Argentina: December 2025 December was not about headlines. It was about admission. The Central Bank finally acknowledged what markets had been signalling for months: the FX anchor was no longer fit for purpose. Inflation was easing, unemployment was improving and reserves were holding - but the framework holding them together was under strain. December was the month Argentina quietly rewired its stabilisation model. FX & Capital Controls On 15th December, the Banco Central de la República Argentina (BCRA) announced a decisive shift. From January 2026, the Peso’s trading band will now expand in line with prior-month inflation. This replaces the rigid monthly crawl that had increasingly distorted pricing and complicated reserve accumulation. The message was subtle but important. The old band was being defended, not trusted. This change does not mean full liberalisation. But it does signal a move from mechanical defence to adaptive management. Look back to our October brief where we s...
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