The Central Bank of the Republic of Argentina has managed to accumulate reserves without creating pressure on the exchange rate, thanks to a sustained supply of dollars from companies while demand remains stable. Market reports highlighted that this scenario allows the Central Bank to accumulate reserves without generating upward pressure on the exchange rate, which in recent days hit its lowest level in over two months. Market analysts pointed out that the focus is on the sustainability of the current scheme, which combines Central Bank purchases with a downward trend in the official exchange rate within the "bands" system. According to private estimates, during the past week, the Central Bank would have bought USD 469 million, while the Treasury would have added another USD 158 million, at the same time that the wholesale exchange rate fell by 2.4%. From the Central Bank itself, they explained that this mechanism allows them to agree directly on amounts and prices with companies, avoiding distortions in the quotation. In the wholesale segment, the dollar advanced this Monday by 4.50 pesos, 0.3%, and closed at $1,434.50, in a low-volume day with operations for USD 190.7 million. To sustain this accumulation pace, the Central Bank intervenes both in the wholesale market and through operations outside the Foreign Exchange Market. The leadership of the monetary authority set a guideline that daily purchases do not exceed 5% of the volume traded in the foreign exchange market, with the aim of not altering the usual dynamics of the exchange rate. In this way, the monetary authority has strung together eleven consecutive rounds with net purchases, within the framework of the official strategy to strengthen international reserves. According to official data, in the last eleven sessions, the BCRA acquired a total of USD 708 million. Buenos Aires, January 19, 2026 - Total News Agency - TNA - The Central Bank of the Republic of Argentina once again closed a day with a buyer's balance in the foreign exchange market and acquired USD 21 million this Monday, accumulating more than USD 700 million so far in January. In January, the average daily settlement from agriculture was around USD 94 million, compared to the USD 53 million daily recorded in December. Gross reserves reached USD 44.808 billion, after a daily increase of USD 201 million, which represents the highest level recorded during the current administration. The official valued the change in the exchange rate scheme and the currency purchase program, noting that the accumulation of reserves began at a faster pace than expected and exceeded the 5% floor of the daily traded volume on most days. Kozack emphasized that this process is "very positive" and considered that it will contribute to improving prospects for access to international capital markets and the country's ability to face potential external shocks. Sources consulted: Central Bank of the Republic of Argentina; Portfolio Personal Investments; Cohen; International Monetary Fund; Infobae; official statements. In this context, analysts pointed out that the further the exchange rate moves away from the ceiling of the band, the greater margin the BCRA has to intervene, reinforcing the credibility of the exchange scheme. Among the factors that explain the greater availability of foreign currency, large corporate bond purchases and the acceleration of settlement in the agro-export sector stand out. However, in some sessions, that threshold was exceeded, which suggests the execution of block operations outside the formal market. Nevertheless, the same studies warned that the central challenge will be to sustain this dynamic throughout the year to rebuild net reserves, which remain in negative territory and far from the goals agreed with the International Monetary Fund. In this sense, the president of the BCRA, Santiago Bausili, indicated that the accumulation of reserves during 2026 could be in a range of between USD 10 billion and USD 17 billion, depending on the remonetization of the economy, the demand for money, and the liquidity available in the foreign exchange market. From the IMF, spokeswoman Julie Kozack highlighted in her last press conference that Argentina began the year "on solid foundations" and praised the progress in the process of economic stabilization.
