Overview
- The BCRA reported net dollar purchases of US$218 million in the first week of the new banded regime, with the wholesale rate trading less than 5% below the band ceiling.
- The government met roughly US$4.2 billion in bond payments using a US$3 billion repo with six international banks, proceeds from the Comahue hydro concessions, and existing Treasury dollars.
- Market desks flagged the Treasury as an aggressive spot seller to create room for BCRA buying, and Ecolatina estimates the net of Treasury sales versus Central Bank purchases is negative US$51 million so far.
- Authorities steered demand into hedges as dollar futures open interest rose by more than US$400 million and dollar‑linked bond placements and secondary sales topped US$2 billion, increasing indexed liabilities.
- INDEC will publish December CPI on Jan. 13, with projections around 2.3%–2.6% that will reset the inflation‑indexed FX bands; the week also brings the first 2026 peso auction to roll maturities as analysts say spreads must fall toward ~450 bps for durable market access.