trade at higher values due to capital controls:
| Dollar Type | Explanation | Closing Rate (ARS) | Change |
|---|---|---|---|
| MEP | Electronic Payment Market. A legal financial rate for domestic operations. | $1,514.78 | -0.40% |
| CCL | Cash with Settlement. A legal rate used to take money out of the country. | $1,585.42 | +0.32% |
| Blue | The informal parallel market rate, widely used by locals. | $1,545 | +0.65% |
With these values, the gap between the informal blue dollar and the MEP dollar widened to 3.87%.
Interest Rates Spike and New Dollar Credit Policy
The most striking data of the day was the cost of money. The TAMAR (Average Active Market Rate, used for business loans) jumped to 24.19% from 23.19%, while the BADLAR (Rate for Large Deposits, a benchmark for corporate loans) rose to 22.56% from 21%. This increase is linked to official interventions to support the local currency (the Peso) and make holding dollars more expensive.
In this context, Economy Minister Luis Caputo authorized dollar-denominated credit for all companies, not just exporters. Banks can lend up to 15% of their foreign currency deposits. Analysts at Portfolio Personal Inversiones (PPI) believe that, since these loans are liquidated in the official market, the measure could boost the supply of dollars and expand the Central Bank purchase margin.
Looking ahead, the BCRA Market Expectations Survey (REM) projects sustained disinflation, expecting 1.8% monthly inflation for August and an official dollar around $1,652 by year-end. Meanwhile, the futures market is trading the wholesale dollar at $1,622 for December, implying an 8.7% increase from current levels.