BCRA Dollar Purchases Slow Down Sharply in September

The Central Bank of the Argentine Republic (BCRA) purchased US$12 million on 14 September, representing 2.4% of total daily trading volume. Month-to-date net purchases reached US$135 million across the first 10 trading sessions of September. That pace is 59.2% lower than the US$330 million purchased during the first 10 sessions of August, when total monthly purchases were US$770 million, and far below the more than US$1,400 million bought over the same span in July.

Total gross international reserves fell by US$58 million on 14 September to close at US$50,411 million. This marked the seventh consecutive daily decline, moving reserves further away from their peak of US$50,913 million recorded 20 days earlier.

Spot market trading volume fell 40% compared to Friday, totaling US$494 million. The wholesale dollar opened at 1,513 Argentine pesos and touched 1,514.50 pesos before dropping to 1,510 pesos. As selling pressure increased in the final half hour, the currency broke below 1,508 pesos to close at 1,507.50 pesos, marking a fresh monthly low, according to Nicolás Merino of ABC Mercado de Cambios.

Ignacio Morales of Wise Capital noted that daily purchases averaged US$14 million in September, down from US$38 million per day in August and a peak of US$137 million per day in May. Financial analyst Gustavo Ber stated that the BCRA is slowing purchases to accommodate private demand and preserve foreign exchange reserves for 2027 to ensure currency stability.