Overview
- This week the government and the Central Bank have kept the wholesale rate just below about $1,500 through net dollar purchases, targeted futures and secondary‑market operations, and the wider use of dollar‑linked instruments.
- The Treasury removed pesos from the market with large local placements that rolled and increased debt, which tightened liquidity and pushed short‑term interest rates sharply higher.
- Domestic investors and the Treasury shifted large volumes into dollar‑linked and dual bonds, with the TAMAR/dollar‑linked 2028 placement drawing about USD 3,467 million and boosting private demand for FX coverage.
- The informal 'blue' dollar has fallen for several sessions, narrowing the gap with the official wholesale rate to roughly 2–3% as the wholesale price hovered around $1,496–$1,499.50.
- The BCRA’s July REM, published Thursday, shows analysts trimming near‑term inflation forecasts to about 2% for July and projecting a year‑end official dollar near $1,652 while sovereign spreads eased to the low‑to‑mid 400s, but markets are watching concentrated dollar‑linked maturities and seasonal lower agro inflows as potential risks to the strategy.