Argentina's Central Bank Boosts Dollar Reserves Amid Milei's Economic Plan

The Argentine Central Bank (BCRA) has continued a vigorous dollar‑buying program, acquiring roughly US$34.4 billion between President Javier Milei’s inauguration and mid‑July 2024. Analyst Salvador Di Stefano says the purchases, driven by strong export earnings, foreign‑funded bond issuances and provincial debt placements, have helped keep the exchange rate steady and support the government's broader economic agenda.

By July, the BCRA had reached about 74 % of its 2026 reserve target of US$17 billion, with official rates hovering near 1,476‑1,512 pesos per dollar and avoiding the 1,500‑peso threshold that could trigger market pressure. The Treasury has also covered upcoming 2026 debt obligations, reinforcing fiscal stability.

Di Stefano predicts the central bank could surpass its reserve goal ahead of schedule, underscoring the policy’s role in stabilising the peso and bolstering investor confidence.