Financial Stability Index fell 0.8% for the fifth consecutive week
The Financial Stability Index (ISEF) from Analytica fell by 0.8% between August 18 and 21, reaching its lowest level since late June and remaining nearly four points below the 2026 average. The decline is attributed to a slowdown in reserve purchases, a drop in stock prices, and an increase in country risk. The Central Bank (BCRA) acquired 137 million dollars, 82 million less than the previous week, marking the second lowest weekly record of the year. The gap against the prudent metric for reserve accumulation was negative, with a shortfall of 95 million dollars compared to the reference of 232 million. The S&P Merval dropped 2.2% in dollars, reaching three-month lows, influenced more by internal factors than external ones. Country risk rose to 535 basis points, the highest level since mid-May. The only stability came from the exchange rate, which closed at 1497 pesos, just 0.6% above the previous week, although demand pressure remains. The week began with a new upward dynamic for the dollar, surpassing 1500 pesos, while an active official participation in the sale of dollar-linked bonds is expected.
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