After a long weekend for the commemoration of General José de San Martín, Argentina's financial activity resumed on Tuesday, August 18, 2026, with numbers that did not favor the government. The blue dollar—the popular name for the informal exchange rate—rose 10 pesos to close at 1,555 pesos for selling. Meanwhile, the official dollar, controlled by the central bank, ended at 1,515 pesos at Banco Nación, the state-owned bank. The country risk, as measured by JP Morgan, climbed to 506 basis points, a level not seen since late May.
Exchange Rate Close on August 18
| Type | Buy | Sell |
|---|---|---|
| Official dollar | $1,465 | $1,515 |
| Blue dollar (informal) | $1,535 | $1,555 |
| Wholesale dollar | — | $1,487.50 |
| MEP dollar (stock market) | — | $1,516.43 |
| CCL dollar (for overseas transfers) | — | $1,578.12 |
| Credit card dollar | — | $1,969.50 |
| Crypto dollar (DAI) | — | $1,609.86 |
Note: The blue dollar operates outside official restrictions and is widely used by Argentines to protect savings against inflation and devaluation.
Country Risk and Equities
The JP Morgan index rose 8 points compared to the previous session, hitting 506 units—the highest since late May. In Latin America, Argentina now has the worst country risk, followed by Ecuador (422) and Bolivia (407). Uruguay, by contrast, enjoys just 68 points.
Argentine stocks trading on Wall Street fell up to 6.5%, with major losses in banks and energy companies. On the local MERVAL index, most shares ended in the red: Supervielle dropped 4.6%, Transportadora Gas del Norte 4.6%, Transener 4.8%, while YPF was the only significant gainer (+1.9%).
Central Bank Interventions: Only US$10 Million
The Central Bank of Argentina (BCRA) reported it purchased just US$10 million in the official foreign exchange market—the second smallest daily purchase of the year. As a result, gross reserves stood at US$49,592 million. The average daily purchase in August is US$31 million, far below the US$103 million daily average in July and US$137 million in May.
This slowdown in reserve accumulation reflects the government's strategy to keep the wholesale dollar below the 1,500-peso barrier. The economic team, led by Minister Luis Caputo and Central Bank President Santiago Bausili, aims to stabilize the exchange rate, control interest rates, and build reserves—a balancing act analysts describe as "fragile."
Fiscal Surplus and Inflation Data
The Ministry of Economy announced that July recorded a primary surplus of 2,960,333 million pesos and a financial surplus of 244,897 million pesos, even after paying debt interest. In the first seven months of 2026, the financial surplus accumulates to 0.9% of GDP, below the 1.4% target agreed with the International Monetary Fund (IMF).
In addition, the national statistics agency INDEC reported that wholesale inflation in July was 0.8%, the lowest in 14 months and the third consecutive month of deceleration. The year-on-year measure stood at 31.3%.
On another front, delayed payments have become the second biggest concern for industrial SMEs: 62% suffered late collections and 24% could not pay on time, according to a report from the Observatory of Small and Medium Enterprises (FOP).
Global Context: Higher Rates and Geopolitical Tensions
International markets remain tense due to the conflict between the United States and Iran, which has kept the Strait of Hormuz closed. Oil prices exceeded US$91 per barrel (Brent), pressuring costs worldwide. The yield on the US 10-year Treasury bond surpassed 4.70%, the highest since 2007, while the 30-year yield reached 5.34%. This global rise in interest rates reduces the appeal of emerging-market bonds, including Argentine debt.
Locally, investors are closely watching political developments, including the possible elimination of PASO (primary elections) and the alliance between the PRO party and La Libertad Avanza ahead of the 2027 general elections.