Argentines bought $2.9B in cash dollars in September; post-cepo total tops $50B

The BCRA's latest FX market report shows 1.6 million people bought cash dollars in September, totaling $2.896B gross. About 758,000 sold $425M, leaving net cash purchases at $2.471B, slightly above August. Including transfers abroad and card spending, total net demand from individuals reached $3.41B.

Since April 2025, when the "cepo" on individuals ended, Argentines have bought $50.186B gross and sold $7.372B, for net demand of about $42.8B. The BCRA estimates that of September's flows, roughly $800M covered card spending, $800M stayed in local banks and $800M went into external assets.

Gross reserves fell $2.167B in the month to $46.092B, even though the BCRA bought $474M in the market. September's individual demand exceeded dollar sales by grain and oilseed exporters, the market's top supplier.

Some economists see the flows as the flip side of record exports: firms forced to sell dollars recycle them by buying back as individuals. Others read early portfolio dollarization ahead of the 2027 presidential election. September's figure remains below July's peak, driven by bonuses and winter holidays.

At the current pace, 2026 purchases would reach about $31.7B, above the BCRA's own $26–30B estimate. Watch October data, reserve trends and whether demand eases enough to support local bonds and equities.