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South American currency and monetary volatility

Updated 3 times since CLSTR started tracking revisions of this situation.

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2026-09-15 15:44 UTC → 2026-09-17 07:04 UTC · added removed

Economic indicators in Argentina show increasing currency volatility and shifting demand for US dollars. In late August, Argentina’s Central Bank reported a significant surge in dollar demand, with approximately 1.7 million individuals purchasing USD 3,319 million in banknotes, the highest level since the 2025 elections. This trend was linked to exchange rate uncertainty and seasonal factors. By mid-September, the wholesale dollar in Argentina rebounded to approximately $1,511, while the ‘contado con liquidación’ (CCL) rate approached $1,600. This followed August inflation data of 1.7%. During this period, the Central Bank of Argentina slowed its foreign currency purchases, recording a five-day moving average of $8 million. As of mid-September, portfolio dollarization in Argentina has risen to 29.6% due to pre-electoral uncertainty. Regional currency trends show the dollar falling below G. 6,000 in Paraguay, while Costa Rica’s currency reached a 20-year historic low at ¢447.34. In Uruguay, the interbank reference rate has remained above $40 for 58 consecutive sessions. In Venezuela, the Central Bank (BCV) has introduced measures to incentivize bolívar usage. Effective September 15, 2026, the BCV has mandated the remuneration of all bank deposits, including checking accounts. New minimum annual interest rates have been established at 10% for sight deposits, 42% for savings accounts, accounts (up from 32%), and 46% for fixed-term deposits. deposits (up from 36%). These adjustments are accompanied by a tightening of the legal reserve requirement (encaje legal), which may restrict credit availability. While these steps aim to stabilize prices, economist prices and reduce foreign currency demand, analysts express skepticism, noting that high inflation may render these rates insufficient to stop the bolívar’s rapid depreciation. Economist Francisco Ibarra estimates the official dollar rate could reach approximately 1,270 bolívares by year-end, with parallel rates potentially ranging between 1,400 and 1,500.

Versions

  1. 2026-09-17 07:04 UTC South American currency and monetary volatility
  2. 2026-09-15 15:44 UTC South American currency and monetary volatility
  3. 2026-09-15 01:47 UTC South American currency and monetary volatility
  4. 2026-09-14 18:52 UTC South American currency and monetary volatility

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