This significant social support, far exceeding any close competitor, is being read by the markets as an additional factor of stability and continuity of the reforms, key to consolidating Argentina's definitive return to international credit. In the coming days, the province of Córdoba will go to the international market, joining recent successful placements by the city of Buenos Aires and Santa Fe, in a clear sign of financial normalization. The background of this improvement is directly linked to monetary policy. Buenos Aires, January 27, 2026 - Total News Agency - TNA - The sustained drop in the country risk has once again placed Argentina in a scenario unthinkable during the last eight years: the concrete possibility that the national government will refinance itself in the international markets at single-digit rates. According to the Central Bank itself, there are still some 3,600 million dollars to be settled in the local market. The favorable financial scenario also has a political counterpart. On the one hand, the strong demand for Argentine bonds, which pushes their prices up and reduces the yields required. During January, a marked decrease in the demand for dollars from both the public and companies was registered, which expanded the Central Bank's margin to intervene by buying foreign currencies. On the other hand, the accumulation of international reserves, which has been consolidated as one of the main signals of macroeconomic solvency. The Central Bank's gross reserves reached 45,740 million dollars, the highest level since the beginning of Javier Milei's management, after net purchases that already exceed 1,000 million dollars only in January, far above market projections. The reduction of the country risk to the area of 513 basis points implies a significant reduction in the cost of sovereign financing, although the economic team recognizes that there is still room to continue advancing. President Javier Milei maintains a wide lead over his immediate second in all opinion polls, which reinforces his political capital to sustain the economic course. However, the official expectation is that this gap will narrow rapidly, enabling a full reopening of external credit for the National Treasury after almost a decade of exclusion. Meanwhile, access to external financing is already being reactivated for other Argentine issuers. The strengthening of the monetary authority's balance was one of the main demands from investors and the evolution of the country risk reflects the optimism about the consistency of that strategy. To the accumulation of currencies is added exchange rate stability. The immediate objective is to bring this indicator closer to levels around 450 points, in line with countries in the region such as Ecuador, which is currently preparing to issue its first international bond in dollars for more than seven years, with estimated annual rates below 9%. In this context, market analysts point out that if Argentina decided today to issue a ten-year bond, the yield would be around 9.5% per year in dollars, still above what companies and provinces pay. The Central Bank has decisively advanced in phase 4 of the economic program, focused on the accumulation of reserves and the gradual remonetization of the economy. The oil company YPF recently reopened a bond maturing in 2034, with a cost of 8.10% per year in dollars. In addition, the greater supply of dollars derived from international debt issuances by provinces and private companies contributed to reinforcing this process. The indicator fell another 2% and was on the verge of breaking the 500 basis points mark, a psychological threshold not reached since 2018 and that marks a substantial change in investors' perception. This process is supported by several converging factors.
