The Government is intensifying the accumulation of reserves to consolidate the decline in inflation.

Two months after reaching an agreement with the International Monetary Fund and implementing the new floating exchange rate band system, the Executive branch adjusted certain aspects of its economic program with the intention of strengthening international reserves .

According to the market's interpretation, the goal would be to avoid deviations in the inflation reduction process during this election year.

The challenge of accumulating reserves under the new scheme—with no restrictions for individuals and some limitations for businesses—has begun to generate concern in the markets, which see it as a sign of possible instability.

Ricardo Delgado, economist and director of the consulting firm Analytica, warned that "if there is no dynamic of reserve accumulation, country risk will not decrease, and that will make it impossible , as is also written into the agreement with the Fund, to return to voluntary debt markets."

The specialist also addressed the impact of demand for foreign currency from small savers: "Now a new demand has been added to the official dollar market: Doña Rosa," referring to the retail sector. "Doña Rosa is already demanding over USD 1 billion per month, and that obviously comes from the Central Bank's reserves."

Analytica estimates that the external imbalance could reach between 2.5% and 3% of the Gross Domestic Product in 2025. "We're talking about more than USD 18 billion that needs to be financed this year," Delgado said.

Among the recent official decisions are the authorization for the Treasury to issue peso-denominated bonds that can be subscribed with dollars, with a monthly limit of USD 1 billion, and the expansion of the financing agreement known as Repo, finalized on Wednesday.

With these measures, the government seeks to strengthen the level of reserves without the Central Bank intervening in the market within the floating bands . The Treasury has also been authorized to purchase foreign currency, an option that had previously been ruled out.

Regarding this possibility, financial advisor Federico Domínguez considered the Treasury's option to acquire reserves using pesos from the fiscal surplus to be positive. In his opinion, this represents "a sign of strength at the right time," especially because "when you first emerged from the currency controls, you had to send the signal that there would be no competition for the private sector's dollar supply."

With exchange rate pressures more moderate, Domínguez stated that "the exchange rate is less relevant" and that "the peso is once again the unit of account." He also emphasized that recent foreign currency acquisitions, along with debt issuance and the influx of dollars from privatizations or public tenders, contribute to the goal of "offering maximum guarantees to the markets."