The pillar, in detail
BCRA reserves
USD 50,760 M
gross as of Sep 4, 2026 · +7,655 M in 2026 · June target met verif Sep 4, 2026 ↗
What was promised
Reserve accumulation and exit from the currency controls toward free availability of foreign exchange.
Where it stands today
Gross international reserves USD 50,760 M as of Sep 4, 2026 (official BCRA series): +7,655 M so far in 2026 (43,105 M on Jan 2). The 2026 flow is genuine accumulation: +12,651 M from FX purchases in the market, against -2,357 M with international organizations (net payments) and -2,951 M from other public-sector operations (official BCRA breakdown as of Jul 20; the week of Jul 13-17 was the year's largest buying week: 1,154 M, with a daily peak of 532 M on Jul 14). The IMF target is sealed in the primary source: +3,500 M by Jun 30 and +8,000 M in the year (staff report CR 26/105, performance-criteria table) — mind the yardstick: the target is measured in NET reserves under the program's criterion, a different measure from the gross figures in this series (the two numbers are not directly comparable). Under that program yardstick, the June target was reached ahead of schedule (~6,300 M: press convergence, pending the official verdict of the 3rd review). The full arc is honest: the Dec-2025 target had been missed (-12.1 vs -1.0 committed; IMF waiver due to pre-electoral FX pressure) — 2026 is the program's first year with accumulation running ahead of the target. A nuance on the STOCK: the record level includes the ~USD 11,800 M IMF disbursement of Apr-2025. verif Sep 4, 2026 ↗
The historical series
21,87650,760
Nov-23 → Sep-26 · USD M ↗See the 36 points of the series · between 21,513 and 50,760
| Period | Value USD M |
|---|---|
| Sep-26 | 50,760 |
| Aug-26 | 48,259 |
| Jul-26 | 47,599 |
| Jun-26 | 44,870 |
| May-26 | 48,193 |
| Apr-26 | 44,516 |
| Mar-26 | 42,052 |
| Feb-26 | 45,566 |
| Jan-26 | 44,503 |
| Dec-25 | 41,095 |
| Nov-25 | 40,335 |
| Oct-25 | 39,382 |
| Sep-25 | 40,374 |
| Aug-25 | 39,986 |
| Jul-25 | 38,866 |
| Jun-25 | 39,973 |
| May-25 | 36,919 |
| Apr-25 | 38,928 |
| Mar-25 | 24,986 |
| Feb-25 | 28,117 |
| Jan-25 | 28,310 |
| Dec-24 | 29,640 |
| Nov-24 | 30,214 |
| Oct-24 | 28,618 |
| Sep-24 | 27,172 |
| Aug-24 | 26,719 |
| Jul-24 | 26,402 |
| Jun-24 | 29,022 |
| May-24 | 28,664 |
| Apr-24 | 27,578 |
| Mar-24 | 27,127 |
| Feb-24 | 26,690 |
| Jan-24 | 27,642 |
| Dec-23 | 23,073 |
| Nov-23 | 21,513 |
| Nov-23 | 21,876 |
How it is computed: the series is daily; here it is plotted one point per month, the last of each
What it is measured against1
The reserves inheritance: 21,876 million dollars of GROSS international reserves at the BCRA on 1 November 2023. ⚠️ They are gross, which is what this axis measures and what the series publishes; NET reserves on that date were negative and are a different figure, one that is not curated here and is therefore not asserted. verif Nov 2023 ↗
Our reading
Trend▲ improving (editorial reading, anchored to the data)
What it enables if sustained thesis
Reserves rising (+6,523 M in 2026, with +12,651 M bought in the market) → backing to float without shocks → RIGI's central promise (free availability of foreign exchange) becomes credible → submitted projects move to construction. R2
More reserves = a lower devaluation premium → FX hedging gets cheaper → the foreign investor can plan dividend repatriation without a panic discount. R2
An external cushion + trade surplus (Exports pillar) → shielding against Brent or soy shocks without breaking the program. R2+R5
What we watchFX lag / reserve crisis → disorderly devaluation. Degrades R1, R2, R3. Watch the gap, net reserves, the REM.
Which policy pushes this number, and where each rule stands11
The rule is R2 · the RIGI promise is kept. These rules declare it too: they push in the direction this axis measures. Another 2 axes of the dashboard rest on it.
Currency controls: exit for individuals and floating bandsDecreto 269/2025 + BCRA Com. "A" 8226in force
The BCRA loosens the cepo: parent-company debt without asking permissionBCRA Com. "A" 8417 (Apr 9, 2026)in force
Bands tied to inflation + the BCRA buys reserves againBCRA Monetary Policy Statement (Dec 15, 2025)in force
Export blend dollar: created and then eliminatedDecreto 28/2023 → repealed by Decreto 269/2025in force
BOPREAL: it orders importers' debt and opens the path to ending the currency controlsBCRA Communication "A" 7918 (12/13/2023) + Decreto 72/2023in force
BOPREAL Series 4: an orderly exit for the dividends the cepo had trappedBCRA Com. "A" 8233 and 8234 (Apr 30, 2025)in execution
Import payments: from the phased 30/60/90/120 to 30 daysBCRA Com. 'A' 7917 (Dec 13, 2023) → BCRA Com. 'A' 8118 (Oct 17, 2024)in force
December 2023 devaluation: dollar to $800 + 2% crawlFX policy decision by the BCRA/Economy (announced Dec 12, 2023, in force Dec 13, 2023)in force
Property shield: expropriating costs more, evicting is fasterBill PE-13/2026 (Message 22/26) — majority committee report in the Senatepending
The markets that exist because of this same inference27
Supplier niches that declare this same inference rule: this is the demand that opens up if this pillar holds.
High-altitude logistics, hazardous goods and outbound freight across Catamarca's three corridorsCatamarca
How often it is updated
Frequency
daily
Lag
~1 days after the period closes
Latest period published
2026-09-04
Who publishes it
The BCRA API, and the API IS the primary source: written by the automatic daily refresh.
How to read the seals → verif primary source · prob primary source pending · unconf a source said it · estim our own calculation · thesis our reading · the date belongs to the datum, at the precision its source allows
Ignacio Aredez· Chief analyst
Credentials and track record →- 10+ years in data science for clients across Europe and the Americas
- Certified in AI governance (ISO/IEC 42001)
- Machine Learning (Google Cloud)
- Registered expert with the European Commission
Built on the official source of each figure, with the gaps declared. Back to the program pillars