Since the partial lifting of currency controls last April, Argentines have acquired approximately US$26.39 billion in the official foreign-exchange market, as reported by Central Bank data. Reports indicate that purchases intensified in the months preceding the midterm elections. From April 2025, the total currency sales have reached US$3.68 billion, leading to a net acquisition of US$22.71 billion. Incorporating the category of ‘currency transfers without specific aims’ by the non-financial private sector results in a total of US$32.87 billion since the relaxation of exchange controls. The Central Bank’s Evolución del Mercado de Cambios y Balance Cambiario report indicates that in April – the month when the ‘cepo’ was partially dismantled – approximately one million individuals purchased US$2.08 billion at the official exchange rate. Demand exhibited resilience in the subsequent months, increasing to US$2.28 billion in May, US$2.47 billion in June, and US$3.47 billion in July.
In August, purchases decreased to US$2.45 billion, subsequently reaching a high of US$5.13 billion in September. This increase aligns with the pre-electoral uncertainty that characterizes Argentina’s foreign-exchange landscape. In October, coinciding with the midterm elections, demand sustained a high level, reaching US$4.73 billion. The trend experienced a significant shift in November, as gross purchases declined to US$1.6 billion – marking the lowest monthly figure since the relaxation of controls, despite the involvement of approximately 1.1 million individuals. In December, there was a resurgence in interest in foreign currency, with nearly 1.5 million Argentines purchasing US$2.19 billion. In aggregate terms, the non-financial private sector registered a net acquisition of US$978 million in December, primarily propelled by individual demand for banknotes. The grain sector partially mitigated this impact, contributing a net US$1.14 billion via merchandise trade.
The currency balance for December concluded with a current-account deficit of US$1.57 billion, indicative of net outflows associated with primary income (US$1.24 billion) and services (US$771 million), which were partially offset by a surplus in goods trade amounting to US$426 million. On the trade front, exports routed through the official market amounted to US$6.12 billion, whereas imports totaled US$5.69 billion. The Central Bank also observed that the volume of commercial debt associated with advances and pre-financing decreased to US$1.5 billion over the course of the month.
The services deficit was primarily influenced by expenditures on international travel, encompassing credit-card transactions, resulting in a net outflow of US$445 million. The Central Bank emphasized that approximately 70 percent of that consumption was financed directly with tourists’ own dollars, thereby constraining the influence on the money markets.
