Argentine central bank reserves today at $46.26B

Argentine central bank reserves today at $46.26B

Argentina’s Central Bank Reserves Reach $46.26 Billion Amid Ongoing Currency Reforms

As of February 20, 2026, Argentina’s central bank (BCRA) reported international reserves of $46.26 billion, reflecting a significant buildup since mid-2025. This increase follows a series of foreign exchange interventions and structural reforms aimed at stabilizing the peso and restoring confidence in the nation's financial system according to BCRA reports. The BCRA has been actively purchasing dollars on the foreign exchange market, with cumulative purchases exceeding $2 billion since the start of 2026, according to the International Monetary Fund.

The reserve accumulation aligns with Argentina's revised monetary framework, introduced in early 2026, which expanded the peso's exchange rate band to allow for greater flexibility while prioritizing reserve replenishment. Under this system, the BCRA adjusts the band's upper and lower limits based on inflation rates from prior months, enabling real depreciation when necessary to support external stability as PIIE analysis shows. The central bank also announced a USD 3 billion repurchase (REPO) agreement with international banks in January 2026, further bolstering liquidity.

The IMF has acknowledged these efforts, stating that Argentina's reserve buildup is critical for restoring access to private credit markets and ensuring debt sustainability. However, analysts caution that the country's fragile monetary framework remains vulnerable to renewed volatility. The revised exchange rate regime lacks a strong nominal anchor for inflation, relying instead on lagged inflation-indexed adjustments that could inadvertently encourage inflationary expectations according to PIIE research.

Despite these risks, Argentina's fiscal consolidation—marked by a balanced budget and reduced public spending—has provided some stability. The government's focus on reserve accumulation and debt servicing has been supported by $20 billion in IMF funding and temporary U.S. Treasury interventions in late 2025 as PIIE analysis indicates.

Looking ahead, the BCRA faces the challenge of balancing reserve growth with inflation control. While the central bank has signaled a contractionary monetary bias to curb inflation, the high degree of dollarization in Argentina's economy complicates policy implementation according to PIIE analysis. Continued international support and adherence to fiscal discipline will be essential to sustain progress.