Milei Eases Peso Controls as Central Bank Reserves Hit Seven-Year High

Argentina's central bank reserves reached their highest level since 2019, giving the Milei government room to further loosen exchange controls on the peso. The government accumulated $7.155 billion in dollar purchases through 2026, with the peso trading near 1,409 ARS/USD. The reserve buildup follows the April 2025 IMF deal that lifted most capital controls and reflects strong energy export revenues from Vaca Muerta shale fields. Bloomberg reported the development as a key milestone validating the post-cepo exchange-rate regime and the $20 billion IMF program.