Argentines have bought around US$26.39 billion on the official foreign-exchange market since the partial lifting of currency controls last April, according to Central Bank data.
Purchases accelerated in the months leading up to the midterm elections, reports show.
Since April 2025, currency sales total US$3.68 billion, resulting in a net purchase of US$22.71 billion. When the category of ‘currency transfers without specific aims’ by the non-financial private sector is included, the figure rises to US$32.87 billion since exchange controls were eased.
The Central Bank’s Evolución del Mercado de Cambios y Balance Cambiario report shows that in April – the month the so-called ‘cepo’ was partially dismantled – around one million individuals bought US$2.08 billion at the official exchange rate. Demand remained firm in the following months, rising to US$2.28 billion in May, US$2.47 billion in June and US$3.47 billion in July.
Purchases dipped in August to US$2.45 billion, before peaking in September at US$5.13 billion, a surge that coincided with pre-electoral uncertainty – a recurring feature of Argentina’s foreign-exchange dynamics.
Demand remained elevated in October, the month of the midterm elections, at US$4.73 billion.
The trend broke in November, when gross purchases fell to US$1.6 billion – the lowest monthly tally since the easing of controls, despite the participation of around 1.1 million people.
Interest in foreign currency picked up again in December, when almost 1.5 million Argentines bought US$2.19 billion.
In aggregate terms, the non-financial private sector recorded a net purchase of US$978 million in December, largely driven by individual demand for banknotes. This was partly offset by the grain sector, which contributed a net US$1.14 billion through merchandise trade.
The currency balance for December closed with a current-account deficit of US$1.57 billion, reflecting net outflows linked to primary income (US$1.24 billion) and services (US$771 million), partially compensated by a surplus in goods trade of US$426 million.
On the trade front, exports channelled through the official market totalled US$6.12 billion, while imports reached US$5.69 billion. The Central Bank also noted that the stock of commercial debt linked to advances and pre-financing fell to US$1.5 billion during the month.
The services deficit was mainly driven by spending on travel abroad, including credit-card purchases, which generated a net outflow of US$445 million.
The Central Bank stressed, however, that around 70 percent of that consumption was paid directly with tourists’ own dollars, limiting the impact on the money markets.
– TIMES/NA
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