Argentina's central bank (BCRA) has told foreign investors it expects greater scope to accumulate international reserves in the coming months, supported by export inflows, corporate financing and investment-related dollar supply, La Nacion reported on April 21.

The bank said it had accumulated around $1.5bn in net reserves during the first quarter through interventions in the local foreign exchange market, part of total purchases exceeding $6bn over the period.

Officials indicated additional inflows could come from around $3.2bn in corporate debt issuances that have yet to be converted into pesos, as companies have up to 180 days to settle those funds in the exchange market.

The central bank also expects support from seasonal agricultural exports and growing shipments from the mining and oil sectors.

Under revised targets agreed with the International Monetary Fund, Argentina aims to increase net reserves by $3.5bn by June and by $8bn over the course of 2026.

Vice President Vladimir Werning told investors during a presentation in Washington that the bank was already capturing part of the inflows linked to the government's investment incentive programme. The bank had secured $762mn out of approximately $1.2bn that has entered the country so far.

Werning said there were "more favourable prospects for the external and internal balance, despite global uncertainty," as policymakers sought to reinforce confidence and reduce the country risk premium, which remains above 500 basis points.

The central bank highlighted a sharp decline in domestic demand for dollars following the 2025 legislative elections, with private demand for foreign currency falling from around half of broad money (M2) before the vote to marginal levels afterwards.

Part of those funds has remained within the local financial system as dollar-denominated deposits and loans, easing pressure on the exchange market.

The government's strategy prioritises reserve accumulation through private-sector inflows, including foreign direct investment, corporate financing and capital repatriation, rather than relying primarily on sovereign debt issuance.

Analysts have raised questions about the pace of these inflows and whether they will be sufficient to meet official targets without additional financing, given continuing global uncertainty and domestic political challenges.