Following the partial lifting of currency controls, Argentines purchased over USD 26.392 billion in the formal market, in a sustained process of portfolio dollarization that intensified in the months leading up to the legislative elections, according to data from the Central Bank of the Argentine Republic (BCRA). In the same period, foreign currency sales reached USD 3.678 billion, so net purchases totaled USD 22.714 billion. Demand remained and grew in the following months: USD 2.283 billion in May, USD 2.468 billion in June, and USD 3.473 billion in July. A downward correction was observed in August, with purchases of USD 2.448 billion, although September marked the peak of the period with USD 5.130 billion, a jump that coincided with increased uncertainty before the elections, a recurring phenomenon in Argentine currency dynamics. In October, the month of the elections, demand remained high at USD 4.731 billion. The turning point came in November, when gross purchases fell to USD 1.597 billion, the lowest level since the lifting of controls, with the participation of about 1.1 million people. The BCRA also highlighted that the stock of commercial debt from advances and pre-financing was reduced by approximately USD 1.500 million during the month. On the services side, the deficit was mainly associated with expenses on trips and foreign card consumption, with net outflows of USD 445 million, although the Central Bank emphasized that 70% of these consumptions were paid directly with their own dollars, which mitigates the impact on the foreign exchange market. If the category of "foreign exchange transfers for no specific purpose" from the private non-financial sector is included, the amount rises to USD 32.870 billion since the relaxation of exchange controls. According to the "Evolution of the Foreign Exchange Market and Balance of Payments" report, in April — the first full month after the lifting of controls — about one million people accessed the official market and purchased USD 2.077 billion.
