# Milei’s push to rebuild Argentina’s foreign reserves grinds to a halt | Buenos Aires Times

> Argentina's Central Bank has slowed its dollar purchases to a near standstill in June, buying only US$39 million as of Thursday versus over US$2 billion monthly through May. It has begun selling dollars in currency markets to defend peso controls.

- Date: 2024-06-25 · published 2024-06-25T12:00:00.000Z
- Category: macro · region Argentina · magnitude low
- Page: https://feedsoft.ai/events/30075-milei-s-push-to-rebuild-argentina-s-foreign-reserves-grinds-to-a-halt-buenos
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md)

## Why it matters

Weak reserve accumulation delays lifting of FX controls, keeping the peso and capital flows constrained; this is a macro currency story with little direct effect on feed grain or meal prices.

## Read by commodity

- SBM: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2025-07-31 | [U.S. dollar exchange rate in Argentina hits all-time high of AR$1,380 - Buenos Aires Herald](https://feedsoft.ai/events/24045-u-s-dollar-exchange-rate-in-argentina-hits-all-time-high-of-ar-1-380-buenos.md) | +2.6% | +11.0% |
| SBM | 2025-04-23 | [Milei Defies Forecasts So Far as Argentina’s Peso Strengthens](https://feedsoft.ai/events/25430-milei-defies-forecasts-so-far-as-argentina-s-peso-strengthens.md) | -1.0% | -1.0% |
| SBM | 2024-07-16 | [Argentina’s new bid to ‘sterilize’ peso emissions lowers parallel dollar rates… now what? - Buenos Aires Herald](https://feedsoft.ai/events/29583-argentina-s-new-bid-to-sterilize-peso-emissions-lowers-parallel-dollar-rates.md) | +2.6% | -3.5% |
| SBM | 2024-08-02 | [Argentina Fights on Two Fronts to Defend Peso, Draining Reserves](https://feedsoft.ai/events/29079-argentina-fights-on-two-fronts-to-defend-peso-draining-reserves.md) | -4.6% | -11.0% |
| SBM | 2020-04-24 | [Rush to black-market dollars as economic woes mount \| Buenos Aires Times](https://feedsoft.ai/events/53900-rush-to-black-market-dollars-as-economic-woes-mount-buenos-aires-times.md) | +0.3% | -2.1% |

## Sources

- batimes.com.ar: https://www.batimes.com.ar/news/economy/argentinas-campaign-to-build-foreign-reserves-faces-headwinds.phtml
- batimes.com.ar: https://www.batimes.com.ar/news/economy/mileis-push-to-rebuild-argentinas-foreign-reserves-grinds-to-a-halt.phtml

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.