BCRA does not buy dollars for a second session despite wholesale FX easing
Published · Updated
What happened
Ámbito reported on October 28 that the BCRA again failed to buy dollars in the official market, marking a second consecutive session without net purchases, while reserves increased through other channels. Market attention shifted to expected foreign-currency inflows from wheat exports and energy, as well as outflows linked to pending corporate and provincial debt payments.
Why it matters
A second session without official FX purchases indicates that a brief easing in the wholesale rate has not yet translated into reserve accumulation through the market. In the near term, that leaves reserve rebuilding more dependent on the timing of export receipts and debt-related outflows, with possible implications for exchange-rate management and access to foreign currency.
Argentine media reported on October 28 that the Central Bank did not purchase dollars in the official market for a second consecutive session, even as the wholesale exchange rate temporarily eased and gross reserves rose. The immediate issue for trade and production officials is that near-term hard-currency supply is being tied more tightly to the timing of wheat export inflows, energy receipts, and upcoming corporate and provincial debt settlements. That makes export liquidation and import-access management more central to whether the reserve narrative can stabilize over the next several days.
Watch for
BCRA publication on 2026-10-29 of net FX intervention data showing whether official-market dollar purchases resume CIARA-CEC release on 2026-10-29 or 2026-10-30 indicating export-settlement volumes from the grain complex CAMMESA or Energy Secretariat disclosure by 2026-10-31 on power-sector foreign-currency payment flows or fuel import needs Any provincial treasury or major Argentine corporate filing by 2026-10-31 confirming external debt payment execution or refinancing
Sources
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